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Price Reduction with Significant Income Potential!Investors and contractors seeking an income property will find a promising MOTEL opportunity in the heart of downtown Crestline. This property is conveniently located near Lake Gregory, with easy access to shopping, dining, local bus stops, postal services, and banks. The area is a tourist magnet, offering attractions such as Lake Gregory Recreation, hiking trails, water sports, parks, and is close to other mountain resorts.The property currently comprises five units, reduced from nine due to a fire. Built in 1935, it features a partially completed 4-unit building, an unfinished manager’s unit with a fireplace, and a fire-damaged 4-plex. Each unit has an unfinished kitchen and a 3/4 bath. Spanning from street to street, the property provides dual access, including level access from the rear, and encompasses two adjoining lots totaling around 9,700 square feet.Post-fire, the demolition permit for the damaged four-plex will expire in September 2024, leaving five units available for rental income. The salvageable rear building requires floor framing repairs, smoke damage remediation, and siding fixes. Installation of stoves and gas heaters is pending, along with necessary roofing and siding repairs. Some windows are broken or missing, and there are ceiling holes due to firefighting efforts. The front manager’s unit, also under renovation, needs completion, and a repair permit is essential for its finalization and the four-plex's restoration.Previously featuring a swimming pool, the property now boasts a spacious open patio at the front, ideal for social events. The motel has never been fully rented out, having been under renovation for years before the fire, thus lacking a history of income. Potential investors should consider the prospective income and view the property's location via Google Street View to understand its value in the town's context.
Property Type(s):
Residential Income
| Last Updated | 10/2/2024 | Tract | Crestline (CRES) |
|---|---|---|---|
| Year Built | 1935 | Community | Crestline Area |
| County | San Bernardino |
Price History
| Prior to Jul 28, '24 | $650,000 |
|---|---|
| Jul 28, '24 - Today | $575,000 |
Additional Details
| AIR | None |
|---|---|
| APPLIANCES | Gas Oven, Gas Range |
| AREA | Crestline Area |
| EXTERIOR | Fire Pit |
| FIREPLACE | Yes |
| HEAT | Natural Gas, Wall Furnace |
| HOA DUES | 0 |
| LOT | 9700 sq ft |
| LOT DESCRIPTION | Rectangular Lot |
| POOL DESCRIPTION | None |
| SEWER | Sewer Tap Paid |
| STORIES | 2 |
| SUBDIVISION | Crestline (CRES) |
| UTILITIES | Cable Available,Electricity Connected,Natural Gas Available,Sewer Connected, Electric: Standard |
| VIEW | Yes |
| VIEW DESCRIPTION | Neighborhood |
| WATER | Public |
| ZONING | CF/CG-SCP |
Location
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Listed with Hallam Homes
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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