28568 Memory Lane
About This Property
This rare parcel offers tremendous upside with so much opportunity sitting on over an acre of usable land. Ideal for investors, multi generational living, or those looking to add value, expand, or redevelop in a high demand rural residential zoning. Located 1 block away from new subdivisions on newly paved Leon Road and Simpson Road. Minutes away from 215 Freeway and 79S to Temecula!
The property features two separate structures with utilities already in place. The main residence is a 1972 Festival manufactured home with approximately 1,440 sq ft. featuring 3 bedrooms and 3 bathrooms (3rd bedroom and 3rd bathroom are not included in square footage). Furthermore, the third bedroom and bathroom offer a private entrance, creating excellent potential for even more rental income, guest quarters, or extended family use. Separate septic, water, electricity, and gas are all connected. The barn, both upstairs and downstairs are not included in the square footage.
In addition, the property includes a large barn style structure with multiple living areas, each with their own private entrances. The upstairs is currently configured with 4 bedrooms and 1 bathroom. The downstairs features 2 large bedrooms and 1 full bathroom. The structure is equipped with water, it's own newer septic, and electricity.
Property is being sold AS IS, Cash Buyers only. Buyer to perform all due diligence regarding permits and intended use.
Opportunities like this do not last. With strong land value, existing utilities, and multiple living configurations, this property will sell fast. Not to mention, multiple upcoming home developments nearby will only continue to make your investment grow!
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| May 4, 2026 | Sold | ||
| Sold | |||
| Feb 26, 2026 | In contract | - | |
| In contract | |||
| Jan 2, 2026 | Listed by Real Brokerage Technologies | $550,000 | |
| Listed by Real Brokerage Technologies | |||
| Dec 1, 2021 | No longer available | - | |
| No longer available | |||
| Nov 10, 2021 | In contract | - | |
| In contract | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017