Rare opportunity in Lake Elsinore offering beautiful lake views, a fully remodeled residence, and exceptional future potential. 314 Acacia Street is a charming 2-bedroom, 1-bath ranch-style cottage thoughtfully renovated while retaining its original hardwood floors and character. Improvements include a beautifully updated kitchen and bathroom, newer roof and plumbing, plus a spacious finished basement providing additional storage and utility. Enjoy unobstructed views of Lake Elsinore from the living room and both bedrooms, along with a private patio off the living room-the perfect setting to relax and take in the lake and surrounding hills. The home is currently tenant occupied, providing immediate rental income and flexibility for a future owner-user or investor. The property encompasses seven combined APNs (373-135-012 through 373-135-018) and offers abundant outdoor space for RV parking, recreational vehicles and outdoor living, all surrounded by ranch-style fencing. A professional topographic survey was completed in 2025. Significant preliminary development work has already been completed. The property has undergone preliminary planning review, and architectural plans have been prepared for a proposed additional residence and ADU. The architectural plans, survey and related development materials will transfer with the sale. There may also be potential for an additional ADU associated with the existing residence. All proposed development, unit counts and uses are subject to applicable governmental requirements, further review and approvals. Buyer to independently verify development potential. The area is currently undergoing a septic-to-sewer conversion, adding another important component to the property's future potential. Buyer to verify sewer availability, connection requirements, timing and any applicable costs with the appropriate agencies. Conveniently located within walking distance of Historic Downtown Lake Elsinore, this unique property combines a beautifully remodeled home, lake views, income potential or family compound, substantial land and valuable preliminary development work already completed. An exciting opportunity for an owner-user, investor or builder seeking a distinctive property with room to enjoy today and possibilities for the future.