23854 Lake DR Active Save Request In-Person Tour Request Virtual Tour
Crestline,CA 92325
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Crestline (Cres)
MLS Listing ID EV24118196
Year Built 1935
Lot Size 9,700 Sqft
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.
Location
State CA
County San Bernardino
Area 286 - Crestline Area
Zoning CF/CG-SCP
Interior
Heating Natural Gas,Wall Furnace
Cooling None
Fireplaces Type Living Room,Wood Burning
Laundry None
Exterior
Exterior Feature Fire Pit
Pool None
Community Features Biking,Dog Park,Fishing,Hiking,Lake,Mountainous,Near National Forest,Park
Utilities Available Cable Available,Electricity Connected,Natural Gas Available,Sewer Connected
View Y/N Yes
View Neighborhood
Building
Lot Description Rectangular Lot
Story 2
Sewer Sewer Tap Paid
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan,Conventional
Listing Terms Cash,Cash to New Loan,Conventional
Special Listing Condition Standard,Trust