| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 44th | Good |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1003 Rimpau Ave, Corona, CA, 92879, US |
| Region / Metro | Corona |
| Year of Construction | 1988 |
| Units | 64 |
| Transaction Date | 2015-01-05 |
| Transaction Price | $8,800,000 |
| Buyer | Cinnamon Creek Investments LLC |
| Seller | --- |
1003 Rimpau Ave Corona Multifamily Investment Opportunity
Neighborhood occupancy remains resilient and renter demand is supported by a high-cost ownership market, according to WDSuite’s CRE market data, positioning this asset for stable leasing in Corona.
Located in Corona’s Urban Core, the surrounding neighborhood rates highly (A) and ranks 54th among 997 metro neighborhoods—competitive within the Riverside–San Bernardino–Ontario market. Amenity access is a strength, with neighborhood amenity density in the top quartile nationally and strong concentrations of restaurants, groceries, parks, and cafes. One trade-off: pharmacy access is limited locally, which is a minor livability consideration for residents.
For investors focused on demand stability, the neighborhood’s occupancy is strong (measured for the neighborhood, not the property) and sits above national norms, while the renter-occupied share is about 37%. This mix indicates a meaningful tenant base without overreliance on transient demand—supportive of steady leasing for mid-size assets.
School quality is a relative bright spot: average school ratings are competitive among Riverside–San Bernardino–Ontario neighborhoods (11th of 997) and sit in the upper national quartiles. These dynamics can aid retention for family-oriented renters seeking longer tenure.
Home values are elevated versus income levels (upper national percentiles), signaling a high-cost ownership market that tends to sustain rental demand and support occupancy. At the same time, rent-to-income levels around a quarter suggest manageable affordability pressure, which can help limit turnover risk and support pricing discipline.
Demographic statistics within a 3-mile radius indicate modest population softening but rising incomes and a projected increase in households alongside smaller average household sizes. For multifamily, this points to a larger renter pool over time and supports occupancy stability, even if headcount growth is muted.
Safety indicators for the neighborhood are mixed relative to regional and national benchmarks. Overall crime stands near the metro midpoint (ranked around the middle of 997 neighborhoods), and the neighborhood sits just below the national average for safety. Year-over-year, property crime shows a sharp improvement (one of the stronger declines nationally), while violent crime metrics are weaker versus national norms. Investors should underwrite with conservative assumptions, monitor trends, and consider standard security and lighting upgrades as part of capital planning.
The area draws on a diverse employment base within a commutable radius, supporting workforce housing demand and lease stability. Key nearby employers include McKesson Medical-Surgical, General Mills, Waste Management, Ryder Vehicle Sales, and Kinder Morgan.
- McKesson Medical Surgical — healthcare distribution (9.5 miles)
- General Mills — consumer packaged goods (10.6 miles)
- Waste Management — environmental services (12.1 miles)
- Ryder Vehicle Sales — transportation & logistics (14.8 miles)
- Kinder Morgan — energy infrastructure (16.6 miles)
Built in 1988, this 64-unit asset offers mid-vintage scale with potential for targeted value-add—modernizations that can improve competitiveness versus older neighborhood stock while addressing aging systems. Neighborhood fundamentals are favorable for durable leasing: occupancy is strong at the neighborhood level, the renter-occupied share indicates a sizable tenant base, and elevated home values in Corona reinforce reliance on multifamily housing. According to CRE market data from WDSuite, amenity access is robust and school quality ranks among the metro’s best, both supportive of retention.
Within a 3-mile radius, projections show rising household incomes and a larger share of smaller households, which can expand the renter pool even as population growth softens. Together with manageable rent-to-income dynamics, the area supports steady absorption and pricing discipline for well-maintained, well-managed properties.
- Strong neighborhood occupancy and high-cost ownership market support consistent renter demand
- Mid-vintage (1988) profile with targeted renovation and systems upgrades to drive NOI
- Competitive school ratings and amenity access aid retention and lease stability
- 3-mile outlook shows more, smaller households and rising incomes—supportive of renter pool expansion
- Risks: mixed safety indicators and modest population growth warrant conservative underwriting and active asset management