32989 Macy Street
Lake Elsinore, CA 92530
4200 sqft | 12 beds | 8 baths | 0.26 acres | #RS24137104
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 Details
- InteriorAllBedroomsDown
Beds & Baths
- Bedrooms12
- Bathrooms8
- Full Baths8
Property Details
- Lot DescriptionLevel, RectangularLot
- ViewHills, Lake
- Stories1
Measurements
- Acres0.26
- Square Feet4200
Parking
- Parking Spaces8
Construction Details
- Property TypePurchase
Condition
- Year Built1941
Utilities / Energy Details
- Sewer InformationPublicSewer
- Utility SourcePublic
Community and Neighborhood Details
- School DistrictLake Elsinore Unified
- CountyRiverside
Financial Details
- Original List Price$850,000
Other
- MLS #RS24137104
Location
Legal
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. 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
Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Varun Nanda (#RSNANDVAR)
Listing Office: Nanda Realty Inc. (#RVNB)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
