| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Good |
| Demographics | 10th | Poor |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 905 S Smith Ave, Corona, CA, 92882, US |
| Region / Metro | Corona |
| Year of Construction | 1989 |
| Units | 83 |
| Transaction Date | 2015-02-02 |
| Transaction Price | $4,231,500 |
| Buyer | PEARL PROPERTIES LLC |
| Seller | SOUTH SMITH AVENUE LP |
905 S Smith Ave Corona CA Multifamily Investment
This 83-unit property built in 1989 benefits from strong neighborhood occupancy rates of 97% and high rental demand in Corona's urban core environment.
This Corona neighborhood ranks in the top quartile nationally for amenities with excellent access to dining, shopping, and essential services. The area features 32.8 restaurants per square mile and 5.5 grocery stores per square mile, ranking 12th and 41st respectively among 997 metro neighborhoods. With a 72.8% share of housing units renter-occupied, the neighborhood demonstrates strong rental market fundamentals that support consistent tenant demand.
Neighborhood-level occupancy reaches 97%, ranking in the 83rd percentile nationally and indicating stable rental absorption. Median contract rents of $1,377 position the area competitively within the Riverside-San Bernardino metro, while recent rent growth of 26.8% over five years reflects strengthening demand dynamics. The property's 1989 construction year aligns with the neighborhood average, suggesting minimal near-term capital expenditure pressure compared to older building stock.
Demographics within a 3-mile radius show a population of approximately 103,450 with household incomes averaging $120,670. The area maintains a healthy balance of working-age residents, with 38.7% of the population between 35-64 years old. Projected household growth of 32.9% through 2028 should expand the renter pool, while forecast median rents of $2,603 suggest continued pricing power potential.
The neighborhood's safety profile shows mixed trends that warrant monitoring. Property crime rates rank 677th among 997 metro neighborhoods, placing it near the middle range, though recent data indicates a significant 62.2% decrease in property offenses year-over-year, ranking in the 92nd percentile nationally for crime reduction. Violent crime rates remain relatively controlled but have shown recent increases that require ongoing assessment for tenant retention considerations.
The Corona area benefits from proximity to major corporate employers that support workforce housing demand, with several Fortune 500 companies operating regional facilities within commuting distance.
- Mckesson Medical Surgical — healthcare distribution (7.6 miles)
- Waste Management — environmental services (10.3 miles)
- General Mills — food manufacturing (10.7 miles)
- Ryder Vehicle Sales — transportation services (12.9 miles)
- United Technologies — aerospace & defense (15.7 miles)
This 83-unit Corona property presents a stable cash flow opportunity in a neighborhood with demonstrated rental demand fundamentals. According to CRE market data from WDSuite, the area maintains 97% occupancy rates while benefiting from above-average amenity access and a substantial renter base. The 1989 construction vintage positions the asset for potential value-add improvements without immediate major capital requirements, while projected household growth of 32.9% through 2028 should support sustained tenant demand.
The property's location in Corona's urban core provides tenants with strong access to employment centers, including proximity to major corporate employers like Mckesson Medical Surgical and General Mills within a 15-mile radius. Rent growth potential appears supported by forecast median rents reaching $2,603, though investors should monitor the mixed safety trends and evaluate capital improvement opportunities to maintain competitive positioning.
- High neighborhood occupancy at 97% indicates strong rental absorption and tenant retention
- Substantial renter base with 72.8% of housing units renter-occupied supports demand depth
- Projected 32.9% household growth through 2028 should expand tenant pool
- 1989 vintage offers value-add potential without immediate major capital needs
- Risk consideration: Recent violent crime increases require ongoing monitoring for tenant safety concerns