16459 Joy Street, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 0 bed, 0 bath
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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
Analysis of 16459 Joy Street, Lake Elsinore, California 92530 is currently available with a list price of $4,000,000. The property maintains a Poor Condition Rating (30/100), indicating the property requires renovation and updates to maximize its market potential. This presents opportunities for value-add investors. Located in a high-demand neighborhood within the Lake Elsinore Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
The property is 40 years old (built 1984) and the listing explicitly states a comprehensive renovation plan is needed to unlock value. While there are cosmetic updates like laminate flooring, the kitchens and bathrooms remain original and dated, meeting the >30 year age and rehab criteria.
PROSSTRENGTHS & OPPORTUNITIES
- High-Demand Unit Mix
The property features spacious three-bedroom townhome-style units equipped with private two-car garages and in-unit laundry hookups, amenities that are highly desirable for long-term family tenants.
- Immediate Value-Add Potential
With two units currently vacant, an investor can immediately implement a renovation plan to set new market rent premiums without waiting for existing lease expirations.
- Strategic Location
The asset is ideally situated within walking distance of Machado Elementary and near Lake Elsinore’s waterfront, offering residents excellent access to schools, recreation, and the I-15 corridor.
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.
- Significant Price Appreciation
The $4M asking price represents a substantial 45% increase over the $2.75M sale price from 2024, which may challenge the initial capitalization rate for some investors.
- Renovation Capital Required
To achieve the projected rental premiums, the 1984-built property requires a comprehensive renovation plan, necessitating additional upfront capital beyond the purchase price.
About 16459 Joy Street
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.
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
Aug 5, 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