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23854 Lake Drive

Crestline, CA 92325

– beds
– baths
– sqft
9,700 sqft lot
1935 build
– on site

Price Reduction with Significant Income Potential! Investors and contractors seeking an income property will find a promising MOTEL opportunity in the heart of downtown Crestline. This property is conveniently located near Lake Gregory, with easy access to shopping, dining, local bus stops, postal services, and banks. The area is a tourist magnet, offering attractions such as Lake Gregory Recreation, hiking trails, water sports, parks, and is close to other mountain resorts. The property currently comprises five units, reduced from nine due to a fire. Built in 1935, it features a partially completed 4-unit building, an unfinished manager’s unit with a fireplace, and a fire-damaged 4-plex. Each unit has an unfinished kitchen and a 3/4 bath. Spanning from street to street, the property provides dual access, including level access from the rear, and encompasses two adjoining lots totaling around 9,700 square feet. Post-fire, the demolition permit for the damaged four-plex will expire in September 2024, leaving five units available for rental income. The salvageable rear building requires floor framing repairs, smoke damage remediation, and siding fixes. Installation of stoves and gas heaters is pending, along with necessary roofing and siding repairs. Some windows are broken or missing, and there are ceiling holes due to firefighting efforts. The front manager’s unit, also under renovation, needs completion, and a repair permit is essential for its finalization and the four-plex's restoration. Previously featuring a swimming pool, the property now boasts a spacious open patio at the front, ideal for social events. The motel has never been fully rented out, having been under renovation for years before the fire, thus lacking a history of income. Potential investors should consider the prospective income and view the property's location via Google Street View to understand its value in the town's context.

Listed By CRMLS_CA / VIRGINIA PALENO / Hallam Homes / 909-273-7511

Last checked: Checking… • Last updated Nov 15, 2024 •

MLS# EV24118196 —

The Building

Year Built:

1935
Year Built Source:

Assessor
New Construction:

No
Building Area Total:

3150.00
Building Area Units:

Square Feet
Total Number Of Units:

5
# of Buildings:

2
Stories Total:

2
Entry Level:

1
Accessibility Features:

None
Common Walls:

2+ Common Walls

Interior

Levels:

Two
Entry Location:

Front left gate
Fireplace:

Yes
Fireplace:

Living Room, Wood Burning, Fire Pit
Laundry:

None

Financial & Terms

Disclosures:

Unincorporated

Location

Directions:

From Hwy 138, go East to Lake Drive, located to the right of California Bank & Trust
Latitude:

34.24333300
Longitude:

-117.28283200

The Property

Property Type:

Residential Income
Subtype:

Commercial/Residential
Zoning:

CF/CG-SCP
Lot Features:

Lot 6500-9999, Rectangular Lot
Lot Size Area:

9700.0000
Lot Size Acres:

0.2227
Lot Size SqFt:

9700.00
Lot Size Source:

Assessor
View:

1
View:

Neighborhood
Property Attached:

1
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

Taxes

Tax Census Tract:

108.04
Tax Tract:

1990
Tax Lot:

1598

The Listing

Special Listing Conditions:

Standard, Trust
Parcel Number:

0338132310000

Heating & Cooling

Heating:

1
Heating:

Natural Gas, Wall Furnace
Cooling:

No
Cooling:

None

Utilities

Utilities:

Cable Available, Electricity Connected, Natural Gas Available, Sewer Connected
Sewer:

Sewer Paid
Electric:

Standard
Water Source:

Public

Appliances

Appliances:

Gas Oven, Gas Range
Included:

Yes

The Community

Subdivision:

Crestline (CRES)
Subdivision:

Crestline (CRES)
Features:

Biking, BLM/National Forest, Dog Park, Fishing, Hiking, Lake, Park, Mountainous
Association:

No
Pool:

None
Senior Community:

No
Private Pool:

No
Spa Features:

None
Assessments:

Yes
Assessments:

Buyer to Verify, Unknown

Explore the Area

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Sale history

Date	Event	Source	Price	% Change
7/28/24 Jul 28, 2024	Price Changed	CRMLS_CA	$575,000	-11.5%
6/10/24 Jun 10, 2024	Listed / Active	CRMLS_CA	$650,000

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Similar sold homes

This multifamily located in Crestline, CA 92325 is currently for sale for $575,000. 23854 Lake Drive is a – square foot multifamily with – beds and – baths that has been on Estately for 196 days. This multifamily is in the attendance area of Valley Of Enchantment Elementary School.

Listing Courtesy of: CRMLS_CA and Hallam Homes. Based on information from California Regional Multiple Listing Service, Inc. as of 19:43 on Dec 23.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.