
Lake Elsinore, California 92530
This fourplex presents a High-Potential Investment Opportunity with a List Price of $999,000, priced effectively at its $999,362 Fair Market Value. Featuring a Condition Rating of 4, this Residential Income asset offers immediate cash flow with a 6.37% Cap Rate and 11.5 GRM. While the property requires modernization due to shared utility meters and vintage 1917 systems, the recent exterior improvements and prime Old Town location ensure strong tenant demand. This is an ideal acquisition for Buy-and-Hold Investors or Portfolio Managers seeking stable, income-generating real estate.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 111 S South Lindsay Street Subject | $899,000* List Price | 0 | 0 | 2,310 | $309 | - |
A 138 E Peck Sold | $750,000 | 6 | 5 | 2,605 | $288 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Originally built in 1917, the property has received recent exterior updates including a newer roof and low-maintenance landscaping. However, the interior remains dated with basic finishes, wall heaters instead of central HVAC, and shared utility meters, indicating that core systems have not been fully modernized to current standards.
Situated in the heart of Old Town Lake Elsinore near Main Street and the waterfront, the property offers high desirability due to its proximity to the beach, boat ramps, and local amenities.
The property features a newer roof, artificial turf landscaping, and a concrete parking lot with up to six spaces, significantly reducing immediate capital expenditure and ongoing upkeep costs.
With a 6.37% Cap Rate and an 11.5 GRM, the asset provides solid cash flow potential, further enhanced by additional income from on-site coin-operated laundry and a Tesla solar lease.
Electricity, water, and gas are all on a single meter, which increases owner overhead and prevents direct billing of utility consumption to individual tenants.
Built in 1917, the century-old structure may present long-term maintenance challenges or require specialized repairs to aging systems not addressed by recent exterior upgrades.
Investor opportunity in the heart of Old Town Lake Elsinore, near main Street. This well maintained fourplex features four 1 bedroom, 1-bathroom units and is ideally located just moments from Main Beach, the public boat ramp, nearby baseball fields, public library, post office. The property offers strong tenant appeal with dedicated on-site laundry room equipped with Speed Queen coin-operated washer and dryer, providing additional income potential. Exterior improvements include attractive low maintenance landscaping with artificial turf, decorative rock, concrete hardscaping, and a newer roof. The rear parking area features a concrete parking lot with five designated spaces and room for a sixth vehicle. Additional highlights include a Tesla solar lease and a highly desirable location near recreation, shopping, dining and the Lake Elsinore Waterfront. All information contained herein is deemed reliable but not guaranteed. Buyers and Buyers agent are advised to independently verify all information, including but not limited to square footage, lot size, zoning, permits, property condition and any other matters affecting the property. Seller and listing broker make no representations or warranties, expressed or implied, as to the accuracy of information provided. Buyer is advised to conduct their own due diligence and investigations to their satisfaction prior to the close of escrow. Listing agent is the owner of the property. Electricity, water and gas are on 1 meter. Cap rate is 6.90%. GRM 10.4
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,310 | - |
| Lot Size | 8,712 | - |
| Price | $899.0K | $553.1K |
| Price per sq ft | $389 | $400 |
| Built year | 1917 | 0 |
| HOA | $0 | $0 |
| Days on market | 30 | 145 |
Jul 15, 2026
$899,000
$949,000
-5% Price Drop
Initial Listing
Jul 8, 2026
$949,000
$999,000
-5% Price Drop
Initial Listing
Jun 22, 2026
$999,000
Initial Listing
Feb 16, 2005
$395,000
Public Record