31581 Canyon Estates Dr Lake Elsinore, CA 92532

Property Details for 31581 Canyon Estates Dr

Year built

2010

Lot size

0.79 lot acres

Property size

10,000 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional two-story, 10,000 square foot medical office building in Lake Elsinore, CA, presents a compelling value-add investment opportunity. Located at 31581 Canyon Estates Dr., this Class B property boasts a prime location with high visibility from the 15 freeway, offering panoramic community views. Currently 75% occupied by two credit-rated tenants under a Net Net + lease structure, the building features 40 parking spaces and sits on a 0.79-acre lot. Built in 2010 and renovated in 2011, the property offers modern medical facilities, including three units. The current Net Operating Income (NOI) is $154,000, projected to increase to $205,000. The asking price is $3,350,000, representing a current cap rate of 4.60% and a pro-forma cap rate of 6.12%. The property's strategic location within a thriving medical corridor, near other medical offices, a hotel, car wash, and gas station, further enhances its investment appeal. The surrounding area has a population exceeding 122,000 within a 5-mile radius, with a median household income of $86,324. This fee-simple ownership opportunity offers significant upside potential for investors seeking a strong return in a growing market. The land value is estimated at $100-$105 per square foot. The property is zoned for medical use.

Location Insight

City

Lake Elsinore

County

Riverside

State

California

Longitude

-117.3

Latitude

33.6654