Craftsman Triplex
For Sale
$880,000
411 N Main, Lake Elsinore, CA 92530
Three separate buildings provide distinct residential unit layouts with original architectural character and natural light.
Property Size2,800 SF
Days on Market130
Property Features for 411 N Main
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Building Size
2,800 SF
Year Built
1923
Buildings
3
Stories
1
Units
3
Construction
Craftsman
Listing Agency:
Marin Realty Group
(951) 657-4400
Listed By:
Jose Marin · License #01753895
(951) 657-4400
Source:
Elliman
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 30 at 3:25AM
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 Marin Realty Group
Investment Insights
Based on property information with market context.
This triplex property comprises three separate unit buildings with Craftsman-style design elements and original architectural details. Built in 1923, the buildings have been maintained over time and offer individual residential layouts with natural light and established character. The property includes three units, creating a small-scale multifamily configuration suited to residential income ownership or an owner-occupant arrangement.
The property is located at 411 N Main in Lake Elsinore, California. Walk Score is 70, rated Very Walkable, while Bike Score is 19, rated Somewhat Bikeable. The surrounding context is described as an established neighborhood with access to amenities, transit, and employment hubs.
The property is located at 411 N Main in Lake Elsinore, California. Walk Score is 70, rated Very Walkable, while Bike Score is 19, rated Somewhat Bikeable. The surrounding context is described as an established neighborhood with access to amenities, transit, and employment hubs.
Key Highlights
- Three‑unit multifamily property in three separate buildings
- Craftsman‑style architecture with original architectural details
- Built in 1923
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
$49,196
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
5.59%
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%
$983,920
$983.9K
Cap Rate 7%
$702,800
$702.8K
Cap Rate 9%
$546,622
$546.6K
Market Conditions
NOI Build-Up for 2,800 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
$71.6K $25.56/SF
− Vacancy
−$1.3K −$0.46/SF
EGI
$70.3K $25.10/SF
− OpEx
−$21.1K −$7.53/SF
NOI
$49.2K $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%
$983,920
Cap Rate 7%
$702,800
Cap Rate 9%
$546,622
Alternative Uses
Best Use
Multifamily LT 5
$702.8K
$615.0K – $819.9K
NOI $49,196 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$647.5K
$566.5K – $755.4K
NOI $45,322 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$838.8K
$734.0K – $978.6K
NOI $58,718 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
512
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?
Triplex - Three separate buildings provide distinct residential unit layouts with original architectural character and natural light.
Where is this triplex located?
The property is located at 411 N Main Lake Elsinore, CA.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Three‑unit multifamily property in three separate buildings; Craftsman‑style architecture with original architectural details; Built in 1923
