33384 Adelfa Street, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 0 bed, 0 bath
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Lake Elsinore, California 92530
This Lake Elsinore Duplex is a High-Potential Investment Opportunity listed at $428,000—positioned well below the $478,037 Fair Market Value by 10%. This valuation gap offers $50,037 in Instant Equity for buyers. Currently holding a Condition Rating of 4, the property features a recently updated vacant unit and an upper unit boasting Lake and Mountain Views. The detached two-car garage provides significant ADU Conversion Potential to further drive rental yield. This asset is perfectly suited for Buy-and-Hold Investors or Owner-Occupants seeking a strategic house-hack.
Property is moderate renovation needed.
The property was built in 1951, making it over 70 years old. While the lower unit has been recently updated with fresh paint, newer appliances, modern white kitchen cabinetry, and an updated bathroom with a shower, the upper unit's kitchen and bathroom are significantly dated. The upper unit features older wooden cabinets, older white appliances, and a basic, older tub/shower combo and pedestal sink. The overall property, despite some recent updates to one unit, shows its age and requires further updates to the second unit to meet modern standards.
This duplex offers immediate and strong cash flow, with one unit already tenant-occupied at $1,400/month and the recently updated vacant unit estimated to achieve $1,500/month.
The detached 2-car garage presents a significant opportunity for an Accessory Dwelling Unit (ADU) conversion, which could substantially increase future rental income and property value.
The upper unit, in particular, enjoys attractive lake views, complemented by bluff and mountain views, enhancing the property's appeal and tenant desirability.
Built in 1951, the property is over 70 years old, which may imply potential for older infrastructure, higher maintenance requirements, or less modern layouts compared to newer constructions.
Both units are configured as 1 bedroom, 1 bathroom, which limits the potential tenant demographic to singles or couples, potentially excluding families or those needing more space.
While ADU potential exists, the buyer is explicitly responsible for verifying zoning, permits, and feasibility with the City, which could involve additional time, cost, and uncertainty.
Well maintained Lake Elsinore duplex offering strong income with upside, featuring two 1 bedroom, 1 bathroom units. The upper unit is tenant occupied and stabilized at $1,400 per month and enjoys lake views, while the lower unit is vacant, recently updated with fresh paint, newer appliances, and updated kitchen cabinetry, and can achieve an estimated rent of $1,500 per month. The lower unit also includes a rare 2 car detached garage, adding significant rental appeal. Ideal for investors or owner occupants seeking immediate cash flow in a convenient Lake Elsinore location near shopping, dining, and freeway access. Detached 2 car garage offers potential ADU conversion, buyer to verify zoning, permits, and feasibility with the City of Lake Elsinore. Property also includes a detached storage structure that is part of the property and provides additional usable space.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 1.5 | 50% |
| Baths | 0.0 | 1.0 | 50% |
| Square foot | 1,152 | 1,243.5 | 13% |
| Lot Size | 9,583 | 8,276 | 63% |
| Price | $438.0K | $543.5K | 13% |
| Price per sq ft | $380 | $370 | 50% |
| Built year | 1951 | 1972 | 38% |
| HOA | $0 | $0 | 50% |
| Days on market | 127 | 178 | 25% |
Mar 29, 2026
$438,000
$428,000
+2% Price Increase
Initial Listing
Jan 31, 2026
$428,000
Initial Listing
Aug 25, 2023
$300,000
Public Record
Oct 17, 2013
$110,000
Public Record
Aug 21, 2000
$65,000
Public Record