16459 Joy Street
Lake Elsinore, CA, 92530 $ 4,000,000
Bedrooms-- Baths0.0 Sq 14,500 Monthly Estimate*
$ 27,627
Listed by Vince Kwon, IRN Realty, vhkwon@irnrealty.com
for $4,000,000. This 14,500 square foot home was built in 1984 on a lot size of 0.6.
Exceptional 10-Unit Multifamily Investment Opportunity in Lake Elsinore, CA 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!**
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FeaturesGeneralSewer Public Sewer
Heating Central
HOA Fee 0
Garage Spaces 18
Pool Features None
Year Built 1984
Tenant Pays Electricity Gas Water
Stories Count 2
Levels Two
Property Subtype Mixed Use
Gross Income 0
Community Features Curbs Gutter(s) Sidewalks
County Riverside
Net Operating Income 198199
Operating Expense 59933
Insurance Expense 8000
New Construction false
Property Type Residential Income
HOA false
MaintenanceExpense 0
Garage Y/N true
Special Listing Conditions Standard
Status Active
Directions Cross Streets of Joy Street & Riverside Drive
City Lake Elsinore
Entry Location 1
Senior Community Y/N false
Number Of Units Total 10
MLS Area SRCAR - Southwest Riverside County
Lot Size Units Square Feet
Lot Size Square Feet 26136
Carport Spaces 2
Carport Y/N true
Number of Units Leased 9
Listing Terms Cash Conventional
Property Attached Y/N false
Land Lease Y/N false
Electric Expense 600
Fuel Expense 0
Trash Expense 7080
Water Sewer Expense 0
Additional Parcels Y/N false
Rent Control Y/N false
Building Area Units Square Feet
Standard Status Active
Year Built Source Public Records
Tax Lot 1
Total Actual Rent 21511
Property Sub Type Additional Mixed Use
Taxes 29542
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InteriorTotal Stories 2
Common Walls No Common Walls
Heating Y/N true
Laundry Features Washer Hookup Gas Dryer Hookup
Entry Level 1
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ExteriorParking Features Carport Driveway Garage
Lot Features 0-1 Unit/Acre
Water Source Public
Total Parking 20
Lot Size Area 26136
Number of Buildings 3
Building Area Total 14500
Lot Size Acres 0.6
Private Pool false
Lot Size Source Assessor
Pool Charge 0
Number of Separate Water Meters 10
Number of Separate Gas Meters 10
Number of Separate Electric Meters 10
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* Excluded FeaturesList Byvhkwon@irnrealty.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $27,627
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Lake Elsinore, CA
Average List Price $1,166,103
Percent of Sale Price 71%
About Lake Elsinore, CA 67,316 Population
100% Since 2002
$ 63,800 Median Income
32.98 Median Age
45% Households with Children
Trends Information provided by ATTOM Data Solutions.
4827338 Elementary School
4827337 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 11/5/2026 | $4,000,000 | | Listed Price |