23524 Pico Avenue, Menifee, California 92585, Menifee, 92585 - 4 bed, 3 bath
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Menifee, California 92585
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.
Property is moderate renovation needed.
The primary residence, built in 1961, is functional and has been maintained with a newer roof and HVAC system, but the interior is significantly outdated. The kitchen features original-style dark wood cabinetry and older appliances, while the living areas show worn carpeting and dated light fixtures, requiring aesthetic modernization throughout.
The property features 18.36 flat and usable acres with future land use designated as RC-LDR, offering a prime opportunity for developers to subdivide and build a community of homes on larger lots.
A massive 6,000 sq ft steel warehouse built in 1991 includes over 1,200 sq ft of dedicated office space, providing an exceptional turnkey solution for business operations, ranching, or extensive equipment storage.
The site is uniquely prepared for immediate use or expansion with all utilities on-site, three separate septic systems, and high-speed connectivity via Frontier and Spectrum.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1609, other record living area = 6000.
The $4.95 million price point is heavily weighted toward the land's future development value, which may limit the buyer pool to institutional investors or high-net-worth developers.
While functional with a newer roof and HVAC, the primary residence was built in 1961 and may require significant aesthetic and structural modernization to align with the property's overall valuation.
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!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
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| Beds | - | - | 0% |
| Baths | - | - | 0% |
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| Lot Size | - | - | 0% |
| Price | - | - | 0% |
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| Built year | 1992 | - | 0% |
| HOA | $0 | $0 | 0% |
| Days on market | - | - | 0% |
Dec 12, 2025
$4,950,000
Initial Listing