526 N Emerald Drive

Experience the quintessential Old Towne Orange lifestyle with this fully leased two-on-a-lot income property, just one mile from Chapman University! The main residence (4BR/2BA, 1,522 sq.ft.) showcases authentic mid-century character with vaulted beamed ceilings, hardwood and tile flooring, dual-pane windows, and an open floor plan anchored by a cozy fireplace. Both bathrooms have been tastefully updated, and the kitchen offers oak cabinetry, granite countertops, a built-in wine rack, gas range and dishwasher. Every bedroom features generous closet space. The second residence (1BR/1BA, 405 sq.ft.), a permitted garage conversion completed in 2026, is brand new construction throughout and remains under contractor warranty, leased at $2,200 per month. The roof was fully replaced in 2025 under permit. Both units are leased through August 2027 with tenants covering utilities, producing $6,950 per month in place. Outside you'll find a covered patio, mature front landscaping, a front walkway, and a long driveway with off-street parking. The large, level rear yard is a blank canvas: add turf, landscaping and a dividing fence to give each unit its own private outdoor space. The main house is currently leased to students but drew strong interest from non-student renters as well, giving a new owner options at lease-end: renew, refresh the main house and reposition it for families or professionals, or owner-occupy while the ADU helps carry the mortgage. The seller is flexible and owns other properties in the area. If you need a unit delivered vacant, reach out and let's discuss. Just a short stroll to Chapman, the Orange Circle, and the dining, coffee and boutique shopping of Old Towne, plus Metrolink, St. Joseph Hospital, UCI Health and quick 55/22 freeway access. At $1,475,000, in-place rents equate to approximately a 17.69X GRM and a 4.41% CAP Rate. Notably, the main residence was leased at $6,100 per month as recently as July 2026. At that level the property collects $8,300 monthly, or approximately a 14.81X GRM and an estimated 5.51% CAP Rate.