Ortega Hwy & Grand Ave Lot 4
Retail | 93,365 SqFt
Marketing description
Lot 4 Residential Condominium Pad at Ortega Hwy & Grand Ave, Lake Elsinore, California presents a rare opportunity to acquire an entitled, fee-simple multifamily development site within a dynamic mixed-use master plan. This 4.24-acre pad is approved for 60 condominium units across 5 residential buildings totaling approximately 93,365 square feet, plus a community center and pool.
Positioned in one of Riverside County’s fastest-growing housing markets, the project offers exceptional flexibility for for-sale condominiums or a build-to-rent strategy. The planned layout supports efficient phased construction, helping developers manage delivery, absorption, and lease-up with greater control.
Residents will benefit from a walkable, amenity-rich environment with nearby retail, dining, fuel, and services, along with convenient access to Lake Elsinore, Cleveland National Forest recreation, and major commuter routes. Located along the high-traffic SR-74 corridor, the site also benefits from strong regional visibility and proximity to a population of more than 90,000 within 5 miles.
With significant entitlement progress already completed and tentative tract map approval nearing finalization, Lot 4 offers a compelling, de-risked residential development opportunity in a supply-constrained Southern California market.
Investment highlights
- 60 Units Across 5 Buildings: A scaled residential program that supports efficient construction phasing - builders can deliver buildings incrementally to manage pre-sale or lease-up risk while maintaining construction momentum.
- Walkable Mixed-Use Environment: Residents enjoy on-site access to fuel, QSR, retail, and services - a lifestyle amenity increasingly demanded by Southern California buyers and renters willing to pay a premium for walkability.
- Lake Elsinore Housing Demand: The city has sustained among the highest residential absorption rates in Southwest Riverside County, driven by affordability relative to coastal markets and a growing employment base. Median home prices continue to rise.
- For-Sale or Build-to-Rent: The 60-unit program supports either a traditional for-sale condo model or a build-to-rent structure - offering developers flexibility to pursue the highest-returning exit based on market conditions at delivery.
- Views & Lifestyle: Lake Elsinore residents enjoy access to the lake, Cleveland National Forest recreation, and quick freeway connectivity - a lifestyle value proposition increasingly driving demand from remote workers and young families.
- Entitled, De-Risked: Nearing final Tentative Tract Map approval. Significant municipal engagement and entitlement work already completed - a critical head start in California's notoriously complex approval environment.
- This pad is well-suited for the following categories of tenants, operators, and buyers:
- For-sale condo developer (production or luxury)
- Build-to-rent (BTR) operator or institutional landlord
- Regional homebuilder seeking infill mixed-use exposure
- Affordable housing / workforce housing developer (income-restricted overlay)
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