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401 W Graham, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 3 bed, 2 bath

401 W Graham, Lake Elsinore, California 92530 home-pic-0
ACTIVE$529,000
401 W Graham, Lake Elsinore, California 92530
3Beds
2Baths
1,268Sqft
8,276Lot
Year Built
1921
Close
-
List price
$529K
Original List price
$529K
Price/Sqft
$417
HOA
-
Days on market
-
Sold On
-
MLS number
TR25275541
Home ConditionFair
Features
Good View: Lake
Patio
ViewLake

About this home

We found 3 Cons,5 Pros. Rank: price - $529.0K(50th), sqft - 1268(33th), beds - 3(83th), baths - 2(83th).

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.

Price History

Date
Event
Price
12/12/25
Listing
$529,000
12/16/22
Sold
$425,000
Condition Rating
Fair
The property, built in 1921, has undergone recent cosmetic updates including new laminate flooring, fresh paint, and updated kitchens and bathrooms with modern, budget-friendly fixtures and appliances (white shaker cabinets, stainless steel range, subway tile). This makes the interior appear clean and move-in ready. However, the presence of multiple window AC units clearly indicates a lack of central heating and air conditioning, which is a significant outdated major system. While the visible components are refreshed, the underlying structure's age and the absence of modern HVAC prevent it from achieving a 'Good' rating. It requires a substantial upgrade (central HVAC) to meet contemporary comfort standards, placing it in the 'Fair' category.
Pros & Cons

Pros

Income-Generating Duplex: This property is explicitly described as an 'income-generating property' with two separate units, making it ideal for investors seeking rental income or owner-occupants looking for supplemental income.
Prime Location & Accessibility: Well-located in the heart of Lake Elsinore, just minutes from historic downtown, the lake, and Main Street, offering convenient access to shopping, schools, dining, and recreational activities.
Generous Lot & ADU Potential: Situated on an expansive 8,276 sq ft lot with a large backyard and patio, providing ample outdoor space and exciting possibilities for future expansion, including potential ADU opportunities.
Detached Three-Car Garage: A valuable asset offering ample parking, significant storage space, and flexibility for various uses, which can enhance rental appeal or owner convenience.
Lake View & Recreational Access: The property boasts a lake view and is located close to Lake Elsinore, providing residents with easy access to a wide range of recreational activities such as boating, fishing, and swimming.

Cons

Age of Property: Built in 1921, the property is over a century old, which typically implies potential for outdated infrastructure, higher maintenance costs, and a lack of modern energy efficiency standards.
Potential for Renovation/Upgrade Costs: Given its age and the description focusing on 'potential' and 'opportunity,' significant investment may be required to modernize the units and systems to attract premium tenants or meet contemporary living standards.
Compact Unit Sizes: With a total of 1268 sq ft for 3 bedrooms and 2 bathrooms across two units, the individual unit sizes are relatively small, which could limit the tenant pool or rental income potential compared to larger properties.

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