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    16465 Joy Street

    Lake Elsinore, CA 92530
    • $5,280,000
    • STATUS: Active Under Contract
    • ON SITE: 321 days
    • ID#: CV20008825
    Under Contract
    UPDATED: 54 min ago
    $5,280,000
    • 0
      BEDS
    • 1.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 32,655
      SQFT
    • $162
      $/SQFT
    Type:
    Multi-Family
    Built:
    1979
    County:

    School Ratings & Info

    Description

    The Northshore Apartments is a 32 unit 32,665 square foot apartment building situated on a 1.41 acre lot with a central courtyard and pool. The unit mix consists of (27) 2-bedroom, 2-bathroom units, and (5) 1-bedroom, 1-bathroom units that are individually metered for gas and electric utilities, landlord is responsible for water, sewer, and trash. The apartments are spacious and in high rental demand. There is a gated parking lot with 40 surface spaces and numerous carports. There are onsite laundry facilities at the property.This property is being sold as a portfolio with the adjacent 10 unit building at 16459 Joy Street, Lake Elsinore, CA. The must be sold together.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-11-30T17:33:29.493. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.

    www.legacy15.com/homes/102273200
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    16465 Joy Street Lake Elsinore, CA 92530

    • Price: $5,280,000
    • Status: Active Under Contract
    • Updated: 54 min ago
    • ID#: CV20008825
    0
    Beds
    0
    Baths
    0
    ½ Baths
    1.17
    Acres
    32,655
    SQFT
    $162
    $/SQFT
    1979
    Built
    Neighborhood:
    Srcar - Southwest Riverside County
    County:
    Riverside
    Area:
    Srcar - Southwest Riverside County
    Property Description
    The Northshore Apartments is a 32 unit 32,665 square foot apartment building situated on a 1.41 acre lot with a central courtyard and pool. The unit mix consists of (27) 2-bedroom, 2-bathroom units, and (5) 1-bedroom, 1-bathroom units that are individually metered for gas and electric utilities, landlord is responsible for water, sewer, and trash. The apartments are spacious and in high rental demand. There is a gated parking lot with 40 surface spaces and numerous carports. There are onsite laundry facilities at the property.This property is being sold as a portfolio with the adjacent 10 unit building at 16459 Joy Street, Lake Elsinore, CA. The must be sold together.
    Exterior Features

    Garage Spaces 2.00 Lot Features Landscaped Lot Size Source Assessor Lot Size Units Square Feet Parking Total 2.00 Pool Features CommunityFenced Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Community

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 5.05 Community Features BikingFishingFoothillsGolfHikingLakeParkWatersportsMountainous Country Us Electric Expense 2857.00 Elevation Units Feet Fuel Expense 4939.00 Gardener Expense 3000.00 Gross Income 450420.00 Gross Multiplier 11.68 Gross Operating Income 438678.00 Gross Scheduled Income 450420.00 Insurance Expense 7649.00 Land Lease YN No Laundry Income 1825.00 Laundry YN Yes Net Operating Income 266424.00 New Construction YN No New Taxes Expense 54998.00 Number Of Separate Electric Meters 32 Number Of Separate Gas Meters 32 Number Of Separate Water Meters 1 Operating Expense 172254.00 Pest Control Expense 400.00 Pool Expense 2820.00 Professional Management Expense 21374.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 172254.00 Trash Expense 11195.00 Vacancy Allowance Rate 3.00 Water Sewer Expense 48622.00 Water Source Public Year Built Source Assessor Zoning R3

    Listing provided courtesy of Tim Steuernol of Nai Capital, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-11-30T17:33:29.493. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.

     
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