UPDATED:
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID TR26237893
HOA Y/N No
Year Built 1984
Lot Size 0.600 Acres
Property Sub-Type Mixed Use
Property Description
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!**
Location
State CA
County Riverside
Area Srcar - Southwest Riverside County
Interior
Heating Central
Fireplace No
Laundry Washer Hookup, Gas Dryer Hookup
Exterior
Parking Features Carport, Driveway, Garage
Garage Spaces 18.0
Carport Spaces 2
Garage Description 18.0
Pool None
Community Features Curbs, Gutter(s), Sidewalks
Total Parking Spaces 20
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 379132006
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Nearby Locations
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