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118 N Main, Lake Elsinore, California 92530, Lake Elsinore, 92530 - bed, bath

118 N Main, Lake Elsinore, California 92530 home-pic-0
ACTIVE$1,398,888
118 N Main, Lake Elsinore, California 92530
0Bed
0Bath
1,104Sqft
3,920Lot
Year Built
1920
Close
-
List price
$1.4M
Original List price
$1.5M
Price/Sqft
$1,267
HOA
-
Days on market
-
Sold On
-
MLS number
DW25237444
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.40M(50th), sqft - 1104(50th), beds - undefined(50th), baths - undefined(50th).

Located in the heart of Lake Elsinore’s revitalized downtown district, this versatile mixed-use property offers exceptional potential for both investors and owner-users. The building features a retail storefront on the ground floor, ideal for a boutique, café, professional office, or service business. Upstairs, you'll find a spacious 4 bedroom, 1 bath residential unit, perfect for an owner-occupant or as additional rental income. Live upstairs and operate your business below, or rent out both spaces for maximum return. Enjoy outstanding visibility and foot traffic thanks to the City’s ongoing Downtown Revitalization Initiative, a multi-faceted project transforming the Main Street corridor. Significant enhancements include the new City Hall at Main and Graham, pedestrian safety and infrastructure upgrades, and aesthetic improvements. Don’t miss this rare opportunity to invest in one of Southern California’s fastest-growing communities, where business meets lifestyle.

Price History

Date
Event
Price
12/02/25
Price Change
$1,398,888-6.7%
10/10/25
Listing
$1,500,000
Condition Rating
Poor
Built in 1920, this property is over a century old with no indication of recent major renovations. The AI analysis highlights 'Historic Property Age' and the implied need for significant updates to plumbing, electrical, HVAC, and aesthetics. The 4-bedroom, 1-bathroom residential unit configuration is highly outdated, suggesting extensive renovations are needed for both the kitchen and bathroom to meet modern standards. The exterior also reflects its age, indicating substantial rehabilitation is required throughout the property.
Pros & Cons

Pros

Mixed-Use Versatility: The property offers a unique combination of a ground-floor retail storefront and an upstairs 4-bedroom residential unit, providing diverse income streams and flexibility for investors or owner-users.
Strategic Downtown Location: Situated in Lake Elsinore’s revitalized downtown district, the property benefits from outstanding visibility, high foot traffic, and ongoing city investments in infrastructure and aesthetics.
Strong Investment Potential: Located in one of Southern California’s fastest-growing communities, the property offers significant potential for appreciation and rental income, aligning with the city's revitalization efforts.
Owner-User Opportunity: The layout is ideal for an owner-operator who wishes to live upstairs and run a business below, offering a convenient live-work solution and maximizing return on investment.
Recent Price Adjustment: The property has seen a recent price reduction from $1.5M to $1.398M, potentially indicating a more attractive entry point for buyers and increased market competitiveness.

Cons

Historic Property Age: Built in 1920, the property is over a century old, which may imply the need for significant updates to plumbing, electrical, HVAC systems, and general aesthetics to meet modern standards and codes.
Compact Interior Space: With only 1104 sqft for both a retail storefront and a 4-bedroom residential unit, the interior space is quite compact, potentially limiting the scope of retail operations or residential comfort.
Residential Unit Configuration: A 4-bedroom residential unit with only one bathroom is a less common and potentially less desirable configuration for modern tenants or owner-occupants, especially for families.

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