Browse All Lake Elsinore City CA Multi-Family Properties for Sale

Santa Rosa Mountain Villas is a unique and highly leasable 18-unit multifamily community built in 1987, comprising approximately 17,640 square feet of rentable space. The property consists of three identical two-story apartment buildings, each with a separate legal address (33071/33081/33091), situated on an approximately 56,628-square-foot lot. Also included in the offering is an additional contiguous, undeveloped 19,750-square-foot parcel featuring approximately 62 feet of frontage on Grand Avenue, property signage, and a sewer connection. Together, the parcels comprise approximately 1.75 acres, providing potential opportunities for the development of additional units on the improved parcel and/or the adjoining outparcel, subject to applicable zoning, entitlements, and governmental approvals. Each building contains six two-story, townhome-style residences and a laundry room providing additional owner income. Each approximately 980-square-foot unit features two bedrooms, one-and-one-half bathrooms, a private enclosed rear patio, central HVAC, and an individual water heater. Nearly all residences feature vinyl plank flooring throughout the first floor and upstairs full bathroom. In recent years, several units have received additional interior upgrades, including quartz or granite countertops in kitchens and bathrooms, as well as stainless-steel gas ranges, microwaves, and dishwashers. With its combination of townhome-style floor plans, substantial parking, lake and mountain views, operational efficiencies, additional land, and possible future development potential, Santa Rosa Mountain Villas presents investors with a distinctive multifamily investment opportunity in Southern California.

33071 Santa Rosa, Lake Elsinore

$975,000

OC26222168 MLS ⋅ Active Status

This property is near the lake and features 2, almost identical, upgraded homes. Each homes includes 3 bedrooms and 2 1/2 bath plus a 2-car carport. The units are nearly identical. Nicely updated inside and out, each townhouse features fresh paint, newer flooring & updated fixtures throughout. The entry's open to a spacious living-room that flows seamlessly into a light & bright great-room with comfortable living space. Enjoy the inviting eat-in kitchen spaces & the generously sized kitchens offering ample cabinetry. The laundry areas are conveniently located at the base of each staircase. Upstairs are 3 well-appointed bedrooms, including 2 with walk-in closets & primary suites that features a private balcony with views of Lake Elsinore. Each home includes 2 covered, parking spaces. Located near the Historical Downtown, Schools and the Lake ...!

905 W Sumner, Lake Elsinore

$649,900

219153863DA MLS ⋅ Active Status

2 DETACHED HOMES, 1 LOT, NO HOA!!! Check Out the Virtual Walk-through on this Beautifully Situated Ranch Home with Detached Guest Cottage/Income Property- Both with Lake Views! Located in the City of Lake Elsinore close to the Freeway, Stadium and Downtown!! Featuring One Single Level 3 bedroom, 2 bath home with split concept, Laundry and Attached Direct Access 2 car Garage. Also featuring a Detached Cottage Home with RV/Toy Parking with Extra Large Lot Crossed Fenced for Individual Spaces between you and your Guest House as well as its own Laundry. This is a Year Round City with many Sites to Visit including Lake Elsinore's renowned Waterfront Campground, Dining and Boat Launch, The Ortega Highway that takes you to Historic Downtown San Juan Capistrano and less than 5 minutes to the freeway. Whether you love Shopping at the Outlet Mall, Riding at the Motocross Track, Watching Live Events, Parachuting at the Airport, or Catching a Game at Our Minor League Baseball Stadium, there's something for everyone. Lake Elsinore is home to Watersports Competitions, Fishing Derbies, Concerts, and so much more, ensuring endless fun and adventure. Your new home sits at the crossroads of Southern California's best destinations--just an hour from Sea World in San Diego, The Walk of Fame in Los Angeles, Disneyland, the Beaches of Orange County as well as a mere 1.5 hours, you can explore Coachella, Big Bear, Palm Springs, Morongo, and the Cabazon Outlets. It's no wonder people Buy here, Live here, and Love to call Lake Elsinore home! Come experience Lake Elsinore's ''Dream Extreme'' lifestyle--where anything is possible. Visit for the weekend and stay for a lifetime! Take a tour today! Incredible opportunity to call this your Home.

32665 Mesa Drive, Lake Elsinore

$4,000,000

TR26214538 MLS ⋅ Active Status

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.

16459 Joy Street, Lake Elsinore

$719,000

SW26164962 MLS ⋅ Active Status

Discover a unique investment opportunity in Lake Elsinore with this versatile three-unit property. Ideal for investors or owner-occupants, the property offers multiple income-producing possibilities—live in one unit while renting the others, accommodate extended family, or add a multifamily asset to your portfolio. Each residence provides private living space, while the property’s location offers convenient access to shopping, dining, recreation, major roadways, and Lake Elsinore’s scenic waterfront. With strong rental potential and flexible living arrangements, this triplex is an opportunity you won’t want to miss. Buyer to verify all unit details, permits, square footage, zoning, and rental information.

305 Line Street, Lake Elsinore

$549,000

260017737SD MLS ⋅ Pending Status

Investor Special in Lake Elsinore! Rare opportunity to own a 3-unit multifamily property just one block from the town center, featuring lake views and situated on a large 17,000 sq. ft. lot. The property includes a 1BR/1BA unit, a studio, and a 2BR/1BA upper unit. When fully occupied, the property generates approximately $46000 + a year in rental income in current condition. 3 units are currently rented, one on a month-to-month basis and one with 4 months remaining on the lease. Hold to increase rental income or explore the development potential for more units or two separate building, ADU. Property is being sold as-is. Excellent location near downtown Lake Elsinore, schools, shopping, and easy freeway access. Great views of the Lake. Great opportunity for investors or developers looking to add value in a growing area!

176 Olive St, Lake Elsinore

$1,399,999

SW26136020 MLS ⋅ Active Status

Exceptional 4-unit multifamily property (NEWER CONSTRUCTION encompassing 2 different and continuos parcels) offering stable tenants and income, strong rental demand (when vacancies occur), and long-term growth potential. This new and well-maintained asset features a mix of spacious units, solid tenant history, and consistent cash flow, making it an excellent addition to any investment portfolio. Positioned in a desirable area with access to major amenities and transportation, the property offers upside through rent optimization and strategic improvements. With its reliable performance and very low-vacancy track record, these buildings are perfectly suited for 1031 exchange buyers seeking a secure a replacement property. Investors will appreciate the steady NOI, professional management options, and long-term value in a high-demand rental market. The property encompases a newly constructed two-story, four-unit residential building designed with modern comfort, efficiency, and style in mind. Each unit features an open-concept layout with abundant natural light, and contemporary finishes throughout. The building includes two units on the ground floor and two units on the second level, each offering private entrances for added convenience and privacy. Thoughtfully crafted with durable materials and energy-efficient systems, the property boasts sleek kitchens with quality cabinetry, spacious living areas, well-appointed bedrooms, indoor laundry area, and a stylish bathroom. Exterior highlights include clean architectural lines, fresh landscaping, and parking spaces for residents. Opportunity for developing an additional 2 units exists. Site plan and elevations have been approved by the City of Lake Elsinore. A solid investment with upside for buyers looking to add value and capitalize on a classic multifamily asset in a desirable, well-positioned area.

415 N Main Street, Lake Elsinore

$462,530

SW26068596 MLS ⋅ Active Status

Affordable duplex in Lake Elsinore with new vinyl fencing and each unit offers a private yard. Both units are 1BD/1BA, 400 sq ft (buyer to verify) clean, functional, and maintained, with strong rental appeal. Unit A totals $1,700/mo with rent and surcharges, and Unit B totals $1,461.80/mo with rent and surcharges. Gross annual income is approximately $37,941.60 with a reported net of $26,559.12, reflecting an estimated 5.7% cap rate at a $463,500 price (buyer to verify all figures). Plenty of parking on site. Located within walking distance to Lake Elsinore and Perret Park for boating, water sports, fishing, and outdoor recreation. Zoned commercial, offering additional possibilities for buyers with business needs—buyer to verify all uses with the City of Lake Elsinore. Suitable for investors or an owner-occupant who wants to live in one unit and rent the other. Buyer to verify all information, income, expenses, zoning, and feasibility.

17797 Grand A & B, Lake Elsinore

$2,040,000

IV26024597 MLS ⋅ Active Status

Rare opportunity to acquire a stabilized 14-unit multifamily asset in a prime Lake Elsinore location near the lake and within walking distance to downtown, dining, and shopping. The property features a desirable unit mix of four studios, six 1-bed/1-bath units, and four 2-bed/1-bath units, all currently tenant occupied and generating immediate income. Utilities are efficiently structured with separate gas and electric meters for each unit (14 total) and one shared water meter, helping reduce owner expenses. Situated on a large 18,730 sq ft lot across two APNs (374-173-002 & 374-173-003). No garage parking. Strong rental demand and consistent occupancy provide stable cash flow, with clear upside potential through rent increases. Recent capital improvements include a new roof, making this an excellent opportunity for investors seeking a value-add or long-term hold in a growing Inland Empire market with strong tenant appeal.

120 W Heald, Lake Elsinore

$420,000

IV26023151 MLS ⋅ Pending Status

Well maintained Lake Elsinore duplex offering strong income with upside, featuring two 1 bedroom, 1 bathroom units. The upper unit is tenant occupied and stabilized at $1,400 per month and enjoys lake views, while the lower unit is vacant, recently updated with fresh paint, newer appliances, and updated kitchen cabinetry, and can achieve an estimated rent of $1,500 per month. The lower unit also includes a rare 2 car detached garage, adding significant rental appeal. Ideal for investors or owner occupants seeking immediate cash flow in a convenient Lake Elsinore location near shopping, dining, and freeway access. Detached 2 car garage offers potential ADU conversion, buyer to verify zoning, permits, and feasibility with the City of Lake Elsinore. Property also includes a detached storage structure that is part of the property and provides additional usable space.

33384 Adelfa Street, Lake Elsinore

$998,000

DW25237444 MLS ⋅ Active Status

Located in the heart of Lake Elsinore’s revitalized downtown district, this versatile mixed-use property offers exceptional potential for both investors and owner-users. The building features a retail storefront on the ground floor, ideal for a boutique, café, professional office, or service business. Upstairs, you'll find a spacious 4 bedroom, 1 bath residential unit, perfect for an owner-occupant or as additional rental income. Live upstairs and operate your business below, or rent out both spaces for maximum return. Enjoy outstanding visibility and foot traffic thanks to the City’s ongoing Downtown Revitalization Initiative, a multi-faceted project transforming the Main Street corridor. Significant enhancements include the new City Hall at Main and Graham, pedestrian safety and infrastructure upgrades, and aesthetic improvements. Don’t miss this rare opportunity to invest in one of Southern California’s fastest-growing communities, where business meets lifestyle.

118 N Main, Lake Elsinore

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Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Browse All Lake Elsinore City CA Multi-Family Properties for Sale

Lake Elsinore City Multi-Family Real Estate

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