116 Mira Mesa, Rancho Santa Margarita, California 92688, Rancho Santa Margarita, 92688 - 2 bed, 3 bath
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116 Mira Mesa
Rancho Santa Margarita, California 92688
ACTIVE
CONDITION: FAIR
2Beds
3Baths
1,514Sq Ft
71,757Lot Size
Property Price
LIST PRICE$854,900
EST. MARKET VALUE
$811,740
5% AboveMARKET VALUE
SUMMARY
This Spacious Townhouse represents a Strong Value Opportunity, listed at $854,900—positioned well above the $811,741 Fair Market Value. While the property carries a premium, it offers a Condition Rating of 4, featuring a modernized Granite Kitchen and a flexible loft layout with potential for a third bedroom. Located directly across from the award-winning Melinda Heights Elementary, this home provides significant lifestyle appeal for families. It is an ideal acquisition for Owner-Occupants seeking a move-in ready residence or first-time buyers prioritizing top-tier school districts.
Estimated Market Value
$811,740
Based on Realkey algorithm analyzing recent comparable sales in Rancho Santa Margarita.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 116 Mira Mesa Subject | $854,900* List Price | 2 | 3 | 1,514 | $536 | - |
A 79 Tierra Montanosa Sold | $825,000 | 3 | 3 | 1,551 | $532 | 0.2 mi |
B 43 Tierra Seguro Sold | $920,000 | 3 | 3 | 1,427 | $645 | 0.3 mi |
C 47 Via Madera Active | $849,800 List Price | 3 | 3 | 1,499 | $567 | 1.0 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1992 (32 years old), the property is well-maintained but largely dated. While the kitchen features newer granite countertops and stainless steel appliances, the cabinetry and bathrooms (oak vanities and original tile surrounds) reflect the original construction era. It is move-in ready but requires cosmetic updates to meet modern standards.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Location & Education
Situated directly across from the award-winning Melinda Heights Elementary, this home offers unparalleled convenience for families within a highly sought-after hillside community.
- Modernized Chef's Kitchen
The kitchen features premium granite countertops and brand-new appliances, offering a bright, open-concept space that flows seamlessly into the dining and living areas.
- Flexible Floor Plan
With soaring ceilings and an abundance of natural light, the layout includes a versatile loft that can easily be converted into a third bedroom, providing immediate value-add potential.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =71757, other record lot size in square feet = 3271.
- High Association Fees
The monthly HOA fee of $550 is relatively high, which significantly increases the total monthly carrying cost for the property.
- Lack of Scenic Views
Despite its location in the hills of Rancho Santa Margarita, the property is listed as having no views, which may be a drawback for buyers expecting hillside vistas.
About 116 Mira Mesa
Location, Location! Located in the hills of Melinda Heights this home is beautiful and spacious. Tons of natural light and soaring ceilings. Option to easily add a third bedroom - loft. This kitchen is open to both the breakfast area and formal dining room and living room. This spectacular chefs kitchen boasts new appliances, Beautiful granite counters and is light and bright. There is an indoor laundry room and tons of storage throughout this beautiful home. The large living area has a fireplace and opens to the secret garden backyard, perfect for relaxing after a long day or a family barbeque. At the top of the stairs you will find a perfect area for a desk or study. The largest bedroom has his and her closets, dual sinks, large soaking tub and separate shower. The oversized two car garage has direct access to your new home. Award winning Melinda Heights elementary is just across the street. Community amenities include a pool, spa and jacuzzi. Residents enjoy access to all of Samlarc's amenities as well, including the beach club, tennis courts and much more.
Property Details
Public Facts
- Property Type
- Townhouse
- Year Built
- 1992
- Lot Size
- 71,757 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 3 (3 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $550.0 / Month
Neighborhood Insights
Rancho Santa Margarita Unified Schools
Melinda Heights Elementary School
Grades K-6 • 0.4 mi
8/10
Rancho Santa Margarita Intermediate School
Grades 7-8 • 1.6 mi
7/10
Trabuco Hills High School
Grades 9-12 • 2.3 mi
8/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.6 |
| Baths | 3.0 | 3.0 |
| Square foot | 1,514 | 1,455.6 |
| Lot Size | 71,757 | 25,497.667 |
| Price | $854.9K | $866.2K |
| Price per sq ft | $565 | $604 |
| Built year | 1992 | 1990 |
| HOA | $550.0 | $512 |
| Days on market | 14 | 63 |
Pricing History
Listed for Sale
Aug 26, 2026
$854,900
Initial Listing
Sold
Dec 21, 2022
$699,000
Public Record
Sold
Aug 19, 1998
$165,000
Public Record