12-Unit Renovated Apartment
For Sale
$5,265,000
875 N Olive, Orange, CA 92867
Renovated apartments offer air conditioning, updated residences, and a new central boiler system near Old Towne Orange.
Property Size9,715 SF
Days on Market148
Property Features for 875 N Olive
General Information
Standard status
Active
Size
9,715 SF
Property subtype
Mixed Use
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
11 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
12
Amenities
AC
Building Details
Building Size
9,715 SF
Year Built
1993
Listing Agency:
R L M Equities
Listed By:
Randall Mycorn · License #02078223
(949) 862-1020
Source:
Velocityrealtysd
Added: May 20
Changed: Oct 7
Last Checked: Oct 13 at 3:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of R L M Equities
Investment Insights
Based on property information with market context.
This 12-unit apartment property includes ten original 1993-built two-bedroom, two-bath residences with dual-master layouts and AC. Five single-car garages were fully permitted for conversion into two additional units completed in 2026: one two-bedroom, two-bath residence and one ADA-compliant one-bedroom, one-bath residence. The original units were renovated and leased in 2025. A new energy-efficient central boiler system supports the property, which is described as having minimal deferred maintenance.
Located at 875 N Olive in Orange, the property sits just north of Chapman Avenue near the historic Old Towne Orange Circle. Dining, retail, and entertainment are nearby, while Chapman University, the Orange Metrolink Station, and major freeways provide access to surrounding employment, education, and transportation destinations.
Located at 875 N Olive in Orange, the property sits just north of Chapman Avenue near the historic Old Towne Orange Circle. Dining, retail, and entertainment are nearby, while Chapman University, the Orange Metrolink Station, and major freeways provide access to surrounding employment, education, and transportation destinations.
Key Highlights
- 12 total apartment units, including ten original residences and two units completed in 2026
- Ten 2‑bed/2‑bath dual‑master units built in 1993 and renovated
- Two additional units converted from five single‑car garages
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$172,172
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,443,440
$3.4M
Cap Rate 7%
$2,459,600
$2.5M
Cap Rate 9%
$1,913,022
$1.9M
Market Conditions
NOI Build-Up for 9,715 SF
Gross rent
$326.4K $33.60/SF
− Vacancy
−$13.4K −$1.38/SF
EGI
$313.0K $32.22/SF
− OpEx
−$140.9K −$14.50/SF
NOI
$172.2K $17.72/SF
Area
Orange, CA
Vacancy
4.10%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,443,440
Cap Rate 7%
$2,459,600
Cap Rate 9%
$1,913,022
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,172 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.51M
$3.07M – $4.10M
NOI $245,853 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,073
Businesses Nearby
Explore this area
Business Placement
Demographics for 92867, CA
44,927
Population
13,693
Households
3.3
Avg Household Size
36
Median Age
40%
College-Educated
88%
High-School Grad
12.0 sq mi
ZIP Area
3,744
Density / Sq Mi
$125,799
Median Household Income
$50,744
Median Earnings
$2,209
Median Rent
$951,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated apartments offer air conditioning, updated residences, and a new central boiler system near Old Towne Orange.
Where is this apartment building located?
The property is located at 875 N Olive Orange, CA.
What is the asking price?
The asking price for this property is $5,265,000.
What are key features of this property?
This property features: 12 total apartment units, including ten original residences and two units completed in 2026; Ten 2‑bed/2‑bath dual‑master units built in 1993 and renovated; Two additional units converted from five single‑car garages
