$355,000
●
Land -
Off Market
35225 Menifee Road
Murrieta, CA 92563
Studio
0 Bath
$675,885
RealtyHop Estimate
35.18%
Since Oct 1, 2020
National-US
Primary Model
About This Property
****INVESTMENT OPPORTUNITY - in the path of future development.
Lowest price parcel in the area.**** Beautiful 5.79-acre
parcel near Loma Linda Hospital off the 215 FWY in the City of
Murrieta. Currently zoned ORP (Office Research Park), in the
process of potentially being rezoned Residential 1-10 units per
acre. The property has beautiful views from the upper pad
where a home used to sit. Electricity is run to the property, has a
well with storage tank and is assumed to have a septic tank.
The condition of the well and septic are unknown. There
is a gravel driveway that leads you down to the lower field to the
1140 SF barn. Electricity is run to the barn, large roll up
doors on both ends to drive through. 760 SF room above with
exterior stair access. Convert it to an apartment while you wait to
cash out! Right next to the 15 FWY, Clinton Keith and the future
Costco. Numerous developers interested in this area for large
residential development and multifamily development just to the
south.
Unit Size
-
Days on Market
190 days
Land Size
5.79 acres
Price per sqft
-
Property Type
Land
Property Taxes
-
HOA Dues
-
Year Built
1994
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Cap Rate
100% Occupancy
N/A (extreme outlier) 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.
Last updated: 4 months ago (CRMLS #SW20053306)
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 13, 2024 | Sold | ||
| Sold | |||
| Apr 10, 2024 | Listed by Cole Realty Advisors | $495,000 | |
| Listed by Cole Realty Advisors | |||
| | |||
|
This beautiful 5.79 acre parcel has been recently rezoned to Single-Family 2, with an allowable density of 5.1 to 10 dwelling units per acre. As you approach the property, there is an upper pad with stunning views of the lower back portion of the property and surrounding area. The gravel driveway runs from the upper pad down to the lower area of the property and the 1140 SF barn. Existing utilities on the site include a well, electricity, and we assume there to be a septic tank. The recent zoning changes have brought significant interest for residential development. Close access to the 215 freeway and the Loma Linda Medical Center, as well as the Costco and Vineyards Shopping Center make this a very appealing area for future development.
| |||
| Sep 17, 2020 | Sold | ||
| Sold | |||
| Mar 11, 2020 | Listed by AARE | $499,990 | |
| Listed by AARE | |||
Property Highlights
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Building Info
Data used for valuation calculations is provided by RealtyHop, and other third party sources
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About Murrieta
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Listed by: Angela Tipps, AARE
Last Updated: 4 months ago
Data Source: CRMLS, MLS# SW20053306
Last Updated: 4 months ago
Data Source: CRMLS, MLS# SW20053306
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