33161 Pederson, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 2 bed, 1 bath
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Lake Elsinore, California 92530
This Hybrid Residential Asset presents a High-Potential Investment Opportunity, listed at $498,000—positioned well above the $415,963 Fair Market Value by 19%. While priced at a premium, the property offers a Condition Rating of 3 with significant capital improvements, including a newer roof and dual-pane windows. The 12,632 sq ft double lot provides rare utility for RV parking or ADU development. Featuring sparkling mountain vistas and a move-in ready interior, this home is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking long-term land value.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 33161 Pederson Subject | $498,000* List Price | 2 | 1 | 931 | $447 | - |
A 17771 Brightman Sold | $425,000 | 2 | 4 | 1,106 | $384 | 0.1 mi |
B 33217 Wood Sold | $435,000 | 4 | 2 | 1,100 | $395 | 0.2 mi |
C 33100 Turner Street Sold | $530,000 | 3 | 2 | 1,285 | $412 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Despite the 1947 build date, the property is well-maintained and move-in ready due to significant updates approximately 8 years ago, including a new roof, siding, dual-pane windows, and doors. The interior features recent laminate flooring, refreshed paint, and a kitchen with upgraded counters and a newer range.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 12632, living area = 931.
The inclusion of an additional adjoining parcel creates a combined lot size of approximately 12,632 sq ft, providing rare flexibility for RV/boat parking, outdoor expansion, or potential ADU development.
The home features essential updates including a newer roof, dual-pane E-glass windows, and updated siding and doors (approx. 8 years old), significantly reducing immediate maintenance concerns for the buyer.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =12632, other record lot size in square feet = 8276.
At just 931 square feet with a 2-bedroom, 1-bathroom configuration, the home's compact size may limit its appeal to larger families or those requiring more living space.
The garage and utility room have been converted into flex storage and laundry areas; while functional, these spaces may require further professional finishing to maximize their value and utility.
TWO LOTS INCLUDED!! This is a rare opportunity to own a charming mid-century bungalow, AND the additional adjoining parcel that is also included! Per Realist Tax, the two properties combined form a lot of approx.12,632 sq ft, and they are located just a few blocks from the lake. The property offers great flexibility with plenty of space for outdoor activities and lots of room to park an extra car, an RV, a boat, or other toys. A charming front gable with wood railings enhances the entry, while a newer concrete pad off the side door creates a great space for BBQs, or dining al-fresco under the stars. Inside, you’ll find laminate flooring, refreshed paint, smooth ceilings, dual-pane E-glass windows, and updated doors that enhance both comfort and efficiency. This delightful single story home features classic architectural gables, abundant natural light, a bright, sunny, and cheerful interior that flows throughout the home. The spaces feel open & colorful, with sunlight pouring in to create a warm, welcoming atmosphere. The spacious, light, and bright kitchen has upgraded counters, a newer gas range, custom glass front cabinets, and plenty of room for a breakfast table and chairs where you can enjoy a morning meal while you take in the view through the picture window of the sparkling mountain vistas. The interior floor plan includes 2 well-sized bedrooms and 1 bath. The elegant living room and comfortable dining room have lots of framed windows and upgraded flooring. The spacious primary bedroom has a walk-in closet. Ceiling fans are located in the living room, kitchen, and both bedrooms. The kitchen includes an updated faucet, and the home features updated blinds throughout. A converted garage serves as extra storage or a flexible art or craft space, offering opportunity for finishing touches and personalization. The utility room has been converted into a functional indoor laundry area, and there is even a convenient hallway linen closet. Other important updates to this special home took place, per the seller approximately 8 years ago, and include replacing the roof, adding dual pane windows, updating the siding, and upgrading the interior and exterior doors. This is a home filled with light, character, and charm —offering comfort today and possibilities for tomorrow. Whether you're a homebuyer with a vision, or an investor looking to find your next project, this versatile 2-bedroom, 1-bathroom home with an additional adjoining parcel could be it.
No exterior & parking available.
Grades K-8 • 1.1 mi
Grades 6-8 • 5.4 mi
Grades 9-12 • 3.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 4.0 | 10% |
| Baths | 1.0 | 3.0 | 7% |
| Square foot | 931 | 1,928 | 5% |
| Lot Size | 12,632 | 7,319 | 89% |
| Price | $498.0K | $595.0K | 20% |
| Price per sq ft | $535 | $306 | 99% |
| Built year | 1947 | 2003 | 9% |
| HOA | $0 | $0 | 50% |
| Days on market | 22 | 169 | 2% |
May 15, 2026
$498,000
Initial Listing
May 16, 2000
$60,000
Public Record
Jan 13, 2000
$81,907
Public Record
Jan 10, 1997
$72,000
Public Record