23854 Lake Drive

Crestline, CA 92325

PRICE REDUCED

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-$75,000 (-11.54%)

$575,000

List Price

N/A

bed Beds

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shower Baths

N/A sqft

straighten / sqft

1935

calendar_month Built

Property Description

Price Reduction! Great Income Potential! MOTEL Opportunity for investors or contractors seeking income property in fantastic downtown Crestline, close to Lake Gregory, shopping, restaurants, local bus stops, postal service, and banking. Tourist attractions include Lake Gregory Recreation, hiking, water sports, parks, shopping, and proximity to other mountain resorts and attractions. Currently, there are five units, down from nine before the fire. Originally constructed in 1935, the property includes a 4-unit building needing finishing, a manager’s unit with a fireplace that also needs completion, and a burned 4-plex. All units have kitchens (unfinished) and 3/4 baths. The property spans street to street, offering dual access, with the rear providing level access. It sits on two adjoining lots totaling approximately 9,700 square feet. After a fire during renovation, a demolition permit for the burned four-plex expires in September 2024, leaving five units for rental income. The right rear building is salvageable but requires repairs to the floor framing, smoke-damaged walls, and siding. Stoves and gas heaters need installation, and some roof and siding work is necessary. There are broken or missing windows and a few holes in the ceilings from firemen’s efforts. The manager’s unit in front, under renovation, needs finishing, and a repair permit is required to complete it and fix the four-plex. The property once had a swimming pool, now a large open patio at the front, perfect for gatherings. The motel was never fully rented out and was under renovation for several years before the fire, so there is no income history. Consider the potential income! Check Google Street View to appreciate the location in town!

Listing Information

List Price $575,000
Status Active
MLS EV24118196
HOA $0
Type Residential Income
Subtype Mixed Use
Year Built 1935
Lot Size 9,700
Structure Size N/A
DOM 64
Courtesy Of Hallam Homes
Listing Agent VIRGINIA PALENO DRE#01228469

Interior Features

Laundry Information
Location(s) None
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A
Fireplace Information
Features Living Room, Wood Burning
Cooling Type
Cooling Type None

Exterior Information

Maps

Listing information courtesy of: VIRGINIA PALENO, Hallam Homes . *Based on information from the Association of REALTORS/Multiple Listing as of Jul 28th, 2024 at 5:51 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.