| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Good |
| Demographics | 10th | Poor |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 404 Sierra Vista St, Corona, CA, 92882, US |
| Region / Metro | Corona |
| Year of Construction | 1986 |
| Units | 52 |
| Transaction Date | 2019-05-03 |
| Transaction Price | $10,400,000 |
| Buyer | Stealth Properties, LLC |
| Seller | Peppertree Court Apartments LLC, Private Investor, John J. Swigart, Jr., PrCiaces/hu Enqitu aivnadle /nstf |
404 Sierra Vista St, Corona CA Multifamily Investment
Neighborhood occupancy is tight and supported by strong daily-needs and dining density, according to WDSuite’s CRE market data, pointing to steady leasing conditions for a well-managed asset.
The property sits in Corona’s Urban Core, where everyday convenience is a clear strength. Dining options are top quartile nationally, with restaurants and cafes concentrated at levels uncommon for most neighborhoods, and grocery and pharmacy access also rate in the upper percentiles. This concentration supports renter retention and reduces friction for daily living, a positive for occupancy stability and lease renewals.
The neighborhood’s occupancy runs high versus national norms, and ranks above the metro median among 997 Riverside–San Bernardino–Ontario neighborhoods, signaling durable renter demand and limited downtime between turns. Median rents have trended upward over the past five years, per WDSuite’s commercial real estate analysis, consistent with a market that has maintained absorption despite modest population shifts.
Within a 3-mile radius, the area is owner-leaning yet maintains a meaningful renter-occupied base, which creates a steady pool of prospective tenants for a 52-unit community. Looking ahead, local projections show a decline in average household size and an increase in total households even as population edges down, indicating more, smaller households entering the market — a setup that can expand the renter pool and support occupancy stability.
Vintage matters here: much of the surrounding housing stock is older, while this property was built in 1986. Newer construction relative to neighborhood averages can improve competitive positioning versus legacy buildings; however, investors should still plan for targeted systems updates and selective modernization to sustain rentability against renovated comparables.
Counterpoints to weigh include limited park access locally and mixed signals on neighborhood-level demographics relative to national percentiles. Even so, the broader neighborhood rating (B+) and above-median housing fundamentals in the metro context suggest an address that remains competitive among Riverside–San Bernardino–Ontario neighborhoods.
Safety indicators are mixed. The neighborhood ranks below the metro median for crime among 997 metro neighborhoods and sits below the national median by percentile, indicating elevated incident rates versus many U.S. neighborhoods. That said, property offenses have eased materially year over year, a constructive trend to monitor alongside management practices such as lighting, access control, and vendor protocols.
Conversely, violent offense metrics have trended higher in recent data, which is a consideration for underwriting and ongoing risk management. Investors typically address this with targeted onsite measures and by tracking city and neighborhood trends over multiple periods rather than a single snapshot. Overall, interpret safety as a manageable, not defining, factor that warrants routine monitoring during hold.
Nearby employers span healthcare distribution, consumer goods, environmental services, aerospace, and title services — a diversified base that supports renter demand and commute convenience for workforce tenants.
- Mckesson Medical Surgical — medical distribution (7.8 miles)
- General Mills — consumer foods (10.4 miles)
- Waste Management — environmental services (10.5 miles)
- United Technologies — aerospace & defense offices (16.3 miles)
- First American Financial — title insurance & services (20.2 miles) — HQ
404 Sierra Vista St offers a balanced thesis anchored by tight neighborhood occupancy, strong daily-needs and dining density, and a 1986 vintage that is newer than much of the local housing stock. These factors support leasing stability and competitive positioning versus older properties, while still leaving room for targeted value-add through common-area refreshes and systems updates. Elevated home values in the area indicate a high-cost ownership market, which can reinforce renter reliance on multifamily housing and aid retention.
According to CRE market data from WDSuite, neighborhood-level performance indicators — including above-median occupancy and NOI per unit relative to national peers — align with steady renter demand. Within a 3-mile radius, projections point to more, smaller households over the next five years, which typically expands the tenant base even if population is flat to slightly negative. Key watch items include safety variability and limited park access, both of which can be mitigated through operations and amenity programming.
- Tight neighborhood occupancy and strong amenity density support leasing stability
- 1986 vintage is newer than local stock, with selective value-add potential
- High-cost ownership market bolsters depth of renter demand and retention
- Household mix shifting toward more, smaller households expands the tenant base
- Risks: safety metrics below national median and limited parks — monitor and address via operations