
Mission Viejo, California 92692
This Lakefront Penthouse represents a High-Potential Investment Opportunity, listed at $1,039,000—positioned well above the $875,324 Fair Market Value by 18%. While the price reflects a premium for its Panoramic Lake Views and Rooftop-Style Patio, the property carries a Condition Rating of 4, indicating a need for interior modernization. The asset offers exclusive access to Lake Mission Viejo amenities and Capistrano Unified schools. This is a strategic acquisition for Value-Add Investors or Owner-Occupants seeking to customize a premier waterfront residence.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 22446 Manacor 48 Subject | $1,039,000* List Price | 2 | 2 | 1,444 | $609 | - |
A 22522 Petra 19 Sold | $899,100 | 2 | 2 | 1,477 | $609 | 0.1 mi |
B 27941 Chiclana 81 Sold | $780,000 | 2 | 2 | 1,240 | $629 | 0.8 mi |
C 27911 Freeport Sold | $848,000 | 3 | 3 | 1,543 | $550 | 0.4 mi |
D 27937 Carrington Sold | $799,900 | 3 | 3 | 1,543 | $518 | 0.6 mi |
E 27923 Windsor 184 Sold | $948,900 | 3 | 3 | 1,610 | $589 | 0.4 mi |
F 22484 Petra Active | $958,888 List Price | 2 | 2 | 1,444 | $664 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1979, this property is over 45 years old and appears to be in mostly original condition. While the unit is well-maintained and functional, the listing description explicitly frames it as an opportunity to 'personalize the interior' and 'create a residence that reflects your own vision,' indicating that the kitchen, bathrooms, and systems are dated and require modernization to meet current market standards.
As a premier penthouse, this residence offers irreplaceable elevated views of Lake Mission Viejo, the Saddleback Mountains, and city lights, providing a front-row seat to seasonal fireworks and concerts.
The property features a rare combination of an expansive private balcony and a secondary rooftop-style patio, offering exceptional outdoor retreat space that is seldom found within the Mallorca community.
Residents enjoy high-tier community benefits including 24-hour guard-gated security, private beaches, boat docks, and full membership to Lake Mission Viejo for boating and recreation.
The listing emphasizes the opportunity to 'personalize the interior,' suggesting the 1979 home likely requires a significant capital investment to update finishes and fixtures to modern luxury standards.
The monthly association fee of $753 is relatively high, which may deter budget-conscious buyers or impact the overall financing qualifications for the property.
This is A RARE OPPORTUNITY to acquire one of Mallorca's premier lake view penthouses and create a residence that reflects your own vision. With its IRREPLACEABLE elevated PANORAMIC views, premier PENTHOUSE and PRIVATE location, and exceptional floor plan, the home's most valuable attributes are already in place. Personalize the interior over time and enjoy the lasting appeal of a truly exceptional waterfront property. Experience resort-style living with breathtaking panoramic views of Lake Mission Viejo, Saddleback Mountains, rolling hills, sparkling city lights, and unforgettable sunsets from one of Mallorca's premier upper-level residences. Enjoy front-row views of Lake Mission Viejo's summer concerts and spectacular Fourth of July fireworks from the comfort of your own home. Designed to maximize natural light and indoor-outdoor living, this spacious two-bedroom, two-bath penthouse features an expansive living room with a cozy fireplace and sliding glass doors opening to a large private balcony—the perfect place to enjoy morning coffee, evening sunsets, or entertain against a stunning lake backdrop. The adjoining dining area also opens to the balcony, creating a seamless indoor-outdoor lifestyle. The bright kitchen overlooks the surrounding hills and mountains and offers direct access to a private ROOFTOP-STYLE PATIO, providing an additional outdoor retreat rarely found in the community. The spacious primary suite captures beautiful lake and hillside views and includes dual sinks, oversized mirrored wardrobe closets, and abundant storage. The secondary bedroom offers flexibility for guests, a home office, fitness studio, or creative space. Additional features include an interior laundry area, generous storage throughout, a gallery-style hallway ideal for displaying artwork, and a nearby detached two-car garage with a recently installed garage door opener. Mallorca residents enjoy 24-hour guard-gated security, private beaches, private boat docks, two pools and spas, BBQ and picnic areas, and exclusive Lake Mission Viejo membership with boating, paddleboarding, summer concerts, and year-round community events. Conveniently located near Plaza del Lago, lakeside dining, shopping, parks, and everyday conveniences. This is an outstanding opportunity to own one of the community's most desirable lake-view penthouses!
No exterior & parking available.
Grades K-5 • 1.7 mi
Grades 6-8 • 2.6 mi
Grades 6-8 • 4.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,444 | 1,248.725 |
| Lot Size | 364,487 | 90,361.45 |
| Price | $1.04M | $756.3K |
| Price per sq ft | $720 | $612 |
| Built year | 1979 | 1984 |
| HOA | $753.0 | $504 |
| Days on market | 33 | 55 |
Aug 7, 2026
$1,039,000
Initial Listing
Aug 8, 2016
$610,000
Public Record