11389 Lee Ave

Adelanto CA 92301

49658 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

Investor Alert: In-place income with massive pro forma upside and development flexibility. This 4-unit income property sits on a flat, usable 1.14-acre lot in Adelanto, featuring rare Mixed-Use (MU) zoning that opens the door for future expansion, higher-density residential additions, or a live-work commercial play. The Units & Income Potential: Unit 1 (3BR/1BA): Vacant, light rehab completed April 2026, move-in ready (projected market rent $2,089). Unit 2 (1BR/1BA): Vacant, light rehab completed April 2026, move-in ready (projected market rent $1,194). Unit 3 (1BR/1BA): Vacant and rental-ready (projected market rent $1,194). Unit 4 (1BR/1BA): Occupied at $680/month, well below market. Projected rents are estimates, not guarantees. Value-Add & Property Features: Separate electric and gas meters keep landlord utility expenses low; shared water/trash; septic system. Over 1 full acre of flat, usable land under flexible MU zoning, plus a detached garage ideal for a potential ADU conversion or room for additional income-generating units buyer to verify all permitted uses and expansion potential with the City of Adelanto. Property sold strictly AS-IS. Seller prefers cash or 1031 exchange for a fast close but will consider strong conventional financing. Investor summary, rent roll & pro forma, NHD report, and third-party zoning analysis available in MLS supplements. Information deemed reliable but not guaranteed; buyer to verify all.