Fourplex Residential Income
For Sale
$899,000
111 S Lindsay St, Lake Elsinore, CA 92530
Well maintained fourplex with four one-bedroom units, on-site coin laundry, and dedicated rear parking spaces.
Property Size2,310 SF
Days on Market47
Property Features for 111 S Lindsay St
General Information
Standard status
Active
Size
2,310 SF
Total Parking Spaces
6
Property subtype
Investment
Additional Details
Multifamily Units
4
Building Details
Building Size
2,310 SF
Year Built
1917
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
(909) 936-5380
Listed By:
CHRISTINE SMITH
(909) 936-5380
Source:
Elliman
Added: Jun 23
Changed: Aug 7
Last Checked: Aug 7 at 5:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CHRISTINE SMITH
Investment Insights
Based on property information with market context.
This well maintained fourplex includes four one-bedroom, one-bathroom units. The property has a dedicated on-site laundry room equipped with Speed Queen coin-operated washers and dryers. Exterior improvements include low-maintenance landscaping with artificial turf, decorative rock, concrete hardscaping, and a newer roof. A rear concrete parking area provides five designated spaces with room for a sixth vehicle.
Located in the heart of Old Town Lake Elsinore, the property is described as just moments from Main Beach and the public boat ramp, with nearby baseball fields. The remarks also note proximity to shopping, dining, and the Lake Elsinore Waterfront, with walk and bikeability described as somewhat walkable and somewhat bikeable.
For investors or owner-operators seeking a small multifamily asset, this configuration of four 1-bed units and on-site, dedicated laundry supports tenant convenience and operational efficiency. The combination of newer roofing, low-maintenance exterior landscaping, and defined off-street parking further supports day-to-day manageability. A solar lease is also mentioned as an additional property feature.
Located in the heart of Old Town Lake Elsinore, the property is described as just moments from Main Beach and the public boat ramp, with nearby baseball fields. The remarks also note proximity to shopping, dining, and the Lake Elsinore Waterfront, with walk and bikeability described as somewhat walkable and somewhat bikeable.
For investors or owner-operators seeking a small multifamily asset, this configuration of four 1-bed units and on-site, dedicated laundry supports tenant convenience and operational efficiency. The combination of newer roofing, low-maintenance exterior landscaping, and defined off-street parking further supports day-to-day manageability. A solar lease is also mentioned as an additional property feature.
Key Highlights
- Fourplex built in 1917 with four 1‑bedroom, 1‑bath units
- Dedicated on‑site laundry room with Speed Queen coin‑operated washer and dryer
- Low‑maintenance exterior landscaping with artificial turf, decorative rock, and concrete hardscaping
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,587
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$811,740
$811.7K
Cap Rate 7%
$579,814
$579.8K
Cap Rate 9%
$450,967
$451.0K
Market Conditions
NOI Build-Up for 2,310 SF
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.
Gross rent
$59.0K $25.56/SF
− Vacancy
−$1.1K −$0.46/SF
EGI
$58.0K $25.10/SF
− OpEx
−$17.4K −$7.53/SF
NOI
$40.6K $17.57/SF
Area
Riverside County, CA
Vacancy
1.80%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$811,740
Cap Rate 7%
$579,814
Cap Rate 9%
$450,967
Alternative Uses
Best Use
Multifamily LT 5
$579.8K
$507.3K – $676.5K
NOI $40,587 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$534.2K
$467.4K – $623.2K
NOI $37,391 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$692.0K
$605.5K – $807.4K
NOI $48,443 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 92530, CA
59,098
Population
18,502
Households
3.2
Avg Household Size
34
Median Age
17%
College-Educated
80%
High-School Grad
77.1 sq mi
ZIP Area
767
Density / Sq Mi
$84,799
Median Household Income
$41,138
Median Earnings
$1,705
Median Rent
$467,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well maintained fourplex with four one-bedroom units, on-site coin laundry, and dedicated rear parking spaces.
Where is this quadplex located?
The property is located at 111 S Lindsay St Lake Elsinore, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Fourplex built in 1917 with four 1‑bedroom, 1‑bath units; Dedicated on‑site laundry room with Speed Queen coin‑operated washer and dryer; Low‑maintenance exterior landscaping with artificial turf, decorative rock, and concrete hardscaping
