10-Unit Townhome-Style Apartment
New
For Sale
$4,000,000
16459 Joy St, Lake Elsinore, CA 92530
Three-bedroom residences include private outdoor areas, central HVAC, and laundry hookups.
Property Size14,500 SF
Days on Market5
Property Features for 16459 Joy St
General Information
Standard status
Active
Size
14,500 SF
Property subtype
Investment
Units
Unit Mix
10 x 3BR
Multifamily Units
10
Additional Details
Highway Access
Yes
Amenities
central air and heat
private patios
in-unit laundry hookups
private two-car garages
driveways
carport
Building Details
Building Size
14,500 SF
Year Built
1984
Stories
2
Units
10
Listing Agency:
IRN Realty
(626) 374-5121
Listed By:
Vince Kwon · License #01778421
(626) 374-5121
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 9:35AM
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 IRN Realty
Investment Insights
Based on property information with market context.
Built in 1984, the property contains 10 three-bedroom, townhome-style apartment units. Unit features include central air and heat, private patios, and laundry hookups. Each residence has a private two-car garage and driveway, while some units also include a carport. Two units are currently vacant.
The property is near Lake Elsinore’s waterfront and within walking distance of Machado Elementary School, with Lakeside High School also nearby. Riverside Drive provides access to retailers, restaurants, and grocery stores, while Interstate 15 connects the area with regional employment hubs. The location has a walk score of 78 and a bike score of 54.
The property is near Lake Elsinore’s waterfront and within walking distance of Machado Elementary School, with Lakeside High School also nearby. Riverside Drive provides access to retailers, restaurants, and grocery stores, while Interstate 15 connects the area with regional employment hubs. The location has a walk score of 78 and a bike score of 54.
Key Highlights
- 10‑unit apartment property built in 1984
- Three‑bedroom, townhome‑style units
- Central air and heat, private patios, and laundry hookups
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
$234,704
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
5.87%
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%
$4,694,080
$4.7M
Cap Rate 7%
$3,352,914
$3.4M
Cap Rate 9%
$2,607,822
$2.6M
Market Conditions
NOI Build-Up for 14,500 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
$435.0K $30.00/SF
− Vacancy
−$8.3K −$0.57/SF
EGI
$426.7K $29.43/SF
− OpEx
−$192.0K −$13.24/SF
NOI
$234.7K $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 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%
$4,694,080
Cap Rate 7%
$3,352,914
Cap Rate 9%
$2,607,822
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
543
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?
Apartment building - Three-bedroom residences include private outdoor areas, central HVAC, and laundry hookups.
Where is this apartment building located?
The property is located at 16459 Joy St 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 apartment property built in 1984; Three‑bedroom, townhome‑style units; Central air and heat, private patios, and laundry hookups
