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32767 Stoneman Street, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 2 bed, 2 bath

32767 Stoneman Street, Lake Elsinore, California 92530 home-pic-0
ACTIVE$520,000
32767 Stoneman Street, Lake Elsinore, California 92530
2Beds
2Baths
1,440Sqft
108,900Lot
Year Built
1975
Close
-
List price
$520K
Original List price
$579K
Price/Sqft
$361
HOA
-
Days on market
-
Sold On
-
MLS number
TR24252980
Home ConditionPoor
Features
Deck
View-

About this home

We found 3 Cons,6 Pros. Rank: price - $520.0K(18th), sqft - 1440(23th), beds - 2(7th), baths - 2(50th).

Attention investors and developers – this is the opportunity you’ve been waiting for! Situated on 2.5 flat, fully usable acres, this property offers two separate street entrances, complete fencing, and dual gates for ultimate privacy and accessibility. The front portion of the land features a manufactured home on a permanent foundation with new flooring, along with a detached 3-car garage and PAID OFF Solar. With expansive zoning and a variety of potential uses, this property is perfect for subdivision or the development of multiple homes. The flexible layout allows for numerous possibilities, whether you’re looking to build a private compound, develop dual residences, or create a larger-scale project. Don't miss out on this exceptional opportunity to own a prime piece of land with limitless potential. Bring your ideas and make this unique property your own!

Condition Rating
Poor
The property, a manufactured home built in 1975, features a severely outdated kitchen with original-looking wood paneling, cabinets, countertops, and appliances. The bathrooms are equally dated with old vanities, fixtures, and vinyl flooring. While the listing mentions 'new flooring' in some areas, the overall aesthetic and condition of the major interior components (kitchen, bathrooms, wall finishes) are very old and require substantial rehabilitation to meet modern standards. The property's age and the extent of necessary updates to key areas place it in the 'poor' category, despite being technically livable.
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 = 108900, living area = 1440.
Significant Development Potential: The property boasts 2.5 flat, fully usable acres with expansive zoning, making it ideal for subdivision, the development of multiple homes, or a larger-scale project.
Excellent Accessibility & Privacy: Features two separate street entrances, complete fencing, and dual gates, providing superior accessibility and enhanced privacy.
Valuable Existing Infrastructure: Includes a manufactured home on a permanent foundation with new flooring, a detached 3-car garage, and paid-off solar panels, offering immediate utility and cost savings.
Strong Investor/Developer Appeal: Explicitly marketed towards investors and developers, highlighting its potential for significant future value creation and diverse project opportunities.
Flexible Use Cases: The property's flexible layout and zoning allow for a wide range of possibilities, from creating a private compound to developing dual residences or larger projects.

Cons

Manufactured Home Structure: The primary existing residence is a manufactured home, which may present challenges in terms of perceived value, financing options, or long-term appreciation compared to traditional stick-built homes.
Property Age: Built in 1975, the existing structures are older, potentially requiring significant updates or maintenance beyond the noted new flooring, especially if the manufactured home is intended for long-term use.
Recent Price Reduction: A significant price drop from $579,000 to $520,000 suggests potential market resistance or an initial overestimation of value, which could impact buyer confidence or indicate a need for further price adjustments.

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