454 S Glassell St

Positioned in one of Orange County's strongest rental submarkets, this income-producing property presents a rare opportunity to acquire a large bedroom-count home with immediate cash flow and significant long-term upside. Located just minutes from Chapman University, Historic Old Towne Orange, CHOC Children's Hospital, St. Joseph Hospital, shopping, restaurants, and major freeway access, the property benefits from a consistently strong tenant pool driven by students, medical professionals, and young professionals seeking housing in one of Orange County's most desirable communities. Built in 1922, the residence offers approximately 2,668 square feet above grade (basement not included) on a 7,263 square foot lot. The well-designed floor plan features seven bedrooms and four bathrooms, including one private ensuite bedroom, two spacious living rooms, and one shared kitchen. Six bedrooms share three bathrooms, thoughtfully configured with two bedrooms per bathroom. The basement includes the washer and dryer, central HVAC system, furnace, and water heater, maximizing the functionality of the primary living space. The property is currently occupied by tenants with tenants paying utilities. Existing leases contain a provision allowing the seller to require tenants to vacate upon transfer of ownership, providing a new owner with flexibility to reposition the asset, implement a new leasing strategy, renovate, or capture higher market rents. Current occupancy leaves an immediate opportunity to increase income. Additionally, existing rents appear below prevailing market rates for comparable private-bedroom rentals near Chapman University, creating further upside through strategic lease renewals and professional management. The surrounding neighborhood has demonstrated strong long-term appreciation, supported by Chapman University's continued expansion, ongoing investment in Historic Old Towne Orange, proximity to world-class healthcare employers, and limited inventory of large homes suitable for student and shared housing. These market fundamentals have consistently driven both rental demand and property values, making this an attractive acquisition for investors seeking stable cash flow with meaningful appreciation potential. This property offers an exceptional combination of current cash flow, operational flexibility, rental upside, and long-term value growth in one of Southern California's most sought-after investment markets.