516 Malvern, Fullerton, California 92832, Fullerton, 92832 - 2 bed, 1 bath
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Fullerton, California 92832
This Two-Unit Income Property represents a Strong Value Opportunity, listed at $1,175,000—positioned above the $1,109,715 Fair Market Value. While priced at a premium, the property offers a rare Two-on-a-Lot configuration in the historic Golden Hills neighborhood. Featuring a Condition Rating of 3, the home includes original hardwood floors, new wood windows, and stand-up basements in both units. This asset is perfectly suited for Buy-and-Hold Investors seeking rental income or Owner-Occupants looking to offset mortgage costs through a "house hack" strategy.
Property is move-in ready.
Despite being built in 1925, the property is well-maintained and move-in ready with significant updates including new wood windows and central air conditioning. The presence of a 'nice galley kitchen' and pride-of-ownership condition suggests renovations within the 5-15 year range.
The 'two on a lot' configuration featuring two separate 2-bedroom residences offers a rare opportunity for significant rental income or multi-generational living in a high-demand historical neighborhood.
Located in the prestigious Golden Hills area, the property retains its 1925 Spanish bungalow character with barreled ceilings, original hardwood floors, and period-appropriate new wood windows.
Both the front and back houses feature rare 'stand-up' basement areas, providing substantial additional square footage for storage, workshops, or creative uses that are uncommon for this property type.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =5092, other record lot size in square feet = 5349.
With a recorded 965 square feet, the individual living areas may feel compact, potentially challenging buyers who prioritize expansive indoor living spaces.
Given the 1925 construction date, the property may require ongoing specialized maintenance or future updates to aging systems common in historic homes to ensure long-term efficiency.
GOLDEN HILLS - TWO ON A LOT Spanish bungalow 2 Bd. 1 Ba with C/A. Situated in Fullarton's Historical Neighborhood on a pride of ownership street. Original hardwood floors, new wood windows Barreled ceiling in LR & DR - Direct access to stand-up basement w/ washer & Dryer hookups. Back House: 2 Bd. 1 Ba, Hardwood & Spanish paver floors, nice galley kitchen, main bedroom is huge with 2 closets, Faux FP in living room, AC, large deck off living room. Direct access to 2 car garage & and tons of stand-up basement space to be creative with. washer & Dryer Hook-ups This is truly unique property! LIVE IN ONE, RENT THE OTHER!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 4.0 |
| Baths | 1.0 | 3.0 |
| Square foot | 965 | 2,030 |
| Lot Size | 5,092 | 7,495 |
| Price | $1.18M | $1.28M |
| Price per sq ft | $1.2K | $660 |
| Built year | 1925 | 1961 |
| HOA | $0 | $220 |
| Days on market | 19 | 43 |
Jul 3, 2026
$1,175,000
Initial Listing