28850 Vacation Drive, Canyon Lake, California 92587, Canyon Lake, 92587 - 4 bed, 3 bath
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Canyon Lake, California 92587
This Versatile Residential Property is a Strong Value Opportunity, listed at $699,950—positioned well below the $653,852 Fair Market Value by -7%. While the list price exceeds the current estimation, the property offers significant utility through its Detached ADU Studio and Paid-off Solar, providing immediate rental income potential or multi-generational flexibility. Featuring a Condition Rating of 4, the home is move-in ready with room for cosmetic modernization. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a resort-style lifestyle in Canyon Lake.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 28850 Vacation Drive Subject | $699,950* List Price | 4 | 3 | 2,258 | $290 | - |
A 29172 Longhorn Drive Sold | $685,000 | 4 | 3 | 2,217 | $309 | 0.5 mi |
B 22535 San Joaquin W Sold | $630,000 | 4 | 2 | 2,045 | $308 | 0.2 mi |
C 22138 Drover Way Sold | $849,999 | 4 | 3 | 2,573 | $330 | 0.5 mi |
D 22552 Canyon Club Sold | $675,000 | 4 | 3 | 2,572 | $262 | 0.9 mi |
E 22633 Inspiration Pt Sold | $765,000 | 4 | 3 | 2,687 | $285 | 0.3 mi |
F 28970 Vacation Active | $620,000 List Price | 4 | 2 | 1,848 | $335 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1985 (39 years old), the property has received cosmetic 'lipstick' updates including new luxury vinyl plank flooring, fresh paint, and paid-off solar. However, the bathrooms and kitchen cabinetry appear dated and original to the mid-80s or an older renovation (>20 years). While functional and move-in ready, the home requires modern updates to the primary systems and wet areas to reach a higher rating.
The property features a versatile detached studio apartment, providing excellent potential for rental income, multi-generational living, or a private professional home office.
Equipped with fully paid-off solar panels, this home offers significant long-term utility cost savings and added equity without the burden of a monthly lease.
The open-concept design includes vaulted ceilings and a full-width front balcony that captures peek-a-boo lake views, creating a seamless indoor-outdoor resort lifestyle.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 2258, other record living area = 2294. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
Built in 1985, the home may require modernization of original finishes or mechanical systems to align with contemporary luxury standards.
The $367 monthly association fee adds a consistent overhead expense to the property's carrying costs, which may impact the budget for some buyers.
Welcome to resort-style living in the gated community of Canyon Lake! This custom 3-bedroom, 2-bath home offers an open-concept design, beautiful views, and a versatile detached ADU studio apartment—perfect for guests, extended family, rental income, or a home office. Paid off Solar. Situated on a spacious, palm tree-lined lot, this property combines privacy, functionality, and outdoor enjoyment with a nice back patio. The bright and airy main living area features vaulted ceilings, a cozy fireplace, and expansive sliders that open to a full-width front balcony, creating the perfect indoor-outdoor living experience. The open kitchen is designed for entertaining, complete with a center island and seamless flow into the living and dining areas. The primary suite is a relaxing retreat with a walk-in shower and private slider access to the balcony, where you can enjoy your morning coffee while taking in the views. An added great room provides exceptional flexibility and space for a pool table, game room, media room, or large-scale entertaining. Outside, the oversized driveway with abundant parking and attached 2-car garage. With mature landscaping, numerous palm trees, and plenty of room to enjoy the outdoors, this property delivers the Canyon Lake lifestyle you've been looking for. Don't miss this unique opportunity to own a custom home with an ADU, generous parking, and exceptional entertaining space in one of Southern California's most desirable gated lake communities.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 4.0 |
| Baths | 3.0 | 3.0 |
| Square foot | 2,258 | 2,648 |
| Lot Size | 8,276 | 7,405 |
| Price | $700.0K | $763.2K |
| Price per sq ft | $310 | $356 |
| Built year | 1985 | 1984 |
| HOA | $367.0 | $350 |
| Days on market | 47 | 84 |
Jun 5, 2026
$699,950
Initial Listing