42150 Margoni Way, Hemet, California 92544, Hemet, 92544 - bed, bath
ACTIVE$1,500,000
42150 Margoni Way, Hemet, California 92544
0Bed
0Bath
4,243Sqft
572,814Lot
Year Built
2005
Close
-
List price
$1.5M
Original List price
$1.5M
Price/Sqft
$354
HOA
-
Days on market
-
Sold On
-
MLS number
IG25055548
Home ConditionFair
Features
Good View:
View-
About this home
We found 3 Cons,6 Pros. Rank: price - $1.50M(99th), sqft - 4243(98th), beds - undefined(1th), baths - undefined(1th).
13.5 flat Acres in South Hemet near Estate homes. This buildings on the parcel include a custom home with a 3 bedrooms/2 bathroom, another with 3beds/2baths and a studio 2bed/1bath. The 3 homes and front structures on 4 acres are rented for $10,000/month. There's also a huge metal barn for tools and equipment. Allowing up to 36 units on this site (please see letter from County in Documents). Also possible are larger 1/2 or 1 acre lots (attached)
Condition Rating
Fair
The property was built in 2005, making it 19 years old. While the homes appear to be maintained and functional, the kitchens and bathrooms across all three units feature original, builder-grade finishes from the early 2000s, including light wood or white cabinets, laminate countertops, white appliances, and basic tile work. These elements are clearly dated in style. The flooring is a mix of carpet and basic tile/linoleum, also consistent with the original build. No significant renovations or updates are evident, placing the property in a condition where it is aged but maintained, with major components functional but showing signs of being outdated, requiring minor aesthetic updates to meet current standards.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 572814, living area = 4243.
Significant Development Potential: The property offers substantial future value with county approval for up to 36 units or subdivision into larger 1/2 or 1-acre lots, making it ideal for investors and developers.
Strong Current Rental Income: Currently generating $10,000/month from three existing homes and front structures, providing immediate cash flow and offsetting holding costs.
Expansive Flat Acreage: Boasting 13.5 flat acres, the property offers versatility for various uses, including continued residential/rental, agricultural endeavors, or large-scale development.
Multiple Residential Units: Includes a custom 3-bedroom/2-bathroom home, another 3-bedroom/2-bathroom home, and a 2-bedroom/1-bathroom studio, offering flexibility for multi-family living or additional rental income streams.
Functional Outbuildings: A huge metal barn provides practical value for storage, equipment, or potential conversion, enhancing the property's utility for various needs.
Cons
Complexity of Development Realization: While the development potential is high, executing the 36-unit or subdivision plan will require significant capital investment, time, and navigating complex regulatory and construction processes.
Management Intensive: Operating multiple rental units across a large acreage demands considerable time and effort for property management, maintenance, and tenant relations, potentially requiring professional oversight.
Ambiguous Home Square Footage: The listed 4243 sqft is not clearly allocated across the multiple residential units, making it challenging for prospective buyers to accurately assess individual unit sizes or overall value per square foot.