16459 Joy Street
Lake Elsinore, CA, 92530 $ 2,750,000
Bedrooms30 Baths2.0 Sq 14,500 Monthly Estimate*
$ 18,277
Listed by Marcus & Millichap RE Invest
for $2,750,000 with 30 bedrooms and 2 full baths. This 14,500 square foot home was built in 1983 on a lot size of 0.6.
16459 Joy Street is a 10-unit multifamily investment property located in Lake Elsinore, California. Built in 1983, 16459 Joy Street offers exclusively spacious three-bedroom townhome-style floorplans and in-unit amenities including central air and heat, large private patios, and in-unit laundry hookups. Furthermore, the property offers ample garage, surface, and tuck-under parking, with direct unit access from the garages. 16459 Joy Street benefits from its optimal Lake Elsinore location, situated just half-a-mile from the lake. The property is situated within walking distance of Machado Elementary School, and just under one mile from Lakeside High School. Additionally, the property is located near Riverside Drive (74), a major thoroughfare for the area, providing residents with convenient access to retailers, restaurants, and grocers. Furthermore, 16459 Joy Street provides residents with convenient access to Interstate 15, connecting residents to employment hubs in the surrounding cities of Corona, Riverside, Murrieta, and Temecula. Available in conjunction with the adjacent 32-unit property located at 16465 Joy Street, this portfolio represents a unique opportunity to acquire a sizable footprint in the direct vicinity of Lake Elsinore. A new owner could capitalize on this attractive location through the completion of a comprehensive interior and exterior renovation plan, thereby achieving significant rental premiums.
See more
FeaturesGeneralSewer PublicSewer
Zoning CP
HOA 0.0
Garage Spaces 18.0
Pool Features None
Year Built 1983
Stories 2
Levels Two
Property SubType Apartment
Gross Income 237480.0
Community Features Curbs Gutters Sidewalks
County Riverside
Net Operating Income 148934.0
Operating Expense 81440.0
Insurance Expense 10420.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N Y
Special Listing Conditions Standard
Status Pending
Directions Cross Streets of Joy Street & Riverside Drive
City Lake Elsinore
Entry Location First level
View Y/N N
Senior Community Y/N N
NumberOfUnitsTotal 10
MLS Area SRCAR - Southwest Riverside County
Lot Size Units Acres
Lot Size Square Feet 26136.0
Private Pool N
Waterfront Y/N N
Carport Spaces 2.0
Carport Y/N Y
Street Name Joy
Listing Terms Cash CashtoNewLoan Item1031Exchange
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Trash Expense 7005.0
Water Sewer Expense 12879.0
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 27
Building Area Units SquareFeet
Standard Status Pending
Year Built Source Assessor
Tax Lot 1
Property Sub Type Additional Apartment
Taxes 29088.0
Cap Rate 5.42
See more
ExteriorLot Features StreetLevel
Water Source Public
Total Parking 20.0
Lot Size Area 0.6
Number of Buildings 3
Spa N
Building Area Total 14500.0
Lot Size Acres 0.6
Lot Size Source Assessor
Number of Separate Water Meters 1
Number of Separate Gas Meters 10
Number of Separate Electric Meters 10
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
See more
InteriorTotal Stories 2
Common Walls NoCommonWalls
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Street Suffix Street
Laundry Features CommonArea
Entry Level 1
Electric On Property Y/N N
See more
* Excluded FeaturesList ByMarcus & Millichap Re InvestBroker
Affordability Calculator
- Monthly Principal & Interest
- $18,277
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.99% 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 $1,840,777
Percent of Sale Price 33%
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.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
3/26/2024 | $2,750,000 | | Listed Price |