16459 Joy Street, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 0 bed, 0 bath
Loading property details...
16459 Joy Street
Lake Elsinore, California 92530
ACTIVE
CONDITION: POOR
0Beds
0Baths
14,500Sq Ft
26,136Lot Size
Property Price
LIST PRICE$4,000,000
SUMMARY
16459 Joy Street presents a compelling multifamily investment opportunity in Lake Elsinore, CA. This 10-unit property features spacious three-bedroom townhome-style units with premium amenities, including central air and heat, private patios, and in-unit laundry hookups. Residents appreciate the convenience of private two-car garages, driveways, and some units even featuring a carport. Strategically situated near Lake Elsinore's scenic waterfront, the property is within walking distance to Machado Elementary School and proximate to Lakeside High School. Riverside Drive offers easy access to local retailers, restaurants, and grocers, while Interstate 15 provides seamless connectivity to regional employment hubs. With two units currently vacant, this property is ideal for owner-occupants seeking a prime location with growth potential. A comprehensive renovation plan can unlock significant rental premiums, capitalizing on strong demand for quality multifamily housing in this desirable SoCal market.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
Built in 1984 (40 years old), the property exceeds the 30-year threshold for the 'poor' category. While some units have minor cosmetic updates like laminate flooring, the presence of popcorn ceilings, dated kitchen/bath fixtures, and worn exterior stucco, combined with the listing's call for a 'comprehensive renovation plan,' indicates it needs significant rehab to meet modern standards.
PROSSTRENGTHS & OPPORTUNITIES
- High-Demand Unit Mix
The property features ten spacious three-bedroom townhome-style units, a rare and highly desirable configuration for families that typically results in lower turnover and higher tenant stability.
- Premium Tenant Amenities
Units are equipped with superior amenities including private two-car garages, in-unit laundry hookups, and private patios, which command higher rental premiums compared to standard apartment layouts.
- Immediate Value-Add Potential
With two units currently vacant, an investor can immediately begin renovations to set new market-rate rent benchmarks and capitalize on the strong Southern California multifamily demand.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Living area discrepancy between mls listing and other public or private record. mls listing living area = 14500, other record living area = 5184.
- Substantial Price Appreciation
The property was sold for $2.75M in July 2024; the current $4M asking price represents a significant markup in a short period, which may challenge appraisal valuations and initial cap rate expectations.
- Capital Expenditure Requirement
Unlocking the property's full income potential requires a comprehensive renovation plan, necessitating significant additional upfront capital and management resources beyond the purchase price.
About 16459 Joy Street
Property Details
Public Facts
- Property Type
- Mixed Use
- Year Built
- 1984
- Lot Size
- 26,136 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Pricing History
Listed for Sale
Oct 1, 2026
$4,000,000
Initial Listing
Sold
Jul 15, 2024
$2,750,000
Public Record
Sold
Feb 20, 2015
$1,200,000
Public Record
Sold
Jun 11, 2003
$750,000
Public Record
Sold
Aug 1, 1997
$314,590
Public Record