526 N Emerald presents a prime investment opportunity in the heart of Orange, California, just minutes from Chapman University. This four bedroom, two bathroom home is fully leased through June 30, 2026, generating $6,285 per month or $75,420 annually in rental income. At the offered price of $1,090,000, the property reflects a GRM of approximately 14.5 and a projected 5.2 percent CAP rate assuming 25 percent expenses. With a long term lease in place, the asset delivers immediate cash flow, stable returns, and minimal turnover risk in one of Orange's most desirable student housing corridors. The home is designed with student living in mind, featuring private bedrooms, generous common areas, and a layout well-suited for roommates. Durable finishes and low-maintenance systems ensure straightforward management, while outdoor space adds further appeal for tenants. A major value add opportunity exists through the potential conversion of the garage into an ADU. The current lease already permits an ADU to be built, and similar units in the area typically command $2,000 to $2,500 per month in additional rental income. This presents a clear path for investors to increase returns well beyond the property's existing performance. Location is a key driver of value. 526 N Emerald sits within walking and biking distance of Chapman University, Dodge College of Film and Media Arts, and Old Towne Orange's shops and restaurants. With consistent demand and low vacancy, the property is ideally positioned for ongoing rental success. Its quiet residential setting, paired with proximity to major freeways including the 5, 55, and 22, makes it both convenient and highly desirable. With Chapman University's enrollment growth continuing to outpace the supply of quality off-campus housing, properties like 526 N Emerald remain in high demand. For investors seeking predictable income, stable occupancy, and strong long-term upside, this home offers a rare opportunity to secure a performing student housing asset with built in expansion potential in one of Southern California's strongest rental markets.