1042 Almond Ave Orange, CA 92866

This charming, remodeled duplex in Orange County's desirable Old Town Orange area presents a compelling investment opportunity. The property, located at 1042 E Almond Ave, Orange, CA 92866, boasts a total of 2,220 square feet across two units, each featuring two bedrooms and one bathroom. Built in 1958 and extensively renovated in 2022, including a new roof, this single-story building sits on a spacious 6,970 square foot corner lot. The property includes convenient inside laundry hookups, a detached two-car garage, and private fenced patios for each unit. Currently operating as an owner-user investment, the duplex offers a strong NOI of $55,294, with a pro-forma NOI projected at $69,574, resulting in a 4.74% cap rate and a pro-forma cap rate of 4.97%. The property is zoned R2 and features two parking spaces. The ground lease is in place and expires June 30, 2025. The asking price is $1,399,000, representing a price per unit of $699,500. The property is held under an LLC and is available for a 1031 exchange. The current occupancy date is November 1, 2024. This is a rare opportunity to acquire a well-maintained, high-performing duplex in a prime location. The property's strong cash flow and potential for appreciation make it an ideal addition to any investment portfolio.