11389 Lee, Adelanto, California 92301, Adelanto, 92301 - 0 bed, 0 bath
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Adelanto, California 92301
This 4-unit Residential Income property presents a High-Potential Investment Opportunity with a List Price of $439,900—positioned well above the $381,846 Fair Market Value by -15%. Featuring Mixed-Use (MU) Zoning and a massive 1.14-acre lot, the asset offers significant development flexibility for expansion or ADU conversion. With a Condition Rating of 5, the property requires comprehensive rehabilitation. This is a strategic acquisition for Buy-and-Hold Investors or Commercial Developers focused on long-term value-add and pro-forma rental upside.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 11389 Lee Subject | $439,900* List Price | 0 | 0 | 2,736 | $140 | - |
A 11895 White Avenue Active Under Contract | $495,000 List Price | 6 | 3 | 2,414 | $205 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1956, this property is over 70 years old and shows significant signs of age. While the listing mentions 'light rehab' in 2026 for some units (new flooring and paint), the exterior images reveal structural concerns including visible wood rot on the eaves and rafters. The interiors remain extremely dated with utilitarian concrete block walls, exposed piping, and old wall heaters. Given the age, visible exterior defects, and the 'as-is' sale condition, the property requires comprehensive rehabilitation beyond cosmetic updates.
The expansive 1.14-acre flat lot paired with rare Mixed-Use (MU) zoning offers exceptional potential for adding more units, ADU conversions, or exploring commercial live-work opportunities.
With three units recently rehabbed and vacant, an investor can immediately secure market-rate tenants, while the fourth unit provides significant pro-forma upside from its current below-market rent.
The property features separate electric and gas meters for each unit, effectively lowering landlord operating expenses and simplifying the management of tenant utilities.
The property operates on a septic system rather than a municipal sewer, which may impose limitations on high-density expansion and requires ongoing specialized maintenance.
Being sold strictly in 'as-is' condition with a strong seller preference for cash or 1031 exchange may limit the buyer pool and complicate traditional financing routes.
Investor Alert: Immediate cash flow with massive pro-forma upside and development flexibility. This 4-unit income property sits on a flat, usable 1.14-acre lot in Adelanto, featuring rare Mixed-Use (MU) zoning that opens the door for future expansion, higher-density residential additions, or a live-work commercial play. The Units & Income Potential:Unit 1 (3BR/1BA): Vacant. Light rehab completed April 2026. Move-in ready. (Projected Market Rent: $2089). Unit 2 (1BR/1BA): Vacant. Light rehab completed April 2026. Move-in ready. (Projected Market Rent: $1194). Unit 3 (1BR/1BA): Vacant and rental-ready. (Projected Market Rent: $1194). Unit 4 (1BR/1BA): Occupied. Current rent is $680, well below market value. Value-Add & Property Features: Utilities: Separate electric and gas meters (keeps landlord utility expenses low). Shared water/trash. Property functions on a septic system. The Lot: Over 1 full acre of flat, usable land under highly flexible Mixed Use (MU) zoning. Includes a detached garage ideal for an ADU conversion or ample yard space for adding more income-generating units (buyer to verify permitted expansion uses with City of Adelanto). Property sold strictly AS-IS. Seller strongly prefers Cash or 1031 Exchange for a fast close, but will consider strong conventional financing. Information deemed reliable but not guaranteed; buyer to verify all details.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 2,736 | 2,736 | 50% |
| Lot Size | 49,658 | 8,687 | 80% |
| Price | $439.9K | $439.9K | 50% |
| Price per sq ft | $161 | $195 | 20% |
| Built year | 1956 | 1984 | 20% |
| HOA | $0 | $0 | 50% |
| Days on market | 10 | 246 | 20% |
May 27, 2026
$439,900
Initial Listing
Apr 27, 2023
$442,000
Public Record
Feb 28, 2014
$125,000
Public Record
Dec 14, 2007
$310,000
Public Record