10-Unit Townhome-Style Apartment
For Sale
$4,000,000
16459 Joy Street, Lake Elsinore, CA 92530
Three-bedroom residences include private patios, laundry hookups, and dedicated garage parking.
Property Size14,500 SF
Days on Market8
Property Features for 16459 Joy Street
General Information
Standard status
Active
Size
14,500 SF
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Multifamily Units
10
Amenities
central air and heat
private patios
in-unit laundry hookups
Building Details
Building Size
14,500 SF
Year Built
1984
Listing Agency:
IRN Realty
Listed By:
Vince Kwon · License #01778421
(626) 374-5121
Source:
Velocityrealtysd
Added: Oct 1
Changed: Oct 7
Last Checked: Oct 7 at 1:53PM
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, this 10-unit apartment property is configured as three-bedroom, townhome-style residences. Unit features include central air conditioning and heat, private patios, and laundry hookups. Private two-car garages and driveways serve the residences, with a carport at some units. Two units are vacant.
The property is on Joy Street in Lake Elsinore, near the waterfront and within walking distance of Machado Elementary School. Lakeside High School is also nearby. Riverside Drive provides access to local retailers, restaurants, and grocery stores, while Interstate 15 connects the area with regional employment centers.
The property is on Joy Street in Lake Elsinore, near the waterfront and within walking distance of Machado Elementary School. Lakeside High School is also nearby. Riverside Drive provides access to local retailers, restaurants, and grocery stores, while Interstate 15 connects the area with regional employment centers.
Key Highlights
- 10 three‑bedroom, townhome‑style units
- Built in 1984
- Central air conditioning and heat, private patios, and laundry hookups
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.
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-bedroom residences include private patios, laundry hookups, and dedicated garage parking.
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 three‑bedroom, townhome‑style units; Built in 1984; Central air conditioning and heat, private patios, and laundry hookups
