Tenant-Occupied Duplex with
For Sale
$600,000
4120 S Neece, Corona, CA 92879
Two leased residences benefit from recent building-system and exterior improvements in Corona.
Property Size1,380 SF
Price / SF$434.78
Days on Market25
Property Features for 4120 S Neece
General Information
Standard status
Active
Size
1,380 SF
Property subtype
Multi-Family
Building Details
Year Built
1968
Listing Agency:
Rise Realty
Listed By:
Philip Bendler · License #01747132
(949) 661-1400
Source:
Robertandchristy
Added: Aug 15
Changed: Sep 8
Last Checked: Sep 8 at 4:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rise Realty
Investment Insights
Based on property information with market context.
This Corona duplex contains two separate two-bedroom residences with approximately 1,380 square feet of combined living area. Both units are occupied by tenants, allowing the property to transfer with existing rental occupancy. The improvements include HVAC installed in 2024, a newer roof, replacement windows, and an upgraded electrical system.
The property sits on an approximately 9,583-square-foot lot at 4120 S Neece St. Its Corona setting provides access to shopping, dining, schools, services, and nearby freeway connections. The site also offers additional outdoor area, while any future expansion, added units, or ADU plans would require independent review and approval by the appropriate governmental authorities.
The property sits on an approximately 9,583-square-foot lot at 4120 S Neece St. Its Corona setting provides access to shopping, dining, schools, services, and nearby freeway connections. The site also offers additional outdoor area, while any future expansion, added units, or ADU plans would require independent review and approval by the appropriate governmental authorities.
Key Highlights
- Two separate 2‑bedroom units with approximately 1,380 total sq. ft.
- Approximately 9,583 sq. ft. lot at 4120 S Neece St, Corona, CA
- Both units are tenant‑occupied and transfer with existing rental occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,004
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$460,080
$460.1K
Cap Rate 7%
$328,629
$328.6K
Cap Rate 9%
$255,600
$255.6K
Market Conditions
NOI Build-Up for 1,380 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.8K $25.20/SF
− Vacancy
−$1.9K −$1.39/SF
EGI
$32.9K $23.81/SF
− OpEx
−$9.9K −$7.14/SF
NOI
$23.0K $16.67/SF
Area
Corona, CA
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$460,080
Cap Rate 7%
$328,629
Cap Rate 9%
$255,600
Alternative Uses
Best Use
Multifamily LT 5
$328.6K
$287.6K – $383.4K
NOI $23,004 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$296.0K
$259.0K – $345.4K
NOI $20,723 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$429.2K
$375.6K – $500.8K
NOI $30,046 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
957
Businesses Nearby
Explore this area
Business Placement
Demographics for 92879, CA
47,243
Population
14,919
Households
3.2
Avg Household Size
35
Median Age
23%
College-Educated
80%
High-School Grad
9.8 sq mi
ZIP Area
4,821
Density / Sq Mi
$91,862
Median Household Income
$42,496
Median Earnings
$1,968
Median Rent
$592,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences benefit from recent building-system and exterior improvements in Corona.
Where is this duplex located?
The property is located at 4120 S Neece Corona, CA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two separate 2‑bedroom units with approximately 1,380 total sq. ft.; Approximately 9,583 sq. ft. lot at 4120 S Neece St, Corona, CA; Both units are tenant‑occupied and transfer with existing rental occupancy
