411 413-415 N Main, Lake Elsinore, California 92530, Lake Elsinore, 92530 - bed, bath
ACTIVE$880,000
411 413-415 N Main, Lake Elsinore, California 92530
0Bed
0Bath
6,263Sqft
27,005Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Strong Income & Demand: A 3-unit multifamily property with stable tenants, consistent cash flow, and strong rental demand, making it a reliable income-generating asset.
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =27005, other record lot size in square feet = 13503. Living area discrepancy between mls listing and other public or private record. mls listing living area = 6263, other record living area = 783.
Compared to the nearby listings
Price:$880.0K vs avg $685.0K (+$195,000)50%
Size:6,263 sqft vs avg 3,479.5 sqft50%
Price/sqft:$141 vs avg $42250%
More Insights
Built in 2024 (1 years old).
Condition: Despite the MLS listing stating a 'year_built' of 2024, the property description and images clearly indicate an older, classic Craftsman-style property that has undergone recent, but very basic, interior renovations. The kitchen features new, unfinished wood cabinets without hardware and no visible appliances, requiring immediate investment from a new owner. The bathrooms have new, basic fixtures (vanity, toilet, fiberglass tub/shower combo) and simple lighting. While the property benefits from fresh paint and new laminate flooring, the overall quality of the updates is minimal, and the kitchen is incomplete. The description also notes 'opportunities for thoughtful updates or value-add improvements,' reinforcing that further modernization is needed. This aligns with a 'Fair' condition, as it requires minor updates (e.g., kitchen appliances, cabinet finishing) to be fully move-in ready and appealing.
Year Built
2024
Close
-
List price
$880K
Original List price
$2.28M
Price/Sqft
$141
HOA
-
Days on market
-
Sold On
-
MLS number
SW25271898
Home ConditionFair
Features
Good View:
View-
About this home
Exceptional 3-unit multifamily property offering stable tenants and income, strong rental demand (when vacancies occur), and long-term growth potential. This well-maintained asset features a mix of spacious units, solid tenant history, and consistent cash flow, making it an excellent addition to any investment portfolio. Positioned in a desirable area with access to major amenities and transportation, the property offers upside through rent optimization and strategic improvements. The classic Craftsman style (3 separate unit buildings) offer character, functionality, and excellent long-term potential for investors or owner-occupants. Featuring well-proportioned units with original architectural details, the property blends vintage charm with practical living spaces. Each unit provides ample natural light, cozy layouts, and opportunities for thoughtful updates or value-add improvements. The buildings have been maintained over the years and offers steady rental income, with room to enhance returns through modernization or strategic renovations. Located in an established neighborhood close to amenities, transit, and employment hubs, this property appeals to tenants seeking affordability and character.
Price History
Date
Event
Price
11/23/21
Sold
$375,000
06/05/20
Sold
$315,000
05/31/05
Sold
$264,000
Condition Rating
Fair
Despite the MLS listing stating a 'year_built' of 2024, the property description and images clearly indicate an older, classic Craftsman-style property that has undergone recent, but very basic, interior renovations. The kitchen features new, unfinished wood cabinets without hardware and no visible appliances, requiring immediate investment from a new owner. The bathrooms have new, basic fixtures (vanity, toilet, fiberglass tub/shower combo) and simple lighting. While the property benefits from fresh paint and new laminate flooring, the overall quality of the updates is minimal, and the kitchen is incomplete. The description also notes 'opportunities for thoughtful updates or value-add improvements,' reinforcing that further modernization is needed. This aligns with a 'Fair' condition, as it requires minor updates (e.g., kitchen appliances, cabinet finishing) to be fully move-in ready and appealing.
Pros & Cons
Pros
Strong Income & Demand: A 3-unit multifamily property with stable tenants, consistent cash flow, and strong rental demand, making it a reliable income-generating asset.
Significant Value-Add Potential: Explicitly offers opportunities for rent optimization, modernization, and strategic renovations to enhance returns and long-term growth.
Prime Location & Accessibility: Situated in a desirable, established neighborhood with excellent access to major amenities, transportation, and employment hubs.
Unique Architectural Appeal: Features classic Craftsman style with original architectural details, blending vintage charm with practical living spaces, which attracts tenants seeking character.
Well-Maintained & Generous Lot: Described as a 'well-maintained asset' with spacious units, complemented by a very large 27,005 sqft lot, offering potential for outdoor amenities or future development (subject to zoning).
Cons
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =27005, other record lot size in square feet = 13503. Living area discrepancy between mls listing and other public or private record. mls listing living area = 6263, other record living area = 783.
Drastic Price Reduction & Valuation Concerns: The list price has seen a massive reduction from $2.28M to $880K, raising questions about the initial valuation and potentially indicating an inflated current price relative to recent sales ($375K in 2021).
Conflicting Property Age Information: The 'year_built' of 2024 directly contradicts the description of 'classic Craftsman style' and 'original architectural details' from buildings 'maintained over the years,' requiring clarification on the property's true age or extent of recent renovations.
Required Capital for Optimization: While offering value-add potential, the mention of 'opportunities for thoughtful updates or value-add improvements' implies that additional capital investment will likely be necessary to achieve rent optimization and maximize the property's full potential.