401 W Graham, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 3 bed, 2 bath
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Lake Elsinore, California 92530
This Income-Generating Duplex is a versatile asset listed at $515,000, reflecting its prime location near the lake. While the price sits above the $479,811 Fair Market Value, the property’s 8,276 Square Foot Lot and detached three-car garage offer significant ADU Potential for forced appreciation and long-term value. Boasting a Condition Rating of 3 with a scenic Lake View, the units are move-in ready following recent cosmetic renovations. This property is a premier choice for Buy-and-Hold Investors or Owner-Occupants looking to leverage rental income in a vibrant, growing market.
Property is move-in ready.
The property is move-in ready and has undergone recent cosmetic renovations, including new laminate flooring throughout and fresh interior and exterior paint. While the 1921 structure retains some dated elements like drop-tile ceilings and window-mounted AC units instead of central HVAC, the kitchen and living areas are clean and functional. The exterior and detached garage appear well-maintained, making it a viable turn-key investment or residence.
As a dual-unit duplex, this property offers immediate rental income potential or a flexible living arrangement for owner-occupants looking to offset their mortgage.
The expansive 8,276 square foot lot combined with a detached three-car garage provides significant upside for ADU expansion, recreational vehicle storage, or outdoor improvements.
Ideally situated just blocks from historic downtown Lake Elsinore and the lakefront, providing residents with convenient access to shopping, dining, and diverse recreational activities.
Built in 1921, the property may require substantial maintenance or modernization of older structural and mechanical systems to meet modern standards.
With only 1,268 total square feet divided between two units, the individual living spaces are relatively small, which may limit appeal for tenants or owners seeking more room.
Discover the potential of this well-located duplex in the heart of Lake Elsinore, just minutes from historic downtown and the lake. Ideal for investors or owner-occupants, this income-generating property offers a total of 3 bedrooms and 2 bathrooms across two separate units, all situated on a generous 8,276 square foot lot with a large backyard and patio space. A detached three-car garage provides ample parking, storage, or future flexibility. Unit A features a functional layout with two bedrooms and one bathroom, opening into a comfortable living area, while Unit B offers its own private entrance with one bedroom, one bathroom, and a cozy living space—perfect for rental income or extended family living. The expansive lot creates exciting possibilities for outdoor enjoyment, storage for recreational toys, or potential expansion, including ADU opportunities (buyer to verify with the city). Located just a few blocks from Main Street and Lake Elsinore, residents enjoy convenient access to shopping, schools, dining, and a wide range of recreational activities such as boating, fishing, swimming, and extreme sports. This property is a rare chance to own a versatile duplex in a vibrant, growing community—full of opportunity and upside for the right buyer.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,268 | 1,268 | 50% |
| Lot Size | 8,276 | 39,204 | 33% |
| Price | $515.0K | $675.0K | 33% |
| Price per sq ft | $406 | $406 | 50% |
| Built year | 1921 | 1964 | 33% |
| HOA | $0 | $0 | 50% |
| Days on market | 131 | 196 | 33% |
Jan 4, 2026
$515,000
$529,000
-3% Price Drop
Initial Listing
Dec 12, 2025
$529,000
Initial Listing
Dec 16, 2022
$425,000
Public Record