Corona Office Building For
For Sale
$1,700,000
815 S Main, Corona, CA 92882
Multi-tenant office building in downtown Corona revitalization area.
Property Size3,658 SF
Lot Size0.37 Acres
Price / SF$464.73
Days on Market120
Property Features for 815 S Main
General Information
Standard status
Active
Size
3,658 SF
Lot size
0.37 Acres
Property subtype
Commercial
Building Details
Year Built
1952
Listing Agency:
Windermere Inland properties
(951) 369-8002
Listed By:
COLLETTE LEE · License #00936810
(951) 369-8002
Source:
Elliman
Added: Apr 9
Changed: Jul 10
Last Checked: Aug 6 at 6:31AM
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 Windermere Inland properties
Investment Insights
Based on property information with market context.
Located in the Downtown Corona Revitalization Plan area, this multi-tenant office building is zoned for professional offices. The building is vacant and contains 4 separate suites. The adjacent property at 817 Main St. (APN 117-231-008), which is 3658 square feet, must be purchased together. This building currently houses a funeral home with a lease expiring September 30, 2026. Combined, the properties offer a total of 19 parking spaces. The parking lot, identified as 117-231-017, spans 3920 square feet or 0.09 acres, contributing to a total acreage of 0.37 acres. The surrounding area is undergoing significant renovation, with promising prospects for future development. The Corona City Government is actively promoting business and infrastructure development, anticipating continued increases in land prices and rents. The property is near Highways 91 and 15, facilitating convenient logistics and attracting commercial tenants. It is located across the street from Corona Regional Medical Center and Southwestern Medical Center. Situated on Main Road, with 6th Street in front, it benefits from high traffic volume. Highway 91 (Riverside Fwy) is a short 3-minute drive away, providing access to Los Angeles and Orange County. Multiple bus stops are within walking distance.
Key Highlights
- Located in Downtown Corona Revitalization Plan area with projected growth and rising land values.
- Zoned for professional offices, suitable for multiple tenants.
- Close proximity to Highways 91 & 15, providing convenient access to Los Angeles and Orange County.
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
$56,494
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
3.32%
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%
$1,129,880
$1.1M
Cap Rate 7%
$807,057
$807.1K
Cap Rate 9%
$627,711
$627.7K
Market Conditions
NOI Build-Up for 3,658 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
$96.6K $26.40/SF
− Vacancy
−$21.2K −$5.81/SF
EGI
$75.3K $20.59/SF
− OpEx
−$18.8K −$5.15/SF
NOI
$56.5K $15.44/SF
Area
Corona, CA
Vacancy
22.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,129,880
Cap Rate 7%
$807,057
Cap Rate 9%
$627,711
Alternative Uses
Best Use
Office B
$807.1K
$706.2K – $941.6K
NOI $56,494 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$995.6K – $1.33M
NOI $79,645 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,555
Businesses Nearby
Explore this area
Business Placement
Demographics for 92882, CA
67,894
Population
20,757
Households
3.3
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
11.8 sq mi
ZIP Area
5,754
Density / Sq Mi
$100,668
Median Household Income
$46,092
Median Earnings
$2,093
Median Rent
$653,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant office building in downtown Corona revitalization area.
Where is this office building located?
The property is located at 815 S Main Corona, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Located in Downtown Corona Revitalization Plan area with projected growth and rising land values.; Zoned for professional offices, suitable for multiple tenants.; Close proximity to Highways 91 & 15, providing convenient access to Los Angeles and Orange County.
