712 E Howard St 10 Unit Apartment Building $2,781,600 CAD ($278,160 CAD/Unit) 5.04% Cap Rate Corona, CA 92879

Marcus & Millichap Real Estate Investment Services is pleased to present the opportunity to acquire the Howard Apartments, a 10-unit multifamily investment property located at 712 S Howard Street in Corona, California.
The property is currently operating at a 5.04% cap rate with rents approximately 20% below market, presenting investors with an attractive value-add opportunity and meaningful potential for future income growth. Effective January 2027, scheduled rental increases across all 10 units will generate an additional $950 per month in rental income, or approximately $11,400 annually. Based on current operating performance, the scheduled increases would result in an approximate 5.60% cap rate, with additional upside toward a pro forma cap rate approaching 7.00%.
Built in 1963, the two-story apartment building consists of approximately 6,000 square feet situated on an approximately 7,405-square-foot lot. The unit mix consists of 10 one-bedroom/one-bathroom units averaging approximately 600 square feet each.
Ownership has completed several capital improvements, including the refurbishment of six units, installation of tile showers in seven units, copper water line repiping approximately 10 years ago, and roof replacement approximately six to seven years ago. Most water heaters have also been replaced, and electric heaters were installed approximately five to seven years ago. Additional features include ample tenant parking and an on-site laundry room. The building is all-electric with no gas service to the property.
The Howard Apartments benefits from a central Corona location with convenient access to employment, shopping, dining, transportation, and everyday amenities. Corona is supported by a diverse employment base spanning healthcare, education, manufacturing, government, and retail. Its strategic location near State Route 91 and Interstate 15 provides convenient connectivity throughout the Inland Empire, Orange County, and the greater Southern California region.
Overall, this investment provides the opportunity to acquire a well-located 10-unit asset combining near-term scheduled income growth, additional value-add potential, and meaningful capital improvements already completed by current ownership.
PLEASE DO NOT DISTURB TENANTS, WALK THE PROPERTY, OR SPEAK WITH ANYONE AT THE PROPERTY. INTERIOR INSPECTIONS WILL ONLY BE PERMITTED UPON AN ACCEPTED OFFER.