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Multifamily

16459 Joy St

16459 Joy St, Lake Elsinore, CA 92530

Listing Price: $2,750,000

Cap Rate
5.42%
Number of Units
10
GRM
11.61
Price/Unit
$275,000
Price/Gross SF
$189.66
Gross SF
14,500

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 16459 Joy Street, 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.

Investment Highlights

  • Part of a Two-Property, 42-Unit Portfolio Sale - Adjacent Property Consists of 32 Units
  • Short Walk to Machado Elementary School – Located Just North of the Subject Property
  • All Units are Large Three Bedroom / Two & One Quarter Bath Townhomes with ±1,450 SF
  • Situated within a Few Blocks of the Entrance / Boat Dock to Lake Elsinore
  • Each Unit has Either a Direct Access Two-Car Enclosed Garage or Single-Car Enclosed Garage with a Tuck-Under Space
  • At ±3,000 Acres in Size, Lake Elsinore is the Largest Natural, Freshwater Lake in Southern California
  • Units Feature: Central A/C & Heat, Washer / Dryer Hook-Ups, Individual Water Heaters, Fireplaces, and Enclosed Patios
  • Healthy Employment Base within Lake Elsinore & the Surrounding Cities of Corona, Riverside, Murrieta & Temecula

Exclusively Listed By

Financing By

Multifamily

16459 Joy St

Listing Price: $2,750,000

Cap Rate
5.42%
Number of Units
10
GRM
11.61
Price/Unit
$275,000
Price/Gross SF
$189.66
Gross SF
14,500

Investment Highlights

  • Part of a Two-Property, 42-Unit Portfolio Sale - Adjacent Property Consists of 32 Units
  • Short Walk to Machado Elementary School – Located Just North of the Subject Property
  • All Units are Large Three Bedroom / Two & One Quarter Bath Townhomes with ±1,450 SF
  • Situated within a Few Blocks of the Entrance / Boat Dock to Lake Elsinore
  • Each Unit has Either a Direct Access Two-Car Enclosed Garage or Single-Car Enclosed Garage with a Tuck-Under Space
  • At ±3,000 Acres in Size, Lake Elsinore is the Largest Natural, Freshwater Lake in Southern California
  • Units Feature: Central A/C & Heat, Washer / Dryer Hook-Ups, Individual Water Heaters, Fireplaces, and Enclosed Patios
  • Healthy Employment Base within Lake Elsinore & the Surrounding Cities of Corona, Riverside, Murrieta & Temecula

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 16459 Joy Street, 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.

Exclusively Listed By

Financing By

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