367 N Waverly St 
Orange, CA 92866

We are pleased to present this Chapman student housing investment property located at 367 N. Waverly, in the sought-after city of Orange. The property was built and is operated by one of the premier student housing developers in the market, with double-digit student housing properties. It is fully optimized for student rentals and comprises a meticulously remodeled front 4-bedroom, 4-bathroom house and a separate accessory dwelling unit (ADU) at the rear. The property is fully occupied, with a total monthly income of $9,600, and is offered at a 4.78% cap rate, 15.58 GRM, and $709 price per square foot, in line with market comparable sales. The property is in a prime location for student housing rental, being just 0.7 miles away from Chapman University, a renowned private university with 10,001 students from primarily high-income families. Chapman University has an annual tuition of 58,634 and an endowment of 600 Million, and #4 of the Top American Film Schools, #60 in best business schools 2023-2024, and tied at #66 for best undergraduate in teaching. Student housing is an attractive asset class as it is inflation-resistant and resistant to rent control, given the relatively frequent turnover of student tenants. The front house is a spacious and inviting residence, completely renovated in 2022 with modern updates to the kitchen, bathrooms, and throughout the interior, creating an attractive living space for tenants. The contemporary design, combined with keyless entry for each bedroom and individual climate control in each bedroom, positions the property perfectly for stude