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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$2,000,000

Est. payment - /mo

7,405 Sqft Lot

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UPDATED:

Key Details

Property Type Other Types

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV26189840

HOA Y/N No

Year Built 1963

Annual Tax Amount $22,493

Lot Size 7,405 Sqft

Property Sub-Type Apartment

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, transportation, and everyday amenities. Nearby State Route 91 and Interstate 15 provide connectivity throughout the Inland Empire, Orange County, and the greater Southern California region.
Please do not disturb tenants, walk the property, or contact anyone at the property. Interior inspections will be conducted only upon an accepted offer.

Location

State CA

County Riverside

Area 248 - Corona

Interior

Heating None

Fireplace No

Laundry Common Area

Exterior

Parking Features Assigned, Asphalt, Off Site, On Site

Pool None

Community Features Sidewalks

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 117194011

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

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Listed by Gisele Pinedo MARCUS & MILLICHAP #02188347

NEARBY SCHOOL & BUSINESS

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712 S Howard Corona, CA 92879