Live in One, Rent the Other! Rare Downtown Fullerton Property Featuring Two Homes on One Lot with Income Potential on a 7,000+ Sq. Ft. Lot. Total Potential Monthly Income: $7,000/month. All Utilities Paid by Tenants. Rare Downtown Fullerton Opportunity - Ideal for Investors, 1031-exchange Buyers, and Owner-Occupants seeking Rental Income. Welcome to 422 W. Amerige Avenue, a truly unique property offering the perfect combination of charm, modern upgrades, and investment potential in one of Fullerton's most desirable neighborhoods. Situated on an expansive 7,000+ square foot lot in the heart of Downtown Fullerton, this exceptional property features: UNIT 1 - MAIN HOUSE | a beautifully updated 3-bedroom, 2-bath main residence with approximately 1,474 square feet of living space. UNIT 2 - ADU | Built in 2026, fully permitted 2-bedroom, 2-bath offering approximately 1,000 square feet. The ADU is currently tenant-occupied, generating $3,000 per month in rental income, with an existing two-year lease in place, providing immediate and stable cash flow for investors. The owner has invested significantly in quality improvements, including newer windows (2023), a California Cool Roof (2024), a newer HVAC system (2021), and a new electric water heater installed in 2026. The stylish kitchen features a premium Fisher & Paykel electric oven, while the Nest smart thermostat provides convenient climate control from anywhere. Step outside and enjoy the private side patio and elevated deck with electricity-perfect for entertaining, outdoor dining, or creating your own backyard retreat. The generous lot provides valuable outdoor space rarely found in this sought-after downtown location. Additional features include a 1-car garage, carport, and permitted improvements throughout the property. Location is everything, and this home delivers. Just blocks from vibrant Downtown Fullerton, you'll enjoy easy access to popular restaurants, coffee shops, entertainment venues, local events, and the Fullerton Transportation Center with direct rail service to Downtown Los Angeles and Orange County destinations. Families will appreciate access to the highly regarded Fullerton School District and Fullerton Joint Union High School District, including eligibility to apply for the nationally recognized STEM programs at Troy High School. Schedule your showing today and discover why this is one of Downtown Fullerton's most compelling properties currently available.