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Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 2,351 sqft
Price per Sqft $744
MLS Listing ID OC26108246
Bedrooms 5
Full Baths 2
HOA Y/N No
Year Built 1965
Lot Size 0.370 Acres
Property Sub-Type Single Family Residence
Property Description
Located at the end of a quiet cul-de-sac in one of South Orange County's most desirable neighborhoods, 24092 Gemwood Drive presents a truly rare opportunity to own a spacious, versatile estate with exceptional land value and long-term potential.
This single-story ranch-style residence offers approximately 2,500 sq ft of living space, featuring 5 bedrooms and 2.5 bathrooms, along with additional flexible areas ideal for a home office, guest quarters, or multi-generational living. The functional layout provides comfort, privacy, and adaptability for a wide range of lifestyles.
Set on a fully usable flat lot of 16,113 sq ft, the outdoor space is a standout feature rarely found in today's market. The grounds include mature palm trees, fruit trees, a large concrete courtyard, a dedicated play area, and a custom-built covered pavilion designed for large gatherings and entertaining. The oversized driveway accommodates 15+ vehicles, RVs, boats, and additional recreational storage with ease.
A major highlight of this property is its exceptional development flexibility. The lot offers strong potential for the addition of multiple ADUs (Accessory Dwelling Units) or other expansion options (buyer to verify zoning, permits, and city requirements), making it ideal for multi-generational living, rental income strategies, or long-term investment growth.
Historically utilized in an institutional capacity, this unique property offers exceptional versatility and may lend itself to a variety of uses, including multi-generational living, a residential care facility (RCFE) or senior residence, childcare or educational purposes, live/work arrangements, wellness or creative spaces, or contractor and service-based operations, subject to applicable zoning, licensing, and permitting requirements.
Despite its privacy and spacious feel, the property remains conveniently located near top-rated schools, parks, shopping, dining, and major commuter routes.
Properties offering this level of land, usability, parking capacity, and future potential are extremely rare in Lake Forest. This is a unique opportunity to secure both lifestyle comfort and long-term upside in one exceptional estate.
Location
State CA
County Orange
Area 699 - Not Defined
Rooms
Main Level Bedrooms 5
Interior
Interior Features All Bedrooms Down, Bedroom on Main Level, Main Level Primary
Heating Central
Cooling Central Air
Fireplaces Type None
Fireplace No
Appliance Gas Range
Laundry Outside
Exterior
Pool None
Community Features Curbs
Utilities Available Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected
View Y/N Yes
View Trees/Woods
Private Pool No
Building
Lot Description Irregular Lot
Dwelling Type House
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Schools
School District Saddleback Valley Unified
Others
Senior Community No
Tax ID 61721301
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange, FHA
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange, FHA
Special Listing Condition Standard
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