CALLING ALL INVESTORS and DEVELOPERS!! Referred to as the “gem of Lucerne” this property is in the heart of a charming lakeside town along California State Hwy 20 undergoing a total revitalization. This property is zoned R3 which allows for growth opportunity, specifically with the option to develop multi family high density housing with up to 60 units. The recently passed SB-79 legislation promotes the construction of up to 8 story high residential buildings and greatly streamlines the building process by reforming CEQA. The property benefits from the $40mm CalTrans Highway 20 improvement project which includes UNDERGROUND POWER LINES, greatly reducing the risk and threat of wild fires. Other improvements include: upgrades to water and sewer lines, new curbs, sidewalks, bike and BUS LANES which quantifies SB-79. The project is already underway with preliminary work completed. In addition, the CalTrans project will be complemented by the total renovation of the grid infrastructure spanning 1st to 17th avenues, further bolstering the economic vitality of businesses and residences. Timing has never been better to obtain such a smart investment on this 3 consecutive parcel lot (comprising 1/2 of a block on Hwy 20). These attributes make this land highly valuable. The property currently features a fully renovated 600 sf residence which produces a revenue stream through AirBNB, and short term rentals. A second 1100 sf building features a fully renovated exterior with a build to suit interior. A perfect opportunity for someone to invest for long term growth, or develop now. Offered For Sale by Owner!