First time ever on the market, this extremely rare opportunity is located in the heart of Old Towne Tustin, just one block from City Hall. Offered below replacement cost, this property features an impressive 44%+ potential upside in income and offers the unique possibility to convert the existing 828 sq. ft. recreation room into one or two ADUs for additional revenue. The property consists primarily of spacious units, with an average size of 993 sq. ft. and 93% being two-bedroom layouts—highly desirable in today’s rental market. Situated in a sub-market where the cost of homeownership is 59% higher than renting, and with an average household income of $107,537, this asset presents a strong investment opportunity in a prime location.