$1,455,000
SOLD MAY 9, 2025

2031 W Palmyra Ave Orange, CA 92868

4 Beds
3 Baths
2,564 Sq Ft
7,405 Sq Ft Lot

Recently Sold

$567 Per Sq Ft

1% Below List Price

11 Days on Market

About This Home

As of May 2025

Presenting West Palmyra Apartments: a prime investment property in a high-demand Orange County rental market. Located within a desirable, low-density suburb of the City of Orange, this asset benefits from exceptional freeway access (5, 22, 57). The property features a well-balanced unit mix of highly rentable one-bedroom townhome-style units and a large three-bedroom single-story residence. All units are currently occupied at excellent rental rates, underscoring strong tenant demand. Key features include in-unit washer/dryer hookups and private enclosed patios, ensuring tenant satisfaction and retention. The inclusion of 3 garage and 2 open parking spaces further enhances the property's appeal. This is an opportunity to acquire a well-maintained, income-producing property in a blue-chip location!This property can be sold separately or in addition to 2041 W. Palmyra, totaling 6 Units.

Last Agent to Sell the Property

Randall Mycorn

R L M Equities Brokerage Phone: 949-573-5309 License #02078223 Listed on: 04/11/2025

Last Buyer's Agent

Ying Chou

K.W. EXECUTIVE License #01949599

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1964

Lot Details

  • 7,405 Sq Ft Lot
  • Two or More Common Walls
  • Density is 6-10 Units/Acre

Parking

  • 2 Open Parking Spaces
  • 3 Car Garage

Home Design

  • Triplex
  • Entry on the 1st floor

Interior Spaces

  • 2,564 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 3 Bathrooms

Laundry

  • Laundry Room
  • Washer and Gas Dryer Hookup

Location

  • Suburban Location

Listing and Financial Details

  • Tax Lot 8
  • Tax Tract Number 3410
  • Assessor Parcel Number 39022231

Community Details

Building Details

  • Rent Control
  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $1,890
  • Insurance Expense $1,116
  • Maintenance Expense $2,920
  • Other Expense $1,832
  • New Taxes Expense $16,406
  • Operating Expense $24,164
  • Gross Income $1,704
  • Net Operating Income $66,895

Additional Features

  • 3 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1964

Lot Details

0

Parking

3

Listing Details

  • CapRate: 4.50
  • Price Per Unit: 491667
  • Property Attached: Yes
  • Property Sub Type: Triplex
  • Property Type: Residential Income
  • Gardener Expense: 1890.00
  • Parcel Number: 39022231
  • Year Built: 1964
  • Special Features: None

Interior Features

  • Stories: 2
  • Entry Location: 1
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 567.47

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 3.00
  • Total Parking Spaces: 5.00
  • Uncovered Spaces: 2.00

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area, Gas Dryer Hookup, Washer Hookup
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Suburban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 7405.00
  • Lot Size Acres: 0.1700

Multi Family

  • Gross Income: 1704.00
  • Gross Multiplier: 15.00
  • Gross Operating Income: 91059.00
  • Gross Scheduled Income: 93876.00
  • Insurance Expense: 1116.00
  • Laundry Income: 600.00
  • Lot Size Area: 7405.0000 Square Feet
  • Maintenance Expense: 2920.00
  • Net Operating Income: 66895.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 3
  • Operating Expense: 24164.00
  • Other Expense: 1832.00
  • Other Expense Description: ALL Utl.
  • Other Income1: 1104.00
  • Other Income Description: RUBs
  • Rent Control: Yes
  • Total Expenses: 24164.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 16406.00
  • Tax Census Tract: 760.01
  • Tax Lot: 8
  • Tax Tract Number: 3410

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/09/2025 05/09/25 Sold $1,455,000 -1.4% $567 / Sq Ft
04/11/2025 04/11/25 For Sale $1,475,000 -38.5% $575 / Sq Ft
01/05/2022 01/05/22 Sold $2,400,000 -17.2% $485 / Sq Ft
09/17/2021 09/17/21 For Sale $2,900,000 -- $587 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Randall Mycorn

    Seller's Agent in 2025

    Randall Mycorn

    R L M Equities

    (949) 862-1020

    4 in this area

    35 Total Sales

    Randall Mycorn
    Section Image

  • Y

    Buyer's Agent in 2025

    Ying Chou

    K.W. EXECUTIVE

    (626) 271-2558

    1 in this area

    37 Total Sales

    Ying Chou
    Section Image
  • Audrey Prosser

    Seller's Agent in 2022

    Audrey Prosser

    Prosser Real Estate

    (949) 683-2715

    1 in this area

    13 Total Sales

    Audrey Prosser
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: NP25080247

California Regional Multiple Listing Service (CRMLS)

APN: 390-222-31

California Orange County Orange 92868

2031 W Palmyra Ave, Orange, CA

This home is located at 2031 W Palmyra Ave, Orange, CA 92868 and is currently priced at $1,455,000, approximately $567 per square foot. This property was built in 1964. 2031 W Palmyra Ave is a home located in Orange County with nearby schools including West Orange Elementary School, Portola Middle School, and Orange High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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