| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 58th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2178 Stoneridge Dr, Corona, CA, 92879, US |
| Region / Metro | Corona |
| Year of Construction | 1987 |
| Units | 70 |
| Transaction Date | 2024-09-09 |
| Transaction Price | $136,500,000 |
| Buyer | AMFP VI ASHTON LLC |
| Seller | SCG ATLAS ASHTON LLC |
2178 Stoneridge Dr Corona Multifamily Investment
This 70-unit property built in 1987 benefits from neighborhood-level occupancy rates of 93.7% and strong rental demand in an A-rated Corona location, according to CRE market data from WDSuite.
The Stoneridge Drive neighborhood in Corona ranks in the top 10% among 997 metro neighborhoods with an A rating, driven by strong housing fundamentals and tenant appeal. Built in 1987, this property aligns with the neighborhood's average construction year of 1991, positioning it well within the established building stock while offering potential value-add opportunities through selective renovations.
Rental demand remains robust with 54.9% of housing units occupied by renters, ranking in the top quartile nationally. Median contract rents of $2,095 reflect strong pricing power, supported by elevated home values at $633,563 that reinforce renter reliance on multifamily housing. The neighborhood's 93.7% occupancy rate provides stability for lease renewal strategies, though this represents a slight decline from five years prior.
Demographics within a 3-mile radius show household income growth of 34.4% over five years to a median of $91,794, with forecasts projecting continued income expansion to $141,672 by 2028. The area maintains strong tenant retention factors including above-average grocery store density (2.99 per square mile, 89th percentile nationally) and restaurant access (16.43 per square mile, 95th percentile nationally), while parks and recreational amenities rank in the top 10% nationwide.
Safety metrics present a mixed picture requiring careful consideration for property management strategies. Property crime rates of 500 incidents per 100,000 residents rank in the bottom half among metro neighborhoods, though the area has experienced a 21.8% improvement in property crime trends over the past year, placing it above the metro median for crime reduction.
Violent crime rates remain relatively low at 75 incidents per 100,000 residents but showed concerning increases over the past year. These trends suggest the importance of robust security measures and tenant screening protocols to maintain occupancy stability and resident satisfaction.
The Corona area benefits from proximity to major corporate employers that support workforce housing demand, with several Fortune 500 companies maintaining significant operations within reasonable commuting distance.
- General Mills — food manufacturing (9.1 miles)
- Mckesson Medical Surgical — healthcare distribution (9.8 miles)
- Waste Management — environmental services (12.1 miles)
- Kinder Morgan — energy infrastructure (14.5 miles)
- First American Financial — financial services (23.4 miles) — HQ
This 70-unit Corona property offers investors exposure to a top-tier neighborhood with strong fundamentals and value-add potential. The 1987 construction year positions the asset for strategic capital improvements while benefiting from an established tenant base in an A-rated location. Neighborhood-level occupancy of 93.7% and median rents of $2,095 demonstrate sustained demand, supported by elevated home values that reinforce rental housing reliance.
Demographic projections show household income growth accelerating to $141,672 by 2028, expanding the qualified tenant pool while contract rents are forecast to increase 30.5% over five years. The area's amenity density ranks in the top quartile nationally for restaurants and grocery access, supporting tenant retention and lease renewal rates.
- A-rated neighborhood ranking in top 10% of 997 metro areas with strong rental demand fundamentals
- 1987 vintage offers value-add renovation potential while maintaining competitive positioning
- Household income growth of 54% projected through 2028 expanding qualified tenant base
- Top quartile amenity access supporting tenant retention and lease renewal strategies
- Risk consideration: Recent violent crime increases require enhanced security protocols and tenant screening