23854 Lake Drive
$575,000
5
3,150
3,150
$183
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...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 VIRGINIA PALENO • DRE #01228469 • Brokerage DRE #01398190 • Hallam Homes • 909-273-7511
Property Details for 23854 Lake Drive
View
Neighborhood
Parking Spaces Total0
Private PoolNo
Cooling TypeNone
Total Units5.0
Building TypeAttached
Lot Size SourceAssessor
Living Area3150
LISTING UPDATED: 11/15/2024 04:50 AM
Property Details for 23854 Lake Drive
Status | Active |
---|---|
MLS # | EV24118196 |
Days on Market | 195 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Mixed Use |
MLS Type | Residential Income |
Year Built | 1935 |
Lot Size | 0.22 AC / 9,700 SF |
County | San Bernardino County |
Building Information for 23854 Lake Drive
Stories2Residences-Year Built1935Building Size-Lot Size0.22 AC / 9,700 SF
Property Information for 23854 Lake Drive
Property History for 23854 Lake Drive
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 23854 Lake Drive
Taxable ValueLand$94,784Additions$218,845Total$313,629
Tax Record2024$3,904 ($325 / month)
Home Facts
Total Finished SqFt3,150 SqFtAbove Grade Finished SqFt3,150 SqFtLot Size9,700 SqFtStyleHotel / MotelYear Built1935CountySAN BERNARDINOAPN0338-132-31-0000
Schools near 23854 Lake Drive
This home is within Rim Of The World Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Valley Of Enchantment Elementary School PublicK to 5 | ||
Mary P. Henck Intermediate School Public6 to 8 | ||
Rim Of The World Senior High School Public9 to 12 | ||
Mountain High School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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