32989 Macy Street, Lake Elsinore, CA 92530
-
Listed Price :
$850,000
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Beds :
12
-
Baths :
8
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Property Size :
4,200 sqft
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Year Built :
1941
Property Description
Welcome to 32989 Macy Street, a prime investment opportunity in Lake Elsinore, CA. This 4-plex features a total of 4,194 sqft of living space, divided into four units with the following sizes: Unit 1 - 838 sqft, Unit 2 - 1083 sqft, Unit 3 - 1182 sqft, and Unit 4 - 1091 sqft. Priced at $850,000 for a cash purchase, this property needs the next step of work to transform it into a top-notch, lake-view property with significant rental income potential. The lot is 11,326 sqft and is located in the R-3 High-Density Residential District, allowing for multiple-family residential projects at densities of up to 24 dwellings per net acre.
This property offers beautiful views of Lake Elsinore and the surrounding Ortega Mountains. Plans and permits have been paid for, and owners will begin updates once permits are in hand. Do the maths on price / per sqft, and you will realize that this is the best investment opportunity in the area. Based on the average price per sqft of comparable properties, the current property value is way higher than what it's offered right now. Potential buyers are encouraged to do their calculations and realize the incredible investment potential.
Located close to numerous recreational activities, the property is near Lake Elsinore Beachfront Park, Lake Elsinore Casino, and Diamond Stadium. Shopping and dining options are plentiful in nearby downtown Lake Elsinore. Additionally, the property is surrounded by the scenic Ortega Mountains and Cleveland National Forest, perfect for outdoor enthusiasts.
The rental income potential for this property is substantial. Based on comparable rentals in the area, Unit 1 (838 sqft) can command approximately $2,200 per month, Unit 2 (1083 sqft) roughly $2,800 per month, Unit 3 (1182 sqft) approximately $3,000 per month, and Unit 4 (1091 sqft) roughly $2,850 per month. This makes it attractive for both long-term and short-term rentals.
This property presents a fantastic opportunity for investors looking to add value through renovation in a rapidly growing area. Purchase it as is and carry on the work to reap great rewards. Enjoy the vibrant community and scenic beauty of Lake Elsinore.
Don't miss out on this incredible investment opportunity—Act Now!
Interior Features
| Laundry Information |
| Location(s) |
Common Area |
| Bedroom Information |
| Bedrooms |
12 |
| Bathroom Information |
| Bathrooms |
8 |
| Interior Information |
| Features |
All Bedrooms Down |
| Cooling Type |
None |
Listing Information
| Address |
32989 Macy Street |
| City |
Lake Elsinore |
| State |
CA |
| Zip |
92530 |
| County |
Riverside |
| Listing Agent |
Varun Nanda DRE #02014714 |
| Courtesy Of |
Nanda Realty Inc. |
| List Price |
$850,000 |
| Status |
Active |
| Type |
Residential |
| Subtype |
Quadruplex |
| Structure Size |
4,200 |
| Lot Size |
11,326 |
| Year Built |
1941 |
Listing information courtesy of: Varun Nanda, Nanda Realty Inc.. *Based on information from the Association of REALTORS/Multiple Listing as of Aug 13th, 2024 at 7:41 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
