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Exceptional investment opportunity in Lake Elsinore! Priced at $699,000, this property includes plans that have already been submitted to the city for approval to convert the existing structure into a modern 4-plex, with each of the four units featuring three bedrooms and two bathrooms. The building offers a total of 4,194 sqft of living space, set on an 11,326 sqft lot in a prime R-3 High-Density Residential Zone, ideal for multi-family projects.This property boasts scenic views of Lake Elsinore and the Ortega Mountains, and is close to Lake Elsinore Beachfront Park, the casino, and Diamond Stadium. Based on local rental rates, monthly income projections per unit range from $2,200 to $3,000, creating a compelling revenue stream for both long-term and short-term rentals. All permits and plans are ready, with construction able to begin upon approval, making this an excellent prospect in a growing area.In addition to this property, two adjacent lots may be available for purchase at the right price, expanding the investment potential even further.Don't miss this rare opportunity—schedule a viewing today!
Property Type(s):
Residential Income
| Last Updated | 11/5/2024 | Year Built | 1941 |
|---|---|---|---|
| Community | Southwest Riverside County | County | Riverside |
Additional Details
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | Southwest Riverside County |
| GARAGE | Asphalt, Driveway |
| HEAT | Central |
| HOA DUES | 0 |
| LOT | 0.26 acre(s) |
| LOT DESCRIPTION | Street Level |
| PARKING | Asphalt,Driveway |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 1 |
| WATER | Public |
| ZONING | CP |
Location
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Listed with Circle Real Estate
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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