9645 Lee St - 3 Houses 1 Lot Proforma 9.0 GRM!! 3 Unit Apartment Building Offered at $550,000 at a 7.76% Cap Rate Upper Lake, CA 95485

Three doors. One property. Endless strategy. Whether you're looking to live well and let your investment pay you back, build a multi-unit rental portfolio, or launch a short-term vacation rental operation on
one of California's most underrated lakes 9645 Lee St delivers the flexibility to do all three. Set on a 0.31-acre lot in Upper Lake, this income-ready property sits minutes from Clear Lake California's largest natural freshwater lake and one of the only large lakes in Northern California where you can actually swim comfortably. Unlike Sierra lakes where snowmelt keeps water temperatures frigid well into summer, Clear Lake's warm shallow waters are swim-friendly from late spring through fall, making it a genuine alternative for families and groups who want real lake recreation, not just scenery. Three separate structures deliver maximum flexibility: a 4-bed/2-bath main house (~2,000 SF), a 2-bed/1-bath unit built in 1994 (~1104 SF), and a 1-bed/1-bath cottage (~831 SF) 7 bedrooms and 4 bathrooms across the parcel, all independently livable. Live in one, rent the others. Owner-occupy the main house and offset your mortgage with income from the two rental units. At current Clear Lake area long-term rents, you could realistically cover a significant portion of your housing cost from day one. Rent all three. Operate the full parcel as an investment property. Multi-unit properties at this price point with this bedroom count are exceptionally rare in Lake County. Short-term rental potential is real here. Clear Lake draws fishing tournaments, wine country visitors, water sports enthusiasts, and weekend escape
seekers from the Bay Area and Sacramento Valley year-round. The STR market in this area operates in a low-regulation environment, a major advantage over coastal and Tahoe markets where permit caps and restrictions are tightening. With three separate units, you have the flexibility to mix strategies: long-term anchor tenant in one unit, Airbnb-style short-term in another, and personal use in the main
house. Upper Lake sits at the north end of Clear Lake with access to boating, bass fishing, Blue Wing Dining at the historic Tallman Hotel, and the emerging wine trail through Lake County's volcanic AVAs.