3 Units - Corona: Property For Sale

Properties For Sale 3 Units - Corona

3 Units - Corona Off Market Deal

606 East 4th Street, Corona 92879

DRIVE-BY ONLY. Do not disturb tenants. Tenants do not know the property is for sale. Interior inspection with accepted offer.

Offered at:
$700,000

Property Description

Wonderful opportunity to own a triplex in Corona! There is a 1 bedroom, 1 bath unit downstairs, and two 2 bedroom, 1 bath units upstairs. The one bedroom has a single parking space. The 2 bedroom units each have a 2 car garage. There is a community laundry for the tenants that produces income for the owner. Perfect location, walk to shopping, close to bus lines. Also close to award winning Corona schools, Corona Regional hospital, library, and commuter close to the 91 and 15 freeways. Photos are representative of the 2 bedroom unit.

Riverside Average Rent

One bedroom apartments in Riverside rent for $1395 a month on average (a 1% increase from last year) and two bedroom apartment rents average $1617 (a 1.67% decrease from last year).

Living in Riverside

Riverside is a large city located in the state of California. With a population of 330,063 people and 86 constituent neighborhoods, Riverside is the 12th largest community in California.

Unlike some cities, Riverside isn’t mainly white- or blue-collar. Instead, the most prevalent occupations for people in Riverside are a mix of both white- and blue-collar jobs. Overall, Riverside is a city of sales and office workers, service providers, and professionals. There are especially a lot of people living in Riverside who work in office and administrative support (14.30%), sales jobs (10.53%), and management occupations (7.45%).

In addition, Riverside is a major college town that has a very high percentage of its residents over 18 years old who are college students. Naturally, collegiate life has a major influence on the local Riverside culture, lifestyle and music scene. In fact, Riverside is one of only a few big cities that are also major college towns. The combination of big city status and thousands of college students gives Riverside on one hand, a sophisticated style, while on the other also provides a youthful feel and lots of diversions and entertainment for students. Believe it or not, Riverside is one of the biggest "college towns" in America, generating lift to the economy of the entire region, and issuing forth thousands of newly-minted college students every spring, powering the innovation economy, the arts, and a lively club scene.

This makes it a good place to live for young singles in their 20s and 30s and who have undergraduate or graduate degrees and are starting their professional careers. Although Riverside is a large city, this demographic is significant enough that young professionals will find many others like themselves here, with really good opportunities for friendships, recreation, romance, and more.

The per capita income in Riverside in 2010 was $23,865, which is lower middle income relative to California, and middle income relative to the rest of the US. This equates to an annual income of $95,460 for a family of four. 

Why Invest in Riverside Real Estate?

While not as fast-growing as other cities in Southern California, Riverside's real estate market is showing a promising development. The area is close to several busy ports, thus became visible as SoCal's distribution hub. Riverside County has experienced a 1.54% population rate growth in 2017, which is significantly higher than the national average (0.7%). This means that there are many potential tenants and home buyers looking for a place to rent or own, and this is always good news for real estate investors.

Riverside's economy is stimulated by a commercial warehouses influx, which has also lifted consumer confidence. The main industries in the city are healthcare, retail trade, and construction.

All these factors, together with a cost of living that's lower than its neighboring areas make the real estate market in Riverside a favorable candidate for future growth.

Income

One 1-Bedroom 1-Bath $925
One 2-Bedroom 1-Bath $1,150
One 2-Bedroom 1-Bath $1,150
Laundry Income $100
Monthly Total $3,325

Cash Flow Analysis

Gross Scheduled Income $39,900
Operating Expenses $10,972
Net Operating Income $28,928

Acquisition Data

Down Payment $175,000 (25%)
Loan Amount $525,000 (75%)

Call or E Mail to request a Marketing Package and 10 Year Financial Analysis of this property. Marketing Package includes Complete Property Information, Sales and Rent Comparable Analysis. 10 Year Financial Analysis includes Complete Cash Flow Analysis, Itemized Expenses, Expected Cash Flow, Return on Initial Equity, Expected Gross Income Increase, Tax Benefits, Mortgage Principal Reduction, Expected Appreciation, Depreciation Analysis, Adjusted Cost Basis, Capital Gains Tax On Sale and more.

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