- Mixed-use Property Near Major Tourist Destination *Potential Cannabis Use*
- Corner Location with Frontage and Excellent Visibility Along Grand Avenue (Main thoroughfare on Lake Elsinore’s West Side )
- Separate Retail/Residential parking
- Large Fenced Backyard and Parking areas
- Conveniently Located Near Highway 290/610 Loop
Graystone Capital Advisors is pleased to present a rare opportunity to purchase the fee-simple interest in 17739-17741 Grand Ave, Lake Elsinore, CA 92530 (Riverside County unincorporated). The subject property is a ±3,200 SF two-story mixed-use asset, featuring two ±800 SF retail units on the first floor and two ±800 SF 2 Bed-1 Bath apartments. The property’s large ±0.20 AC lot allows for ample separate retail and residential parking, as well as a large shared backyard for its residents. This property represents a terrific value-add opportunity for a potential investor who can lease unoccupied retail units while enjoying the immediate cash flow from the fully occupied residential units. The subject property benefits from it’s close proximity (walking distance) to Lake Elsinore, a major tourist destination for Southern California offering boat launches, campgrounds, fishing and parks with swimming beaches as well as strong average household incomes (±70,000- ±87,000 within a 1-5 mile radius).
The property sits in Lakeland Village, a small community in an unincorporated section of Riverside County and is located between the cities of Lake Elsinore and Wildomar. In recent years, the County of Riverside adopted ordinances to permit commercial cannabis activities within unincorporated areas of Riverside. Under the adopted regulations, 17739-17741 Grand Ave potentially qualifies for multiple uses, including retail, distribution, or cannabis micro-business. The property’s potential cannabis uses make it perfect for investors looking for tenants that pay a premium on rent or an operator interested in opening a business in an area with long-term upside potential.