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    449 River Rd Corona, CA 92878

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    Fully entitled 9-unit condominium project in Corona, CA.

    Property size:
    15,628 SF
    Lot size:
    0.42 Acres

    Property Features for 449 River Rd

    General Information

    Standard status
    Active
    Size
    15,628 SF
    Lot size
    0.42 Acres

    We can help!

    Listing Contact
    Kyle Williams
    Kyle Williams
    Source: Crexi

    Listing Agency: Ashwill Associates Commercial Real Estate Listing Agent: Kyle Williams

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Shovel-Ready Condo Development Opportunity

    This is a rare opportunity to acquire a fully entitled, shovel-ready infill condominium project located in Corona, CA. The property is situated on a level corner parcel at River Rd & Cota St, offering strong address recognition and practical access. The project features approved construction, civil, and architectural plans, allowing for immediate construction. The development consists of nine condominium units, with unit sizes ranging from approximately 1,120 to 1,312 square feet, totaling approximately 11,154 square feet of living space. The total project size is approximately 15,628 square feet, including corridors, lobby, parking, and off-site improvements. The building height is planned for three stories, with 20 parking spaces. The location provides convenient access to the 91 and 15 freeways, offering connectivity throughout the Inland Empire and Orange County. Residents will benefit from proximity to shopping, dining, and the Santa Ana River Trail. This project is suitable for various strategies, including build-to-sell, long-term hold, or a hybrid approach. The seller can assist with construction post-close. The property is located at 449 River Road, Corona, CA 92878, with APN 119-081-012, and has a lot size of approximately 0.42 acres (approximately 18,295 square feet).
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Corona
    County
    Riverside
    State
    California
    Longitude
    -117.5687008
    Latitude
    33.8931611

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    FAQs

    What type of property is this?
    Commercial land - Fully entitled 9-unit condominium project in Corona, CA.
    Where is this commercial land located?
    The property is located at 449 River Rd Corona, CA.
    What are key features of this property?
    This property features: - Shovel-ready 9-unit condo development with approved plans for immediate construction.; - Prime location on a highly visible corner parcel with easy access to the 91 & 15 freeways.; - Multiple exit strategies: build-to-sell, build-to-generate income, or a hybrid approach.
    Request Owner's contact information
    449 River Rd Corona, CA 92878
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    Corona, CA 92878
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    449 River Rd Corona, CA 92878
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    Listing Contact
    Kyle Williams
    Kyle Williams
    Real Estate License ID: 02015940
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