Cereal Street, Lake Elsinore, CA

Land for Sale - $7,000,000 - 150 acres


Agent Info

Brandon Sudweeks
Coldwell Banker Commercial SC

Property Info

CIMLS#1079125
Location
  Cereal Street
  Lake Elsinore CA 92530
UpdatedOctober 14th, 2021
TypeLand
Price$7,000,000
Land150 acres

Contact


Property Description

The subject property is located in Lake Elsinore, California and consists of a total of 150.52 Acres. The property is situated just West of Interstate 15 near the corner of Corydon Rd and Cereal St and has approximately 2/3 of a mile of frontage to Cereal St. This location is less than two miles from I-15 at Bundy Canyon and 2 ½ miles from I-15 via Diamond Drive. To the East of the property are several small industrial buildings as well as a self storage facility on Corydon Rd. To the North, West, and South the property is surrounded by vacant land. The property currently lies within the Lake Elsinore 100 year flood plain.

The property itself encompasses Lake Elsinore Airport and Skydive Elsinore which occupy several small manufactured structures. The property presents with a runway which is more than 3,000 feet in length and storage grounds for multiple small aircraft. Skydive Elsinore currently leases approximately 95.5 Acres of the land for $13,000/month with $500 annual increases. The term of the lease is for five years and ends on April 30, 2023, however, Skydive Elsinore has one option to extend the lease for five additional years and holds a first right of refusal for the sale of the property.



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