16
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$2,000,000
Est. payment /mo
4 Beds
4 Baths
7,405 Sqft Lot
New
712 S Howard Corona, CA 92879
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV26189840
Bedrooms 4
Lot Size 7,405 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
We are pleased to present the The Howard Apartments, a 10-unit multifamily investment property located at 712 S Howard Street in Corona, California. The property is currently operating at approximately a 5.04% cap rate with rents approximately 20% below market, providing investors with an attractive value-add opportunity and potential for future income growth. Effective January 2027, scheduled rent increases across all 10 units will generate an additional $950 per month in rental income, or approximately $11,400 annually. Based on current operating performance, these increases are projected to result in an approximate 5.60% cap rate, with additional rental upside providing the potential for a pro forma cap rate approaching 7.00%. Built in 1963, the two-story property consists of approximately 6,000 square feet on an approximately 7,405-square-foot lot. The unit mix consists entirely of 10 one-bedroom / one-bathroom units averaging approximately 600 square feet each. Current ownership has completed several capital improvements, including the refurbishment of six units, installation of tile showers in seven units, copper water line repiping approximately 10 years ago, and roof replacement approximately six to seven years ago. Most water heaters have also been replaced, and electric heaters were installed approximately five to seven years ago. Additional features include ample tenant parking and an on-site laundry room. The property is all-electric with no gas service. The property benefits from a central Corona location with convenient access to employment, shopping, dining,
Location
State CA
County Riverside
Zoning Public Rec
Direction Located on South Howard Street and 7th st
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 117194011
Acceptable Financing Cash
Listing Terms Cash
Listed by Gisele Pinedo, DRE#02188347 MARCUS & MILLICHAP
NEARBY SCHOOL & BUSINESS
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