23524 Pico Avenue, Menifee, California 92585, Menifee, 92585 - 4 bed, 3 bath

23524 Pico Avenue, Menifee, California 92585 home-pic-0

23524 Pico Avenue

Menifee, California 92585

ACTIVE
CONDITION: FAIR
4Beds
3Baths
1,609Sq Ft
698,267Lot Size

Property Price

LIST PRICE$4,950,000

SUMMARY

Analysis of 23524 Pico Avenue, Menifee, California 92585 is currently available with a list price of $4,950,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Menifee Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.

Condition Analysis

OVERALL CONDITION SCORE

Fair
TeardownExcellent

Property is moderate renovation needed.

The primary residence, built in 1961, is functional and well-maintained but significantly outdated. The kitchen features original-style dark wood cabinetry and dated linoleum flooring, while the living areas contain older carpeting and fixtures. Although the home benefits from a newer roof and HVAC system, the interior requires cosmetic modernization to meet current market standards.

PROSSTRENGTHS & OPPORTUNITIES

  • Significant Development Potential

    The property encompasses 18.36 flat and usable acres with a future land use designation of RC-LDR, offering a prime opportunity for residential subdivision or large-lot development.

  • Substantial Industrial Infrastructure

    A massive 6,000 sq ft steel warehouse built in 1991 includes over 1,200 sq ft of dedicated office space, five offices, and a reception area, perfect for business operations.

  • Comprehensive Utility Readiness

    The site is exceptionally well-equipped with all utilities on-site, three separate septic systems, and high-speed internet connectivity via Frontier and Spectrum.

CONSRISKS & DEFICIENCIES

  • MLS Listing Discrepancy

    Living area discrepancy between mls listing and other public or private record. mls listing living area = 1609, other record living area = 6000.

  • Dated Primary Residence

    The main 1,609 sq ft home was built in 1961; despite a newer roof and HVAC, it may require significant cosmetic or structural modernization to match the property's price point.

  • High Entry Barrier

    The $4.95M list price combined with a 50% down payment requirement for seller financing necessitates a buyer with substantial liquid capital.

About 23524 Pico Avenue

Great Single Family Home, Farm, Ranch or Development Opportunity in excellent location! This exciting property offers 18.36 +/- flat and usable acres, a single-story home, 6,000 sq ft warehouse and several outbuildings in Unincorporated Riverside County (Menifee address)! Currently Zoned RA, the fulure land use if developed could be RC-LDR, meaning homes on larger lots could be built here. The property consists of 2 APNs: 309-22-007 and 006. This is the first time the property is offered for sale since 1990. Property features all utilities on site, plus 3 septic systems, Frontier and Spectrum and 2 alarms. The steel warehouse was built in 1991, with 1253 +/- sq ft office space, 5 offices, a bathroom and reception area. There are 10 parking spaces and 1 ADA-compliant parking space, plus a 2-car garage attached to the home (built in 1961). With 1609 +/- sq ft, the home features 4 bedrooms and 2 baths, living room, family room, kitchen and screened porch with newer roof and HVAC system. Plenty of room for your business, animals, toys and projects, or how about some dry farming? Owner may carry with 50% down. If you are looking for a property that can serve many needs, look no further!

Property Details

Public Facts

Property Type
Mixed Use
Year Built
1992
Lot Size
698,267 Sq. Ft.

Interior

Total Bedrooms
4
Total Bathrooms
3 (3 Full, 0 Half)

Exterior & Parking

No exterior & parking available.

Utilities & Misc

HOA Fee
$0 / Month

Neighborhood Insights

Sensitive Facilities

No sensitive facilities data found.

Neighborhood Comparison

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Pricing History

Listed for Sale

Dec 12, 2025

$4,950,000

Initial Listing

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