Multifamily
712 S Howard St
712 S Howard St, Corona, CA 92879
Listing Price: $2,000,000
Investment Overview
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%.
712 S Howard St
Investment Highlights
- 10-unit multifamily investment opportunity in the heart of Corona
- 5.04% current cap rate, January 2027 cap rate + 5.60% and a pro forma cap rate approaching 7.00%
- Scheduled January 2027 rent increases will generate an additional $950 per month / $11,400 annually in rental income
- Current rents approximately 20% below market, providing additional long-term rental upside
- Six of the 10 units have been refurbished, including quartz countertops, with tile showers installed in seven units
Exclusively Listed By
Investment Highlights
- 10-unit multifamily investment opportunity in the heart of Corona
- 5.04% current cap rate, January 2027 cap rate + 5.60% and a pro forma cap rate approaching 7.00%
- Scheduled January 2027 rent increases will generate an additional $950 per month / $11,400 annually in rental income
- Current rents approximately 20% below market, providing additional long-term rental upside
- Six of the 10 units have been refurbished, including quartz countertops, with tile showers installed in seven units
Investment Overview
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%.
Exclusively Listed By
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