0 Ortega HwyLake Elsinore, CA 92530

Property Details for 0 Ortega Hwy

Lot size

72.99 AC

Property type

Residential income properties

Property subtype

Other land

Description

This exceptional 72.99-acre parcel in Lake Elsinore, California, presents a unique investment opportunity. Located on Ortega Highway, southwest of Grand Avenue, this property boasts an expired Tentative Tract Map (TTM) for 98 single-family residential (SFR) lots. While the TTM has expired, the city of Lake Elsinore is reportedly open to reprocessing the map and potentially entering into a Development Agreement, streamlining the approval process. The site features a balanced cut and fill, minimizing earthwork costs, with most of the necessary groundwork already completed. A significant advantage is the presence of a large water tank on the property. The location offers expansive lake and territorial views, providing excellent marketing visibility and signage opportunities. The property is conveniently situated adjacent to an existing residential tract, enhancing its desirability. The asking price is $2,499,000, translating to approximately $25,000 per potential lot. The property's APN is 386-100-034 and is zoned R-1. This represents a compelling opportunity to capitalize on the strong housing market in the area.

Location Insight

City

Lake Elsinore

County

Riverside

State

California

Latitude

33.6515

Longitude

-117.382

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