16459 Joy Street
Lake Elsinore, CA 92530
$4,000,000
- 0.6 acres
- Built 1984
Listed by IRN Realty · MLS #TR26237893
Listing status & updates
- MLS last changed
- Not supplied by this listing source
- Availability last checked
- No per-listing check is recorded
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PROPERTY QUESTIONS & SHOWINGS
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16459 Joy Street, Lake Elsinore, CA 92530 · MLS #TR26237893
A FEW THINGS TO NOTICE
What stands out.
Year built
Built in 1984.
Garage parking
18 garage spaces listed.
Property size
0.6 acres listed.
Highlights from the listing description and property details. Confirm features with the listing agent.
THE PROPERTY
Get to know the property.
Discover an outstanding investment opportunity at **16459 Joy Street, Lake Elsinore, CA**. This 10-unit multifamily property offers an attractive combination of spacious townhome-style residences, desirable amenities, and significant value-add potential in Southern California's Inland Empire.
The property features generously sized three-bedroom residences designed for comfortable and functional living. Each unit offers desirable amenities, including **central heating and air conditioning, private patios, and individual washer and dryer hookups**. Parking accommodations vary by floor plan, with residences featuring **either a private two-car garage with an automatic garage door opener or a one-car garage accompanied by a dedicated carport space**. These features enhance the property's rental appeal and distinguish it from traditional multifamily housing options.
Conveniently situated near Lake Elsinore's scenic waterfront, the property provides access to outdoor recreation, shopping, dining, and everyday conveniences. Machado Elementary School is within walking distance, while Lakeside High School is also nearby. The Riverside Drive commercial corridor offers convenient access to local retailers, restaurants, and grocery stores. Additionally, proximity to Interstate 15 provides connectivity to surrounding Inland Empire communities and regional employment centers.
**From an investment perspective, the property currently maintains 90% occupancy, with nine occupied units and one vacancy**, providing established rental income alongside an immediate opportunity for additional revenue through lease-up. Investors may also explore strategic renovations, interior upgrades, and rental optimization to further enhance the property's income potential and long-term value, subject to applicable regulations and market conditions.
The property's desirable three-bedroom configurations, townhome-style layouts, private garages, and individual laundry accommodations provide a strong foundation for continued rental demand and long-term investment ownership.
**An exceptional opportunity to acquire a 10-unit multifamily asset with existing rental income, immediate lease-up potential, and opportunities for future appreciation in Lake Elsinore. Contact us today for additional property information, financial details, or to schedule a private showing!**
THE NEIGHBORHOOD
Explore the location.
16459 Joy Street, Lake Elsinore, CA 92530
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LOCAL MARKET CONTEXT
Riverside County housing market
See the broader conditions surrounding this property through ERA Brokers Consolidated research.
These figures describe the broader reporting area and do not determine this property’s value, condition, availability, or likely sale price.
THE DETAILS
The details, all in one place.
- Property type
- ResidentialIncome
- Category
- Residential
- Year built
- 1984
- Garage spaces
- 18
- Heating
- Central
- Pool
- No
- Pool features
- None
- Parcel
- 379132006
- HOA fee
- $0.00
Features and school information are supplied by the listing source. Confirm measurements, school assignments, HOA terms and rental restrictions before making a decision.
Investor outlook Rental potential, ownership costs and property management
OWNERSHIP, WITH A PLAN
Investor outlook.
Explore this property’s rental potential with an all-cash purchase. Monthly rent starts at 5% of the purchase price per year, divided by 12. Adjust it and the other assumptions to explore your scenario.
ERA PROPERTY MANAGEMENT
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More in Lake Elsinore.
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$665,000Listing information
MLS #TR26237893 · California Regional MLS
Listing brokerage: IRN Realty
Listing agent: Vince Kwon
Listing status: Active. MLS last changed: not supplied. Availability last checked: not recorded. Confirm current availability and price with the listing agent.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. "CRMLS" and is protected by all applicable Copyright © 2023 laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional. Information deemed reliable but not guaranteed. Copyright © 2023 California Regional Multiple Listing Service, Inc. All rights reserved.
