331 N Olive Street
Orange, CA 92866
- – beds
- – baths
- – sqft
- 6,600 sqft lot
- 1921 build
- – on site
Welcome to 331 N Olive St, Orange, CA, a high-performing, income-producing triplex in one of the most sought-after rental markets in Orange County. Located just minutes from Old Towne Orange and Chapman University, this property offers strong cash flow, long-term upside, and exceptional tenant demand. Property Breakdown & Rental Income 331 N Olive (Main House): 3 Bed, 1 Bath – $5,140/month 333 N Olive (Detached Unit): 1 Bed, 1 Bath – $2,595/month 335 N Olive (Brand-New ADU): 2 Bed, 1 Bath – $3,795/month The property generates a total monthly rental income of $11,530, resulting in an annual gross rental income of $138,360. The rental rates have consistently increased over time, with demand remaining extremely high due to the property’s prime location near Chapman University and Orange Circle. Investment Metrics With a purchase price of $2,525,000, this property reflects a Gross Rent Multiplier (GRM) of 18.25 and a CAP rate of 4.11%, based on a 25% expense ratio. These figures highlight the strong income potential and stability of this investment in a high-demand rental market. Why This Property Stands Out Located in an R2-6 zone, the property offers potential for future development while providing excellent immediate cash flow. The newly built ADU enhances the income potential, making this a turnkey investment in a market where rental demand continues to grow. Tenants are drawn to the location due to its walkability to Chapman University, Old Towne Orange’s popular shops and restaurants, and other local amenities. With historically strong rental appreciation and a limited housing supply in the area, this property is positioned for long-term success. This is a rare opportunity to own a high-performing asset in one of Orange County’s most competitive rental markets.
Last checked:
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Last updated Mar 2, 2025
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MLS# OC25043164 —
This property is listed in more than one place. See it here.
The Building
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Year Built:1921
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Year Built Source:Assessor
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New Construction:No
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Building Area Total:2417.00
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Building Area Units:Square Feet
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Total Number Of Units:3
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# of Buildings:3
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Stories Total:1
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Entry Level:1
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Common Walls:No Common Walls
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# of Separate Gas Meters:3
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# of Separate Water Meters:3
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# of Separate Electric Meters:3
Interior
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Levels:One
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Entry Location:Street
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Laundry:Inside
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Laundry:1
Location
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Directions:From 22, North on Glassell, W on Palm, North on Olive
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Latitude:33.79207200
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Longitude:-117.85385500
The Property
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Property Type:Residential Income
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Subtype:Single Family Residence
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Lot Features:2-5 Units/Acre
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Lot Size Area:6600.0000
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Lot Size Acres:0.1515
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Lot Size SqFt:6600.00
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Lot Size Source:Assessor
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Additional Parcels:No
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Census Tract:759.01
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Tax Tract:27
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Tax Lot:10
The Listing
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Special Listing Conditions:Standard
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Parcel Number:03915303
Utilities
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Sewer:Public Sewer
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Water Source:Public
The Community
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Features:Rural, Sidewalks, Street Lights
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Pool:None
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Senior Community:No
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Private Pool:No
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Assessments:No
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Assessments:None
Parking
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Parking:Driveway, Street
Extra Units
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Average 1 Bed Area:500
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Average 2 Bed Area:799
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Average 3 Bed Area:1118
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
2/28/25
Feb 28, 2025
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Listed / Active | CRMLS_CA | $2,525,000 | 129.5% (53.2% / YR) |
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4/11/23
Apr 11, 2023
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Sold | BRIDGE | ||
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2/28/23
Feb 28, 2023
|
Sold | BRIDGE |
