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

23524 Pico Avenue, Menifee, California 92585 home-pic-0
ACTIVE$4,950,000
23524 Pico Avenue, Menifee, California 92585
4Beds
3Baths
1,609Sqft
698,267Lot
Year Built
1992
Close
-
List price
$4.95M
Original List price
$4.95M
Price/Sqft
$3,076
HOA
-
Days on market
-
Sold On
-
MLS number
SW25274613
Home ConditionPoor
Features
Good View: Hills, Pasture
ViewHills, Pasture

About this home

We found 4 Cons,5 Pros.

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!

Price History

Date
Event
Price
12/12/25
Listing
$4,950,000
Condition Rating
Poor

The residential home, built in 1961, is explicitly described as 'dated' and requiring 'extensive modernization and upgrades to its interior, plumbing, and electrical systems.' While it has a newer roof and HVAC, these are not comprehensive renovations. The lack of interior photos, combined with the age and the need for substantial system upgrades, indicates a condition that requires significant rehabilitation to meet contemporary living standards. This aligns with the 'Poor' category, where major components require repair and the property may be uncomfortable in its current state.
Pros & Cons

Pros

Development Potential: The expansive 18.36 flat, usable acres, coupled with two APNs and a future RC-LDR land use designation, presents a prime opportunity for significant residential development.
Income-Generating Commercial Infrastructure: A substantial 6,000 sq ft steel warehouse, including 1,253 sq ft of dedicated office space and ample parking, offers immediate commercial utility or strong rental income potential.
Exceptional Versatility & Land Use: The large, flat acreage is highly adaptable for diverse applications, including agricultural operations (farm/ranch), business ventures, or extensive personal projects, appealing to a broad buyer demographic.
Comprehensive On-Site Utilities: The property is fully equipped with all essential utilities, including three septic systems and high-speed internet/cable services, ensuring immediate functionality and reducing future infrastructure costs.
Flexible Financing Options: The owner's willingness to consider carrying financing with a 50% down payment provides a unique and attractive purchasing advantage, potentially easing the acquisition process for qualified buyers.

Cons

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.
High Capital Investment: The substantial list price of $4,950,000 positions this property as a significant investment, potentially limiting the pool of prospective buyers to those with substantial capital or access to large-scale financing.
Dated Residential Home: Despite a newer roof and HVAC, the 1961-built residential home likely requires extensive modernization and upgrades to its interior, plumbing, and electrical systems to meet contemporary living standards.
Septic System Maintenance: The reliance on three septic systems, while functional, necessitates ongoing maintenance and eventual replacement, representing a long-term operational cost and potential environmental management consideration.

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