Quadplex With Central
New
For Sale
$1,799,900
Pending
570 Penrose, Corona, CA 92878
Townhome-style residences offer private two-level layouts within a gated courtyard on a corner lot.
Property Size4,700 SF
Days on Market2
Property Features for 570 Penrose
General Information
Standard status
Pending
Size
4,700 SF
Property subtype
Investment
Building Details
Building Size
4,700 SF
Year Built
1964
Stories
2
Units
4
Listing Agency:
Selling OC Real Estate
Listed By:
Cameron Davis · License #01449829
(949) 350-0808
Source:
Elliman
Added: Sep 5
Last Checked: Sep 6 at 8:30AM
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 Selling OC Real Estate
Investment Insights
Based on property information with market context.
This renovated quadplex contains four townhome-style residences, with each unit arranged across two levels and no unit positioned above or below another. The configuration includes two 3-bed/1.5-bath units and two 2-bed/1.5-bath units. Central A/C has been added to every residence. Recent property improvements include exterior repainting and new landscaping with a drip irrigation system.
The property occupies a corner lot at 570 Penrose in Corona and includes a gated courtyard. Two detached 2-car garages provide one assigned space for each unit. The location is minutes from the 91 Freeway, Corona's Metrolink Station, and the Metro at Main mixed-use center, which includes more than 60,000 square feet of ground-floor retail.
Built in 1964, the asset also includes two units receiving Section 8 assistance, with rent payments deposited directly into the owner's bank account each month.
The property occupies a corner lot at 570 Penrose in Corona and includes a gated courtyard. Two detached 2-car garages provide one assigned space for each unit. The location is minutes from the 91 Freeway, Corona's Metrolink Station, and the Metro at Main mixed-use center, which includes more than 60,000 square feet of ground-floor retail.
Built in 1964, the asset also includes two units receiving Section 8 assistance, with rent payments deposited directly into the owner's bank account each month.
Key Highlights
- Four‑unit property with two 3‑bed/1.5‑bath units and two 2‑bed/1.5‑bath units
- Two‑level townhome layouts with no unit above or below another
- Central A/C installed in every unit
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
$78,348
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
4.35%
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%
$1,566,960
$1.6M
Cap Rate 7%
$1,119,257
$1.1M
Cap Rate 9%
$870,533
$870.5K
Market Conditions
NOI Build-Up for 4,700 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
$118.4K $25.20/SF
− Vacancy
−$6.5K −$1.39/SF
EGI
$111.9K $23.81/SF
− OpEx
−$33.6K −$7.14/SF
NOI
$78.3K $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%
$1,566,960
Cap Rate 7%
$1,119,257
Cap Rate 9%
$870,533
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$979.4K – $1.31M
NOI $78,348 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$1.01M
$882.2K – $1.18M
NOI $70,577 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,332 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Townhome-style residences offer private two-level layouts within a gated courtyard on a corner lot.
Where is this quadplex located?
The property is located at 570 Penrose Corona, CA.
What is the asking price?
The asking price for this property is $1,799,900.
What are key features of this property?
This property features: Four‑unit property with two 3‑bed/1.5‑bath units and two 2‑bed/1.5‑bath units; Two‑level townhome layouts with no unit above or below another; Central A/C installed in every unit
