Upgraded Duplex in Lake
For Sale
Contact for pricing
138 E Peck, Lake Elsinore, CA 92530
Income-producing duplex near downtown, offering modern living and rental potential.
Property Size1,500 SF
Price / SF$500
Days on Market206
Property Features for 138 E Peck
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Multifamily
Zoning
Assessor
Building Details
Buildings
2
Stories
1
Units
2
Listing Agency:
RE/MAX CHAMPIONS
(909) 949-0605
Listed By:
SONIA OROZCO · License #01315325
Source:
Crexi
Added: Jan 16
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 RE/MAX CHAMPIONS
Investment Insights
Based on property information with market context.
This income-producing duplex is located in Lake Elsinore, within walking distance of downtown dining, shopping, and the lake. The front unit has been completely remodeled and features 3 bedrooms, 2.5 bathrooms, and approximately 1,500 square feet of living space. The rear unit, built in 2023, offers 3 bedrooms and 2 bathrooms with approximately 1,300 square feet of contemporary living. Both units are in excellent condition and include private laundry rooms, separate gas and electric meters, and a sub-metered water meter. The front unit is currently rented, with the option for tenant-occupied or vacant delivery at close of escrow. Additional highlights include a shared driveway and well-maintained exteriors. The property offers flexibility and strong rental potential. The front unit currently rents the shed in back for additional income.
Key Highlights
- Income‑producing duplex with strong rental potential.
- Prime downtown Lake Elsinore location, walkable to dining and shopping, close to the lake.
- Front unit completely remodeled with 3 bedrooms, 2.5 bathrooms, approximately 1,500 sq ft.
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
$26,355
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
3.51%
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%
$527,100
$527.1K
Cap Rate 7%
$376,500
$376.5K
Cap Rate 9%
$292,833
$292.8K
Market Conditions
NOI Build-Up for 1,500 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
$38.3K $25.56/SF
− Vacancy
−$690 −$0.46/SF
EGI
$37.6K $25.10/SF
− OpEx
−$11.3K −$7.53/SF
NOI
$26.4K $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%
$527,100
Cap Rate 7%
$376,500
Cap Rate 9%
$292,833
Alternative Uses
Best Use
Multifamily LT 5
$376.5K
$329.4K – $439.3K
NOI $26,355 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$346.9K
$303.5K – $404.7K
NOI $24,280 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$449.4K
$393.2K – $524.3K
NOI $31,456 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
494
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex near downtown, offering modern living and rental potential.
Where is this duplex located?
The property is located at 138 E Peck Lake Elsinore, CA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Income‑producing duplex with strong rental potential.; Prime downtown Lake Elsinore location, walkable to dining and shopping, close to the lake.; Front unit completely remodeled with **3 bedrooms, 2.5 bathrooms, approximately 1,500 sq ft.**
