23854 Lake Drive

Crestline, CA 92325

PRICE REDUCED

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-$75,000 (-11.54%)

$575,000

List Price

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bed Beds

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shower Baths

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straighten / sqft

1935

calendar_month Built

Property Description

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.

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 158
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 909-273-7511. *Based on information from the Association of REALTORS/Multiple Listing as of Nov 15th, 2024 at 8:51 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.