24721 4th Street, Murrieta, California 92562, Murrieta, 92562 - bed, bath
ACTIVE UNDER CONTRACT$295,000
24721 4th Street, Murrieta, California 92562
0Bed
0Bath
480Sqft
7,405Lot
Year Built
1980
Close
-
List price
$295K
Original List price
$295K
Price/Sqft
$615
HOA
-
Days on market
-
Sold On
-
MLS number
TR25216457
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,6 Pros. Rank: price - $295.0K(0th), sqft - 480(0th), beds - undefined(0th), baths - undefined(0th).
Structure was originally built as a garage and converted without permits to a 1 bedroom and 1 bath house. It may be land only value. The location is near Old Town Murrieta. Attention contractors--this is a great location for a new house!
Price History
Date
Event
Price
09/16/25
Listing
$295,000
Condition Rating
Tear down
The MLS description explicitly states the structure was originally a garage converted without permits, is likely 'land only value,' and is marketed to contractors for a 'new house.' The property analysis confirms it's an 'unpermitted structure' 'likely requiring demolition' and 'significant redevelopment required.' While built in 1980, the legal non-compliance and the property's valuation solely on land indicate the existing structure is unlivable and requires demolition, aligning with the 'tear-down' criteria.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7405, living area = 480.
Prime Location: The property's proximity to Old Town Murrieta offers desirable amenities, historical charm, and strong potential for future appreciation.
Development Opportunity: Explicitly marketed to contractors, this property presents a significant opportunity for new construction on a well-sized lot.
Generous Lot Size: With a 7,405 sqft lot, there is ample space to build a substantial new single-family residence, maximizing its potential.
Attractive Price Point: The list price of $295,000 is competitive for a development-ready lot in a desirable Murrieta location, appealing to builders and investors.
Demonstrated Market Interest: The 'Active Under Contract' status indicates that the property has already garnered buyer interest, validating its appeal despite its unique challenges.
Cons
Unpermitted Structure: The existing 1-bedroom, 1-bath structure was converted from a garage without permits, rendering it legally non-compliant and likely requiring demolition.
Land Only Value: The property is explicitly valued for its land, meaning the existing structure contributes little to no value and represents an additional cost for removal.
Significant Redevelopment Required: Buyers must be prepared for a complete tear-down and new construction, involving substantial time, cost, and regulatory processes.