10-Unit Townhome-Style Apartment
16459 Joy Street, Lake Elsinore, CA 92530
For Sale
New
$4,000,000
Each residence has three bedrooms, a private patio, and individual washer and dryer connections.
Property Size14,500 SF
Days on Market5
Property Features for 16459 Joy Street
General Information
Standard status
Size
Property subtype
Occupancy
Additional Details
Highway Access
Multifamily Units
Tenant in Place
Amenities
central heating and air conditioning
private patios
individual washer and dryer hookups
Building Details
Building Size
Year Built
Listing Agency:
IRN Realty
Listed By:
Vince Kwon · License #01778421
(626) 374-5121
Source:
Velocityrealtysd
Added: Nov 4
Changed: Nov 7
Last Checked: Nov 6 at 8:10AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 10-unit apartment property, built in 1984, is arranged in townhome-style residences with three bedrooms each. Units include central heating and air conditioning, private patios, and individual washer and dryer hookups. Parking varies by floor plan: some residences have a private two-car garage with an automatic opener, while others include a one-car garage and a dedicated carport space. Nine units are occupied and one is vacant, representing 90% occupancy.
The property is on Joy Street in Lake Elsinore. Machado Elementary School is within walking distance, and Lakeside High School is nearby. The Riverside Drive commercial corridor offers access to retailers, restaurants, and grocery stores, while Interstate 15 connects the area with other Inland Empire communities. The waterfront is also nearby.
The property is on Joy Street in Lake Elsinore. Machado Elementary School is within walking distance, and Lakeside High School is nearby. The Riverside Drive commercial corridor offers access to retailers, restaurants, and grocery stores, while Interstate 15 connects the area with other Inland Empire communities. The waterfront is also nearby.
Key Highlights
- 10 apartment units; nine occupied and one vacant, for 90% occupancy
- Three‑bedroom townhome‑style residences
- Central heating and air conditioning in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$234,704
Cap Rate
5.87%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
10
Residential units
90%
Occupancy
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
$467,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/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 - Each residence has three bedrooms, a private patio, and individual washer and dryer connections.
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 apartment units; nine occupied and one vacant, for 90% occupancy; Three‑bedroom townhome‑style residences; Central heating and air conditioning in each unit
