22054 Treasure Island, Menifee, California 92587, Canyon Lake, 92587 - 2 bed, 2 bath
Loading property details...
Menifee, California 92587
This Waterfront Peninsula Condominium is a Prime Investment Opportunity listed at $619,900—positioned well below the $637,972 Fair Market Value by 2%. This strategic entry point provides $18,072 in Instant Equity. While the property holds a Well-Maintained Condition Rating, its 1974 interior offers significant value-add potential through cosmetic modernization. Featuring Panoramic Lake and Mountain Views, a Private Boat Dock, and resort amenities within the Lake Elsinore Unified district, this home perfectly balances lifestyle luxury with financial upside. It is an ideal acquisition for Lifestyle-Oriented Buyers or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 22054 Treasure Island Subject | $619,900* List Price | 2 | 2 | 1,252 | $510 | - |
A 22196 Treasure Island Active | $749,000 List Price | 2 | 2 | 1,252 | $598 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1974, this condo is well-maintained and clean with some cosmetic updates like laminate flooring and fresh paint. However, the overall style remains dated, featuring 1970s-era mirrored walls and basic fixtures. While move-in ready, it lacks a comprehensive modern renovation of the kitchen and bathrooms to meet current 'Good' or 'Excellent' standards.
Situated on Treasure Island within the exclusive Canyon Lake gated community, offering direct access to private lake activities like waterskiing, fishing, and paddleboarding.
The property features premium east-facing views of Canyon Lake and the surrounding mountains, providing a serene and picturesque backdrop.
Residents benefit from a private boat dock and slip, plus access to community-wide amenities including golf, tennis, pickleball, beaches, and a private dinner house.
The monthly association fee of $657 is relatively high, which significantly increases the ongoing carrying costs for this two-bedroom condominium.
Built in 1974, the unit may require modernization of its original systems or interior finishes to meet the expectations of contemporary buyers.
Live on a private lake less than 2 hours from LA and San Diego. Waterski, fish, paddle board, swim or just enjoy the views. Treasure Island is a gated community within the gates of Riverside County's best kept secret, Canyon Lake. Some amenities of Treasure Island include: private pool and spa, private boat dock and slip, community room and small gym. Canyon Lake offers: golf, tennis, pickleball, basketball courts, dog parks, beaches, private dinner house, pool and many community events monthly. Come and experience the serenity of the water and surrounding views. This condo sits on Treasure Island with the best east facing views of Canyon Lake and surrounding mountains.
No exterior & parking available.
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 | 1,252 | 1,252 | 50% |
| Lot Size | 1,411 | 1,331.5 | 50% |
| Price | $619.9K | $651.0K | 50% |
| Price per sq ft | $495 | $447 | 50% |
| Built year | 1974 | 1974 | 50% |
| HOA | $657.0 | $485 | 75% |
| Days on market | 9 | 198 | 25% |
Apr 13, 2026
$619,900
Initial Listing
Oct 4, 2002
$230,000
Public Record