RealKey
‪(213) 433-7766‬

24516 Saturna Drive, Mission Viejo, California 92691, Mission Viejo, 92691 - bed, bath

24516 Saturna Drive, Mission Viejo, California 92691 home-pic-0
ACTIVE$1,394,500
24516 Saturna Drive, Mission Viejo, California 92691
0Bed
0Bath
2,349Sqft
8,050Lot
Year Built
1969
Close
-
List price
$1.39M
Original List price
$1.39M
Price/Sqft
$594
HOA
-
Days on market
-
Sold On
-
MLS number
NP25121456
Home ConditionFair
Features
Good View: Hills
Patio
ViewHills

About this home

Possibly Over-Priced:The estimated price is 40% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.39M(63th), sqft - 2349(66th), beds - undefined(1th), baths - undefined(1th).

A truly hands off investment! Over 10 years left on a 15 year lease. However the new owner can take back the property on October 1st 2025, and/or move the current tenant out and lease as single family home at current market rents. The Purchase is Subject to the existing lease. Tenant pays all utilities, all routine maintenance, and all repairs up to $1,500 per occurrence. This is a Beautiful property in a great, upscale neighborhood. RARE Single-Story 6 Bedroom / 4 bathroom home. Lease is currently $5,412 per month until Sept 2025 and then goes up to $5,520 and 2% per year for the term of the lease. The tenant operates a senior care home within the property and must maintain a clean, safe environment with all systems of the home in proper working condition. There is a hold-harmless agreement in place between tenant and landlord. THIS IS A GREAT 10-31 EXCHANGE PROPERTY! Call now for more information.

Nearby schools

6/10
Del Cerro Elementary School
Public,•K-6•0.3mi
7/10
La Paz Intermediate School
Public,•7-8•1.3mi
7/10
Mission Viejo High School
Public,•9-12•1.0mi
Condition Rating
Fair
The property was built in 1969, making it over 50 years old. While the description states the tenant maintains systems in proper working condition, the visible updates in the images, such as the bathroom tiling and light fixtures, appear to be from an older renovation (likely 15-20+ years ago) rather than recent. The kitchen is not shown, which is a common indicator that it may not be a highlight. The flooring in the bedrooms is laminate and appears well-maintained, but the overall aesthetic is dated. The property is functional and maintained, but shows its age and would benefit from modern updates to key areas like the kitchen and bathrooms to meet current standards.
Pros & Cons

Pros

Strong Investment Profile: Explicitly positioned as a 'hands-off investment' with a long-term lease (over 10 years remaining) and ideal for a 1031 exchange, appealing to serious investors.
Favorable Lease Terms: Tenant is responsible for all utilities, routine maintenance, and repairs up to $1,500 per occurrence, significantly minimizing landlord expenses and management effort.
Substantial & Escalating Rental Income: Generates significant monthly income ($5,412, increasing to $5,520 and 2% annually), ensuring a predictable and growing cash flow.
Unique & Versatile Layout: A rare single-story 6-bedroom, 4-bathroom configuration offers exceptional space and flexibility, suitable for its current senior care home operation or a large family.
Desirable Location with Views: Situated in an upscale Mission Viejo neighborhood with hills views and access to well-rated schools, enhancing its long-term appeal and value.

Cons

Significant Price Discrepancy: The listing price ($1,394,500) is considerably higher than the estimated property value ($832,139.9), suggesting a potential overvaluation or a premium for the existing business/lease structure that may not be universally recognized.
Occupancy Restrictions & Specialized Use: The property is subject to an existing lease with a senior care home tenant, limiting immediate owner-occupancy or conversion to a traditional single-family rental until October 2025, and potentially complicating future use changes.
Age of Property: Built in 1969, the home is over 50 years old, which may imply a need for future capital expenditures for major systems or updates to meet modern buyer expectations, despite tenant maintenance.

Best solution for experienced home buyers!

Data-driven home buying experience with our licensed real estate agents and cutting-edge AI

Browse Properties by State Browse housing market trends by state