38025 Dorothy Court, Temecula, CA 92592
Single-family home · 3 recorded sales since 2018
Sold September 2023
Listing Agent: Rachel Harper (DRE #02032489) · Listing Office: Real Brokerage Technologies · Contact: 619-663-8680 · Bought with: Arthur Tsai · Re/Max Prime Realty · MLS #SW23121279 · Source: CRMLS
About this single-family home
Incredible investment opportunity! On 8/23/23, Riverside County will announce new STR guidelines, potentially overruling the current year long moratorium. The new law is expected to allow STR’s in the unincorporated area of Temecula’s Wine Country (which includes this property). This property has two homes, so upon passing, you have several options: owner occupy the main home and rent the guest house, or owner occupy guest home and rent the main house. The average nightly rate of similar property exceeds $2,500/night with approx. a 65% annual occupancy with estimated annual revenue of $593,000/yr. Seller is willing to carry the $2,500,000 mortgage at 5.5% with a 35% down payment for up to 2 years until mortgage rates move lower. Estimated Cash on Cash return of 19% after expenses not including depreciation expense. Property is ideal for a cost segregation that could provide between $1.3M to $1.6M bonus depreciation federal tax write-off (please confirm with your CPA, seller can also provide more details). 5-year cash on cash effective return increases to 25% with the cost segregation strategy. Custom estate in Temecula’s Wine Country. The heart of the home is the gourmet kitchen, featuring top-of-the-line appliances valued at $300,000. Every culinary need is met, from the under-counter fridge drawers to the high-end fridge and 2 full-size wine coolers. The custom hood over the stove complements the stove top and oven/steam oven. The kitchen boasts a coffee bar for the perfect morning. The fully custom pantry, complete with a built-in fridge, gives ample storage space for all your needs. Enter the master suite, where elegance and relaxation intertwine. The master showcases a custom-built shower with a smart steam system, aromatherapy, speakers, and ambient lighting. The master bedroom fireplace, features 10 ft x 7 ft of granite, serves as a breathtaking centerpiece. The master suite also boasts 3 closets, with a built-in fridge each designed for ultimate organization. Upstairs, you will find a loft, extra bedrooms, and a theater room, spanning approximately 700 sq ft, offers a cinematic experience with 3D projector, the finest screen available, and an awe-inspiring sound system. The garage space can accommodate 6 cars plus an RV and is impeccably finished. With over 1,000 sq ft of covered patios, the backyard creates an inviting space for outdoor gatherings and relaxation.
Listing description from the September 2023 sale, as reported to CRMLS.
Sale history
