14-Unit Apartment
120 W Heald, Lake Elsinore, CA 92530
For Sale
$2,040,000
The occupied property offers a studio, one-bedroom, and two-bedroom unit mix with separately metered gas and electricity.
Property Size7,800 SF
Lot Size0.43 Acres
Days on Market280
Property Features for 120 W Heald
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Building Details
Building Size
Year Built
Listing Agency:
GOLDEN EAGLE PROPERTIES
Listed By:
SUSANA FRANCO · License #01852097
(951) 591-2458
Source:
Velocityrealtysd
Added: Feb 2
Changed: Nov 7
Last Checked: Nov 6 at 3:29PM
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 GOLDEN EAGLE PROPERTIES
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Investment Insights
Based on property information with market context.
Built in 1923, this 14-unit apartment property contains four studios, six one-bedroom/one-bath units, and four two-bedroom/one-bath units. All apartments are tenant occupied. Each unit has its own gas and electric meter, while water is served through one shared meter. A recently installed roof is among the property’s improvements; there is no garage parking.
The property sits on an 18,730-square-foot lot spanning APNs 374-173-002 and 374-173-003. The lake, downtown, dining, and shopping are within walking distance.
The property sits on an 18,730-square-foot lot spanning APNs 374-173-002 and 374-173-003. The lake, downtown, dining, and shopping are within walking distance.
Key Highlights
- 14 tenant‑occupied apartments: four studios, six 1‑bedroom/1‑bath units, and four 2‑bedroom/1‑bath units
- 18,730‑square‑foot lot across APNs 374‑173‑002 and 374‑173‑003
- Separate gas and electric meters for all 14 units; one shared water meter
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$126,255
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,525,100
$2.5M
Cap Rate 7%
$1,803,643
$1.8M
Cap Rate 9%
$1,402,833
$1.4M
Market Conditions
NOI Build-Up for 7,800 SF
Gross rent
$234.0K $30.00/SF
− Vacancy
−$4.4K −$0.57/SF
EGI
$229.6K $29.43/SF
− OpEx
−$103.3K −$13.24/SF
NOI
$126.3K $16.19/SF
Area
Riverside County, CA
Vacancy
1.90%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,525,100
Cap Rate 7%
$1,803,643
Cap Rate 9%
$1,402,833
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.58M – $2.10M
NOI $126,255 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.04M – $2.73M
NOI $163,572 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
14
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
530
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
$467,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Riverside County, CA
Properties on Market for Apartment buildings in Riverside County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The occupied property offers a studio, one-bedroom, and two-bedroom unit mix with separately metered gas and electricity.
Where is this apartment building located?
The property is located at 120 W Heald Lake Elsinore, CA.
What is the asking price?
The asking price for this property is $2,040,000.
What are key features of this property?
This property features: 14 tenant‑occupied apartments: four studios, six 1‑bedroom/1‑bath units, and four 2‑bedroom/1‑bath units; 18,730‑square‑foot lot across APNs 374‑173‑002 and 374‑173‑003; Separate gas and electric meters for all 14 units; one shared water meter
