| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 51st | Good |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2680 S Main St, Corona, CA, 92882, US |
| Region / Metro | Corona |
| Year of Construction | 1989 |
| Units | 75 |
| Transaction Date | 2019-02-20 |
| Transaction Price | $15,500,000 |
| Buyer | CORONA VILLAS HOUSING LP |
| Seller | CORONA COMMUNITY VILLAS INC |
2680 S Main St Corona Multifamily Investment
The neighborhood ranks in the top 10th percentile for net operating income per unit among 997 metro neighborhoods, with strong occupancy fundamentals supporting multifamily property research in Corona's established rental market.
This Corona neighborhood demonstrates strong rental housing fundamentals, ranking 68th among 997 neighborhoods in the Riverside-San Bernardino-Ontario metro area with an A-grade overall rating. The area maintains a 98.4% occupancy rate, placing it in the 91st percentile nationally and reflecting stable tenant demand. Built in 1989, this 75-unit property aligns with the neighborhood's average construction year of 2001, positioning it for potential value-add opportunities through targeted capital improvements.
Demographics within a 3-mile radius show a stable renter base, with 35% of housing units occupied by renters and a median household income of $108,067. The area benefits from strong grocery access with 4.18 stores per square mile, ranking in the 94th percentile nationally, supporting tenant retention through convenient amenities. Contract rents have grown 32% over five years to a median of $3,096, demonstrating pricing power in this established residential area.
Home values averaging $793,635 with 40% appreciation over five years reinforce rental demand by limiting ownership accessibility for many households. The rent-to-income ratio of 0.15 suggests manageable affordability for tenants while supporting lease retention. With forecasted population growth of 2.7% through 2028 and projected median household income increases to $148,227, the fundamentals support continued multifamily demand in this inner suburb location.
Property crime rates in the neighborhood are 173 incidents per 100,000 residents, with a notable 42% decrease year-over-year, ranking in the 82nd percentile nationally for crime improvement. The neighborhood's overall crime profile ranks 420th among 997 metro neighborhoods, positioning it near the metro median for safety metrics.
Violent crime rates remain relatively low at 25 incidents per 100,000 residents, though this metric has increased recently. The combination of declining property crime trends and moderate overall safety rankings suggests a stable environment for multifamily operations, with property crime improvements potentially supporting tenant retention and leasing activity.
The Corona area benefits from proximity to major corporate employers within commuting distance, supporting workforce housing demand for professional and technical workers.
- Mckesson Medical Surgical — healthcare distribution (9.7 miles)
- General Mills — food manufacturing (12.2 miles)
- Waste Management — environmental services (12.5 miles)
- Ryder Vehicle Sales — commercial transportation (15.1 miles)
- Lennar Homes — residential construction (16.5 miles)
This 75-unit Corona property presents a compelling value-add opportunity in a neighborhood demonstrating exceptional operational metrics. According to CRE market data from WDSuite, the area achieves $14,555 in average net operating income per unit, ranking in the 94th percentile nationally among comparable neighborhoods. The 1989 construction year positions the asset for strategic capital improvements that could capture additional rent premiums in a market where contract rents have grown 29% over five years.
Demographic trends within the 3-mile radius support sustained rental demand, with household income growth of 41% over five years and projected population expansion of 2.7% through 2028. The neighborhood's 98.4% occupancy rate and A-grade rating reflect operational stability, while elevated home values averaging $793,635 reinforce tenant reliance on rental housing. These fundamentals create a foundation for both income stability and value creation through targeted improvements.
- Top 10th percentile NOI per unit performance among 997 metro neighborhoods
- 98.4% neighborhood occupancy rate with 32% rent growth over five years
- Value-add potential through 1989 vintage requiring strategic capital improvements
- Projected 2.7% population growth and 37% household income increases through 2028
- Risk: Recent violent crime increases require monitoring for tenant safety concerns