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Multifamily

16465 Joy St

16465 Joy St, Lake Elsinore, CA 92530

Listing Price: $7,200,000

Cap Rate
4.70%
Number of Units
32
GRM
12.15
Price/Unit
$225,000
Price/Gross SF
$244.90
Gross SF
29,400

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 16465 Joy Street, a 32-unit multifamily investment property located in Lake Elsinore, California.

Built in 1979, 16465 Joy Street features a desirable mix of one and two-bedroom floorplans on a spacious 1.17-acre parcel. The property offers amenities including private patios and balconies, a recently upgraded swimming pool, and an on-site laundry facility. Furthermore, the property offers ample covered and surface parking, with a parking ratio of 1.375 spaces to units.

16465 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 10-unit property located at 16459 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.

Investment Highlights

  • Part of a Two-Property, 42-Unit Portfolio Sale - Adjacent Property Consists of 10 Units
  • Short Walk to Machado Elementary School – Located Just North of the Subject Property
  • New Roofs, Upgraded Pool, Plumbing & Landscaping
  • Situated Within a Few Blocks of the Entrance / Boat Dock to Lake Elsinore
  • Desirable Mix: 5, One-Bedroom & 27, Two-Bedroom Units
  • At ±3,000 Acres in Size, Lake Elsinore is the Largest Natural, Freshwater Lake in Southern California
  • Two-Story, Garden-Style Building with Covered Parking, Pool & On-Site Laundry
  • Healthy Employment Base within Lake Elsinore

Exclusively Listed By

Financing By

Multifamily

16465 Joy St

Listing Price: $7,200,000

Cap Rate
4.70%
Number of Units
32
GRM
12.15
Price/Unit
$225,000
Price/Gross SF
$244.90
Gross SF
29,400

Investment Highlights

  • Part of a Two-Property, 42-Unit Portfolio Sale - Adjacent Property Consists of 10 Units
  • Short Walk to Machado Elementary School – Located Just North of the Subject Property
  • New Roofs, Upgraded Pool, Plumbing & Landscaping
  • Situated Within a Few Blocks of the Entrance / Boat Dock to Lake Elsinore
  • Desirable Mix: 5, One-Bedroom & 27, Two-Bedroom Units
  • At ±3,000 Acres in Size, Lake Elsinore is the Largest Natural, Freshwater Lake in Southern California
  • Two-Story, Garden-Style Building with Covered Parking, Pool & On-Site Laundry
  • Healthy Employment Base within Lake Elsinore

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 16465 Joy Street, a 32-unit multifamily investment property located in Lake Elsinore, California. Built in 1979, 16465 Joy Street features a desirable mix of one and two-bedroom floorplans on a spacious 1.17-acre parcel. The property offers amenities including private patios and balconies, a recently upgraded swimming pool, and an on-site laundry facility. Furthermore, the property offers ample covered and surface parking, with a parking ratio of 1.375 spaces to units. 16465 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 10-unit property located at 16459 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.

Exclusively Listed By

Financing By

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