10-Unit Apartment Building with
New
For Sale
$2,000,000
712 S Howard, Corona, CA 92879
Two-story multifamily property offering renovated units, tenant parking, and on-site laundry in central Corona.
Property Size6,000 SF
Lot Size0.17 Acres
Price / SF$333.33
Days on Market3
Property Features for 712 S Howard
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.17 Acres
Property subtype
Apartment
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Additional Details
Cap Rate
5.04%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$22,493
Amenities
on-site laundry room
Building Details
Building Size
6,000 SF
Year Built
1963
Buildings
1
Stories
2
Listing Agency:
MARCUS & MILLICHAP
(909) 456-3400
Listed By:
Gisele Pinedo · License #02188347
Source:
Velocityrealtysd
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 9:23AM
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 MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
The Howard Apartments is a two-story, 10-unit apartment property built in 1963 on an approximately 7,405-square-foot lot. The approximately 6,000-square-foot building contains ten one-bedroom, one-bathroom apartments averaging approximately 600 square feet each. Six units have been refurbished, while tile showers have been installed in seven units. Additional improvements include copper water-line repiping approximately 10 years ago, roof replacement approximately six to seven years ago, replacement of most water heaters, and electric heaters installed approximately five to seven years ago. The property is all-electric and includes tenant parking and an on-site laundry room.
Current operations reflect an approximately 5.04% cap rate, with rents approximately 20% below market. Scheduled increases across all 10 units beginning January 2027 are projected to support an approximate 5.60% cap rate, while additional rental upside is described as supporting a pro forma cap rate approaching 7.00%.
The property is located at 712 S Howard Street in Corona, with access to employment, shopping, dining, transportation, and everyday amenities. State Route 91 and Interstate 15 provide regional connections through the Inland Empire, Orange County, and greater Southern California.
Current operations reflect an approximately 5.04% cap rate, with rents approximately 20% below market. Scheduled increases across all 10 units beginning January 2027 are projected to support an approximate 5.60% cap rate, while additional rental upside is described as supporting a pro forma cap rate approaching 7.00%.
The property is located at 712 S Howard Street in Corona, with access to employment, shopping, dining, transportation, and everyday amenities. State Route 91 and Interstate 15 provide regional connections through the Inland Empire, Orange County, and greater Southern California.
Key Highlights
- 10‑unit apartment property with ten one‑bedroom / one‑bathroom units
- Approximately 6,000 square feet on an approximately 7,405‑square‑foot lot
- Approximately 5.04% current cap rate with rents approximately 20% below market
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
$90,098
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
4.50%
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%
$1,801,960
$1.8M
Cap Rate 7%
$1,287,114
$1.3M
Cap Rate 9%
$1,001,089
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$172.8K $28.80/SF
− Vacancy
−$9.0K −$1.50/SF
EGI
$163.8K $27.30/SF
− OpEx
−$73.7K −$12.29/SF
NOI
$90.1K $15.02/SF
Area
Corona, CA
Vacancy
5.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,801,960
Cap Rate 7%
$1,287,114
Cap Rate 9%
$1,001,089
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,098 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,637 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,488
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?
Apartment building - Two-story multifamily property offering renovated units, tenant parking, and on-site laundry in central Corona.
Where is this apartment building located?
The property is located at 712 S Howard Corona, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 10‑unit apartment property with ten one‑bedroom / one‑bathroom units; Approximately 6,000 square feet on an approximately 7,405‑square‑foot lot; Approximately 5.04% current cap rate with rents approximately 20% below market
