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    198 Lewis Ct Corona, CA 92882-1812
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    Property profile & analytics

    198 Lewis Ct, Corona, CA 92882-1812

    View on Map
    • Warehouses
    • 5,958 SF
    • 0.35 lot acres
    Off-Market
    Last Sale Aug 8, 2022
    $2,100,000
    Property ID
    US09-0173692
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $2,155,000
    Show details
    Cap Rate Potential
    2.8%
    Warehouses
    Location Intelligence

    Current Use by Public Records

    • REP Solar / Solar Energy Company / Solar Energy System Service
    • Carven Exhaust Inc / Auto Parts Store

    Property Details for 198 Lewis Ct

    Year built
    1990
    Construction
    TILT-UP CONCRETE
    Lot size
    0.35 lot acres
    Zone code
    R106
    Property type
    Warehouses
    APN
    118-160-074
    APU
    118160074

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 8, 2022 $2,100,000 Renewable Energy Partners INC Jeffrey Ochjoa Grant Deed $1.7M · First Citizens Bank & Trust Co
    Jan 14, 2021 — Jeffrey Ochoa — Deed · related $705k · California Statewide Certified Developme
    Oct 30, 2020 $1,423,500 Jeffrey Ochoa Steven J Crawford Grant Deed —
    Oct 30, 2020 — Jeffrey Ochoas Jennifer A Ochoa Quit Claim Deed · related —
    Dec 14, 2016 — Crawford,s & H Living Trust Crawford,steven J & Heather L Quit Claim Deed · related —
    Nov 18, 2016 — Murphy,m & E Living Trust Murphy,michael E & Erica L Quit Claim Deed · related —
    Jul 19, 2005 — Steven J Crawford Crawford,heather Quit Claim Deed $472k · Lewis James R Trust 006329

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,220,000
      ML approach
      $2,195,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,794,000
      Market price range: $1.15M - $2.79M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,760,000
      Current use
      RETAIL STORES
      $3,025,000
      Change: +72% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $2,575,000
      Change: +46% Conversion: Easy
      OFFICE BUILDING
      $1,805,000
      Change: +3% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Corona
    County
    Riverside
    State
    California
    Longitude
    -117.587
    Latitude
    33.8849
    CBSA code
    40140
    CBSA name
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $23,881
    $464,100
    $1,677,900
    $2,142,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      200 Sherman Ave

      STORAGE YARD, OPEN STORAGE
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    • Value Estimation
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      30,000 SF

      224 Sherman Ave

      WAREHOUSE, STORAGE
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      9,000 SF

      470 Railroad St

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    • Value Estimation by Request
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      WAREHOUSE, STORAGE
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    • Value Estimation
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      4,725 SF

      205 Lincoln Ave

      WAREHOUSE, STORAGE
      205 Lincoln Ave, Corona, CA 92882-1851
      View Details

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      Corona Mixed-Use Investment Opportunity

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    • New
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      Automotive Repair Shop with 11 Bays

      Established automotive repair operation with multiple service bays, lifts, and included equipment and stock for an owner-operator.
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    Similar Nearby for Lease

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      Industrial warehouse space available for lease in Corona, California.
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      40,600 SF warehouse featuring designer office space and secured yard.
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      Industrial Space with Freeway Access

      Multi-tenant building with immediate freeway access and office space.
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      View Details
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      Freeway Frontage Industrial Unit

      Industrial unit with freeway access, roll-up doors, and fenced yard.
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      View Details
    • Contact for pricing
      1,582 SF

      Multi-Tenant Warehouse Space Available

      Multi-tenant warehouse space with street frontage for lease.
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      View Details
    • Contact for pricing

      Versatile Office Space Available

      Office suites available, build to suit, gated parking.
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      View Details
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    Corona, CA 92882-1812
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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.

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