Townhome-Style Multifamily
16459 Joy Street, Lake Elsinore, CA 92530
New
Commercial/Residential - Lake Elsinore, CA
Property size:
14,500 SFLot size:
26,136.00 AcresPrice / SF:
$275/SF- Added:
- Jun 2, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 3 at 2:06 am
Property Features for 16459 Joy Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 30
- Bathrooms
- 30
- Rooms
- Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking
- 20
- Parking features
- Carport, Driveway, Garage
- Exterior features
- Community Features Included: Gutters, Curbs, Sidewalks, 0-1 Unit/Acre
- Standard status
- Active
- APN
- 379132006
- Size
- 14,500 SF
- Lot size
- 26,136.00 Acres
Utilities
- Heating system
- Central
Building Details
- Year built
- 1984
- Floors in Building
- 2
- Number of units
- 10
- Architectural style
- Other
Listing agent Vince Kwon License #01778421 (626) 374-5121
Listing office IRN Realty 17919 Gale Ave #203, Arcadia, CA (626) 322-2900
Listing date Jun 2, 2026
MLS# TR26120102
Listing URL
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- 10‑unit multifamily property in Lake Elsinore, CA
- 1984 construction with central air and central heat
- Townhome‑style units with private patios and in‑unit laundry hookups
- Private two‑car garages and driveways, plus carport parking on some units
- Two units are currently vacant
Overview
16459 Joy Street is a 10-unit multifamily property featuring spacious three-bedroom, townhome-style layouts. Each home includes central air and heat, private patios, and in-unit laundry hookups. The configuration is complemented by private two-car garages and driveways, with some units also offering a carport. Two units are currently vacant, giving the new owner flexibility to stabilize occupancy and refine the mix.
The property is positioned near Lake Elsinore’s scenic waterfront, with Machado Elementary School within walking distance and Lakeside High School nearby. Riverside Drive provides access to local retailers, restaurants, and grocers, while Interstate 15 offers straightforward connectivity to regional employment centers.
This asset is well suited for an owner-occupant or an investor looking for a turnkey hold with upside. With vacancies already available and a renovation plan in mind, the property offers a practical path to improving rent potential in a market that continues to attract tenants seeking quality multifamily housing. The combination of garage parking, in-unit laundry hookups, and outdoor patio space supports strong day-to-day livability for residents.
The property is positioned near Lake Elsinore’s scenic waterfront, with Machado Elementary School within walking distance and Lakeside High School nearby. Riverside Drive provides access to local retailers, restaurants, and grocers, while Interstate 15 offers straightforward connectivity to regional employment centers.
This asset is well suited for an owner-occupant or an investor looking for a turnkey hold with upside. With vacancies already available and a renovation plan in mind, the property offers a practical path to improving rent potential in a market that continues to attract tenants seeking quality multifamily housing. The combination of garage parking, in-unit laundry hookups, and outdoor patio space supports strong day-to-day livability for residents.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $435.0k | $30.00 |
| − Vacancy | −$8.3k | −$0.57 |
| EGI | $426.7k | $29.43 |
| − OpEx | −$192.0k | −$13.24 |
| NOI | $234.7k | $16.19 |
14,500 SF · lease $30.00/SF/yr · vacancy 1.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.35M
$2.93M – $3.91M
NOI $234,704 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.07M
NOI $304,077 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Lake Elsinore
- County
- Riverside
- State
- California
- Longitude
- -117.3734143
- Latitude
- 33.6810627
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 10-unit multifamily property with three-bedroom layouts, private patios, and in-unit laundry hookups in a convenient Lake Elsinore setting.
Where is this apartment building located?
The property is located at 16459 Joy Street Lake Elsinore, CA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 10‑unit multifamily property in Lake Elsinore, CA; 1984 construction with central air and central heat; Townhome‑style units with private patios and in‑unit laundry hookups
