37492 Cherry Valley Boulevard, Cherry Valley, California 92223, Cherry Valley, 92223 - 5 bed, 4 bath

37492 Cherry Valley Boulevard, Cherry Valley, California 92223 home-pic-0
ACTIVE$999,000
37492 Cherry Valley Boulevard, Cherry Valley, California 92223
5Beds
4Baths
2,405Sqft
317,552Lot
Year Built
1929
Close
-
List price
$999K
Original List price
$1.4M
Price/Sqft
$415
HOA
-
Days on market
-
Sold On
-
MLS number
EV24175621
Home ConditionFair
Features
Good View: City Lights, Mountain(s)
ViewCity Lights,Mountain(s)

About this home

We found 3 Cons,5 Pros. Rank: price - $999.0K(99th), sqft - 2405(70th), beds - 5(87th), baths - 4(94th).

Substantial price drop! This unique Cherry Valley ranch is 7.29-acres with flat usable land for horses, pets, RVs and so much more. Two homes on a single large parcel with a gated entry from Cherry Valley Boulevard for privacy and security. The main house is 2,405 square feet per assessor's records and has 3 bedrooms and 3 baths downstairs and two additional bedrooms with half-bath upstairs. The main house features updated central heat and air, hardwood floors, rock fireplace in living room, separate dining room with double doors, nook off the kitchen, family room with wet bar, and large game room with vaulted ceilings and freestanding wood stove. The rear guest house is a manufactured home, approximately 1,200 SF, with 3 bedrooms and 2 baths. The guest house is currently rented on a month-to-month basis at $1,600 per month - so please do not disturb tenants. The main house sits back from the street and atop a peaceful knoll with views overlooking the property and surrounding community. Private well for water, which was recently updated with new pump and related equipment. There is so much potential here to create your own private compound. Great opportunity to subdivide with minimum lot size of one acre (check with the Riverside County). Owner may carry with good downpayment.

Price History

Date
Event
Price
08/19/25
Price Change
$999,000
09/15/24
Listing
$1,400,000
Condition Rating
Fair

Built in 1929, this property shows signs of regular upkeep and some functional updates like central heat/air and a new well pump. However, the interior, particularly the wet bar (which appears in poor condition with dated features) and the bathroom (with tiled countertops and older fixtures), indicates that major cosmetic renovations are needed. The flooring is a mix of worn hardwood, dated tile, and newer laminate, suggesting piecemeal updates rather than a comprehensive modern renovation. While livable, it requires significant aesthetic updates to meet contemporary standards.
Pros & Cons

Pros

Expansive & Usable Acreage: The property boasts 7.29 flat, usable acres, ideal for equestrian pursuits, RV storage, or creating a private compound, offering significant space and versatility.
Dual Residences with Income Potential: Featuring two homes on a single parcel, including a main house and a rented guest house generating $1,600/month, providing immediate rental income or multi-generational living options.
Subdivision Potential: There's a significant opportunity to subdivide the large parcel into one-acre minimum lots, offering substantial future development or investment value.
Privacy & Desirable Features: A gated entry, the main house set atop a peaceful knoll with views, updated central heat/air, hardwood floors, and a private updated well contribute to a desirable and self-sufficient living environment.
Significant Price Reduction & Flexible Financing: A substantial price drop from $1.4M to $999K, coupled with the owner's willingness to carry financing, enhances the property's attractiveness and accessibility to a broader buyer pool.

Cons

Age of Property: Built in 1929, the main house is nearly a century old, which may imply ongoing maintenance needs or require further modernization beyond the mentioned updates.
Tenant Occupancy in Guest House: While providing income, the month-to-month tenancy in the guest house means potential buyers cannot immediately occupy or renovate that unit without navigating tenant rights and lease termination.
Subdivision Process Uncertainty/Cost: Although a strong potential, the subdivision process requires buyers to 'check with Riverside County,' indicating that it may involve significant time, cost, and regulatory hurdles, and is not a guaranteed easy process.

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