| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 49th | Good |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 890 Hotspring Dr, Corona, CA, 92878, US |
| Region / Metro | Corona |
| Year of Construction | 1987 |
| Units | 20 |
| Transaction Date | 2019-01-14 |
| Transaction Price | $74,400,000 |
| Buyer | GS CORONA LLC |
| Seller | EBB CREEK APARTMENTS LLC |
890 Hotspring Dr Corona Multifamily Investment
This 20-unit property built in 1987 sits in a neighborhood with strong rental demand fundamentals, including 95.9% occupancy rates and above-average household incomes, according to CRE market data from WDSuite.
The Corona neighborhood demonstrates solid multifamily fundamentals with occupancy rates of 95.9% and a substantial rental base representing 61.2% of housing units. The area ranks in the top quartile nationally for rental share among 997 metro neighborhoods, indicating strong structural demand for multifamily housing. Median household incomes of $114,985 provide tenant stability, while the neighborhood's housing metrics rank in the 83rd percentile nationally.
Demographics within a 3-mile radius show a population of approximately 97,600 residents with household incomes averaging $113,326. The area maintains an established rental market with median contract rents of $1,765, reflecting affordability relative to the broader Riverside-San Bernardino-Ontario metro. Property values averaging $581,710 support sustained rental demand as ownership costs remain elevated relative to renter incomes.
The 1987 construction year aligns with the neighborhood average of 1990, suggesting consistent building stock that may present value-add opportunities through strategic renovations. While amenity density remains limited with minimal retail and dining options nearby, the neighborhood's strong occupancy performance indicates tenant retention despite lower walkability scores. School ratings average 1.5 out of 5, which may influence family tenant demographics but supports workforce housing demand.
Property crime rates in the neighborhood show recent improvement, with estimated rates declining 45.6% year-over-year, ranking in the 85th percentile nationally for crime reduction. Current property crime rates of approximately 231 incidents per 100,000 residents place the area near the metro median among 997 neighborhoods. Violent crime rates remain relatively contained at 52 incidents per 100,000 residents, though recent upticks warrant monitoring for tenant retention considerations.
Overall crime metrics position the neighborhood in the middle tier of metro areas, with safety conditions that support stable occupancy without significant security premium requirements. The positive trend in property crime reduction suggests improving conditions that may enhance long-term tenant appeal and lease renewal rates.
The Corona area benefits from proximity to diverse corporate employers that support workforce housing demand, with major operations spanning healthcare distribution, consumer goods, and industrial services within commuting distance.
- Mckesson Medical Surgical — healthcare distribution (7.4 miles)
- General Mills — consumer goods manufacturing (9.2 miles)
- Waste Management — environmental services (10.0 miles)
- Ryder Vehicle Sales — commercial transportation (12.7 miles)
- First American Financial — financial services (21.2 miles) — HQ
This 20-unit Corona property presents a value-oriented multifamily investment supported by neighborhood-level occupancy of 95.9% and strong rental demand fundamentals. The 1987 vintage offers potential value-add upside through strategic improvements, while the area's 61.2% rental share provides structural demand depth. Household incomes averaging $114,985 within the 3-mile radius support tenant stability, though investors should monitor rent-to-income ratios and competitive dynamics from ownership options.
According to commercial real estate analysis from WDSuite, the neighborhood's housing metrics rank in the 83rd percentile nationally, indicating above-average fundamentals despite limited amenity density. The property's location benefits from employment diversity across healthcare, manufacturing, and logistics sectors, supporting workforce housing demand. However, investors should consider capital expenditure needs given the property's age and monitor recent violent crime trends that could impact tenant retention.
- Strong neighborhood occupancy at 95.9% with substantial rental base representing 61% of housing units
- Above-average household incomes of $114,985 support tenant stability and lease renewal potential
- 1987 construction presents value-add opportunities through strategic renovations and improvements
- Diverse employment base within commuting distance supports workforce housing demand
- Risk consideration: Recent uptick in violent crime and limited walkable amenities may impact tenant appeal