148 Fir Street N, Orange, California 92868, Orange, - bed, bath

home-pic
ACTIVE$1,395,000
148 Fir Street N, Orange, California 92868
0Bed
0Bath
3,432Sqft
7,841Lot
Year Built
1960
Close
-
List price
$1.4M
Original List price
$1.4M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
PW25235407
Home ConditionFair
Features
Patio
View-

About this home

**Great Investment Opportunity!** This triplex features two buildings and is located near the 57 and 5 freeways, just a 15-minute drive from Little Saigon, at the corner of Chapman Avenue and Main Street. The property is situated in a prime area, close to schools, hospitals, busy commercial centers, restaurants, markets, and a police station, making it both safe and convenient. The triplex consists of two separate buildings, divided by a three-car garage. The front building is unit #148, while the back building contains units #152 and #156. Each unit includes 2 bedrooms, 1 bathroom, a garage, and an additional parking space. There are separate front and back yards, allowing tenants the option to plant fruit trees, create vegetable gardens, or establish flower beds as they desire. Tenants are responsible for their own utilities. Currently, the units are rented at lower rates since the tenants have been there for many years, consistently paying their rent on time and causing no issues for the landlord. As a result, the landlord has not raised the rent to match current market prices. The tenants are reliable and wish to remain; they are willing to sign a new long-term lease. This property is a must-see!

Price History

Date
Event
Price
10/08/25
Listing
$1,395,000
Neighborhood Comparison

 SubjectAverage HomeNeighbourhood Ranking (4 Listings)
Beds00
Baths00
Square foot3,4322,564
80%
Lot Size7,8417,405
80%
Price$1.4M$1.4M
50%
Price per square foot$406$539
20%
Built year19601964
20%
HOA
Days on market28208
20%
Condition Rating
Fair

Built in 1960, this triplex shows its age with very dated interiors. The kitchens feature older appliances (some black, some white), laminate countertops, and 12x12 ceramic tile flooring. Bathrooms are similarly outdated with older vanities, basic fixtures, and tiled walls. Flooring throughout includes older carpets and ceramic tiles. While the property appears functional and maintained for its age, it has not undergone significant renovations in many years, likely aligning with the 15-30 year renovation timeframe or minimal updates since original construction. It requires substantial cosmetic and functional updates to meet current quality standards and appeal.
Pros & Cons

Pros

Strong Investment Potential: Explicitly marketed as a 'Great Investment Opportunity' with clear upside due to current below-market rents, offering immediate value-add potential for a new owner.
Prime Location: Strategically located near major freeways (57 and 5), schools, hospitals, commercial centers, restaurants, markets, and a police station, ensuring high tenant demand and convenience.
Stable & Reliable Tenants: Existing long-term tenants have a consistent payment history, cause no issues, and are willing to sign new long-term leases, minimizing immediate vacancy risk and management headaches.
Flexible Triplex Configuration: Comprises two separate buildings with three 2-bedroom, 1-bathroom units, each with a garage and additional parking, plus private front and back yards, enhancing tenant appeal and privacy.
Significant Rent Upside: Units are currently rented at lower rates due to long-term tenancy, presenting a substantial opportunity for a new owner to increase rents to market value and boost cash flow.

Cons

Below Market Rental Income: While an opportunity, the current rental income is not optimized, meaning immediate cash flow may be lower than expected until rents are adjusted to market rates.
Age of Property & Potential for Updates: Built in 1960, the property may require significant capital expenditure for renovations or deferred maintenance to modernize units and maximize rental income or attract new tenants at top market rates.
Tenant Management Post-Acquisition: The process of raising rents for long-term, stable tenants, even with their willingness to sign new leases, can be delicate and may require careful negotiation or risk potential turnover.

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