24521 Raymond Way Lake Forest, CA 92630
Estimated payment $31,373/month
Highlights
- 0.4 Acre Lot
- Laundry Room
- Wall Furnace
- Cooling System Mounted To A Wall/Window
- Bike Trail
About This Home
Discover this exceptional multifamily investment opportunity located in a quiet Lake Forest cul-de-sac. Originally constructed in 1977 as an 8-unit property, this asset now features 10 total units with the addition of two brand-new 2 bedroom / 2 bathroom ADUs built in 2024. The entire property underwent a major renovation over the past few years, including new roofs, exterior paint, dual-pane windows and sliders, six of nine water heaters replaced, and a full property fumigation—making this a low-maintenance, move-in ready asset for investors. Situated on a spacious 17,498 SF lot, the unit mix includes a blend of 1 and 2 bedroom floorplans, appealing to a wide tenant base. Residents enjoy thoughtful amenities such as patios or balconies, walk-in closets, wall A/C units, and community laundry along with the added convenience of individual storage units and camera systems providing extra security. The two newly constructed ADUs stand out with in-unit washer/dryers, dishwashers, microwaves, ceiling fans, solar power, and an EV charger—modern conveniences that attract quality tenants and support premium rents. Parking is abundant, with 15 garages and open spaces, providing more than one space per bedroom—a rare advantage in multifamily properties. Fully SB 721 compliant, this is a clean and well-maintained asset with strong curb appeal and long-term upside. With contemporary interiors, essential upgrades already completed, and added ADU income potential, this Lake Forest property is a standout in today’s market.
Listing Agent
Morgan Skenderian Brokerage Email: rma@morganskenderian.com License #01273871 Listed on: 10/06/2025
Co-Listing Agent
Morgan Skenderian Brokerage Email: rma@morganskenderian.com License #01942627
Property Details
Home Type
- Apartment
Year Built
- Built in 1977
Lot Details
- 0.4 Acre Lot
- No Common Walls
Parking
- 10 Open Parking Spaces
- 5 Car Garage
Home Design
- Entry on the 1st floor
Interior Spaces
- 8,704 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 7 Bedrooms
- 7 Bathrooms
Outdoor Features
- Exterior Lighting
- Rain Gutters
Location
- Suburban Location
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
Listing and Financial Details
- Tax Lot 12
- Tax Tract Number 9520
- Assessor Parcel Number 61744127
- $53 per year additional tax assessments
Community Details
Overview
- 2 Buildings
- 10 Units
Amenities
- Laundry Facilities
Recreation
- Bike Trail
Building Details
- Rent Control
- 10 Separate Electric Meters
- 10 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $3,546
- Fuel Expense $3,546
- Gardener Expense $2,025
- Insurance Expense $10,880
- Maintenance Expense $9,611
- Trash Expense $3,546
- Water Sewer Expense $3,546
- Operating Expense $89,106
- Gross Income $330,276
- Net Operating Income $231,261
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 10/21/2025 10/21/25 | Pending | -- | -- | -- | |
| 10/06/2025 10/06/25 | For Sale | $4,995,000 | 0.0% | $574 / Sq Ft | |
| 01/10/2019 01/10/19 | Rented | $2,100 | 0.0% | -- | |
| 12/17/2018 12/17/18 | For Rent | $2,100 | 0.0% | -- | |
| 11/15/2017 11/15/17 | Sold | $2,525,000 | -1.0% | $355 / Sq Ft | View Prior Sale |
| 09/29/2017 09/29/17 | Pending | -- | -- | -- | |
| 08/07/2017 08/07/17 | For Sale | $2,550,000 | -- | $359 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW25233711
APN: 617-441-27
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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