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712 S Howard Corona, CA 92879
7,405 Sqft Lot
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.
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
Listed by Gisele Pinedo MARCUS & MILLICHAP #02188347