| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 22nd | Poor |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 16465 Joy St, Lake Elsinore, CA, 92530, US |
| Region / Metro | Lake Elsinore |
| Year of Construction | 1979 |
| Units | 32 |
| Transaction Date | 2021-04-18 |
| Transaction Price | $7,875,000 |
| Buyer | YOUNG TERRY L |
| Seller | JOY ST APARTMENTS LLC |
16465 Joy St Lake Elsinore Multifamily Investment
Neighborhood renter concentration supports a deeper tenant base and steadier leasing, according to WDSuite’s CRE market data, with pricing influenced by a high-cost ownership backdrop in Riverside County.
Located in Lake Elsinore within the Riverside–San Bernardino–Ontario metro, the neighborhood scores competitive for everyday amenities among 997 metro neighborhoods, with strong cafe and restaurant density relative to national peers. Grocery access tracks above national medians, while parks, pharmacies, and childcare are more limited, which may influence resident expectations and retention strategies.
Rents in the surrounding area sit above national medians and have risen meaningfully over five years, supporting revenue potential. The neighborhood’s occupancy is near the national midpoint, and the share of housing units that are renter-occupied is in the top quartile among Riverside–San Bernardino–Ontario neighborhoods—an indicator of multifamily demand depth that can aid leasing continuity.
Within a 3-mile radius, recent years show a slight population dip but growth in household counts, suggesting smaller average household sizes and a broader pool of leaseholders. Looking ahead, local projections point to notable increases in population, households, and incomes by 2028, which should expand the renter pool and support occupancy stability. Median home values in the neighborhood sit well above many national markets, indicating a high-cost ownership market that can reinforce reliance on multifamily housing and sustain renter demand.
The property’s 1979 vintage is older than the neighborhood’s average construction year, creating potential value-add opportunities via modernization and targeted capital planning to strengthen competitive positioning against newer stock.
Safety indicators in the surrounding neighborhood trend around national midpoints for violent incidents, with property-related offenses sitting below national medians but improving on a year-over-year basis. Recent declines in both violent and property offense estimates suggest conditions have been moving in a favorable direction compared with the prior year, though investors should underwrite to submarket-level variability rather than block-by-block assumptions.
For underwriting, a prudent approach is to compare this neighborhood’s trend lines with nearby Riverside–San Bernardino–Ontario neighborhoods and align security measures and insurance assumptions with observed patterns rather than single-year snapshots.
Regional employers within commuting distance support renter demand through a diverse base spanning food manufacturing, homebuilding, energy logistics, healthcare distribution, and technology hardware—providing a mix of blue- and white-collar jobs that can aid leasing stability.
- General Mills — food manufacturing offices (13.9 miles)
- Lennar Homes — homebuilding offices (20.6 miles)
- McKesson Medical Surgical — healthcare distribution (25.9 miles)
- Kinder Morgan — energy logistics (26.0 miles)
- Western Digital — technology hardware (26.9 miles) — HQ
16465 Joy St offers exposure to a renter-weighted pocket of Riverside County where above-median neighborhood rents and a high-cost ownership market bolster multifamily demand. Household counts within a 3-mile radius have been growing even as average household size trends lower—signals that broaden the tenant base and can support occupancy stability over time. According to CRE market data from WDSuite, neighborhood occupancy is near national midpoints while the renter-occupied share sits in the metro’s upper tier, balancing steady demand with room for operational upside.
Built in 1979, the asset skews older than the neighborhood’s average vintage, creating a clear value-add path through targeted renovations and systems upgrades to compete with newer stock. Investors should also plan for affordability pressure (rent-to-income levels are elevated) and amenity gaps like limited park and pharmacy access—factors that call for thoughtful lease management and resident experience investments.
- Renter-weighted neighborhood supports demand depth and lease continuity
- Above-median neighborhood rents and high-cost ownership market sustain pricing power
- 1979 vintage presents renovation and operational value-add opportunities
- 3-mile outlook indicates expanding tenant base with rising incomes through 2028
- Risks: affordability pressure and limited nearby parks/pharmacies warrant proactive retention strategy