20702 El Toro Unit 233, Lake Forest, California 92630, Lake Forest, 92630 - 2 bed, 2 bath
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Lake Forest, California 92630
This Income-Generating Asset represents a High-Potential Investment Opportunity listed at $529,000—positioned well below the $543,222 Fair Market Value by 2%. This valuation gap provides $14,222 in Instant Equity for the incoming owner. Maintaining a Fair Condition Rating, the property functions as a turnkey rental delivering $24,000 in guaranteed annual income with a tenant already in place. Residents benefit from resort-style amenities and proximity to Trabuco Hills High School. This is a strategic acquisition for Buy-and-Hold Investors or first-time buyers seeking a cash-flowing portfolio starter.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 20702 El Toro Unit 233 Subject | $529,000* List Price | 2 | 2 | 916 | $554 | - |
A 20702 El Toro 16 Sold | $505,000 | 2 | 2 | 950 | $532 | 0.1 mi |
B 20702 El Toro Sold | $497,500 | 2 | 2 | 916 | $543 | 0.1 mi |
C 20702 El Toro Road 379 Sold | $450,000 | 1 | 1 | 710 | $634 | 0.2 mi |
D 20702 El Toro 82 Pending | $530,000 List Price | 2 | 2 | 916 | $579 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property was built in 1980 and is located in an established community. While described as a 'plug-and-play' investment with a tenant in place, the lack of interior images showing modern upgrades and the 44-year age of the structure suggest the property is maintained through regular upkeep but likely features outdated kitchen and bathroom components. It meets the 'fair' criteria as an aged but functional home that has not undergone a recent comprehensive renovation.
The property is a turnkey investment with a tenant already in place on a newly renewed lease, providing $24,000 in guaranteed annual gross income with zero initial vacancy.
Located in the Pheasant Creek community, residents have access to multiple pools, spas, tennis and basketball courts, and serene landscaping with running streams, enhancing lifestyle appeal.
The unit is ideally positioned near the Aliso Creek Trail and top-rated schools, including Trabuco Hills High, ensuring sustained long-term demand from both tenants and future buyers.
At 916 square feet for a two-bedroom, two-bathroom configuration, the interior layout may feel restrictive for those seeking more spacious living areas.
Built in 1980, the property may require more frequent maintenance or future capital improvements to its systems and common areas compared to newer developments.
Welcome to Unit 233 at 20702 El Toro Road a spacious upper-level 2 bedroom and 2 bathrooms condo nestled in the serene, resort-style community of Pheasant Creek in Lake Forest. Situated across from the Aliso Creek Trail and just minutes from shops, restaurants, and services, this is one of the most sought-after condo communities in all of Orange County. This bright and airy upper-level unit offers nearly 1,000 sq ft of comfortable living with an open floor plan, vaulted ceilings, a private balcony with laundry access, and a generous layout featuring two full bedrooms and two bathrooms ideal for tenants and investors alike. Community amenities include multiple pools, spa, basketball courts, tennis courts, and garage parking, all wrapped in lush landscaping with peaceful running streams throughout. Perfectly positioned near top-rated schools , freeway and toll road access, golf courses, medical offices, shopping, and dining this location checks every box for sustained, long-term rental demand. The Investment Highlight: Tenant just renewed a new one-year lease at $2,000/month that's $24,000 in guaranteed annual rental income from day one. Zero vacancy. Zero hassle. This is the definition of a plug-and-play cash-flowing asset in a high-demand Orange County market. Whether you're scaling your portfolio or stepping into your first investment property, this one delivers immediate returns with serious long-term upside.
No exterior & parking available.
Grades K-6 • 3.4 mi
Grades 7-8 • 4.4 mi
Grades 9-12 • 0.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 916 | 1,075 | 42% |
| Lot Size | 362,186 | 168,296 | 92% |
| Price | $529.0K | $599.9K | 33% |
| Price per sq ft | $578 | $603 | 40% |
| Built year | 1980 | 1983 | 28% |
| HOA | $424.0 | $475 | 34% |
| Days on market | 63 | 130 | 12% |
Apr 4, 2026
$529,000
Initial Listing