Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

9

Building size

5,515 sqft

Lot size

7,405 sqft

Year built

1964

Stories

2

Garage spaces

0

Heating

None

Pool

None

Status

Active

Days on market

0

MLS #

247384536

About this property

801 S. Merrill Street is a nine-unit, two-story multifamily building in Downtown / Central Corona. Built in 1964, the property offers seven one-bedroom / one-bath units of approximately 600 SF and two two-bedroom / one-bath units of approximately 675 SF. Many of the units have been renovated, and the remaining interiors still offer clear room for improvement. Market rents run approximately $1,800–$1,950 for the one-bedrooms and $2,100–$2,250 for the two bedrooms. Units feature open living/kitchen layouts and wall A/C, with common-area laundry, eight covered and two uncovered parking spaces, and plenty of street parking nearby. The building sits in a walkable downtown grid (Walk Score 81) south of Sixth Street and inside the historic Grand Boulevard circle. Civic Center, library, local retail, and dining are nearby. I-15 runs just east of downtown and SR-91 is a short drive north via Main Street. North Main Metrolink is about one mile away. This is a value-add opportunity. With in-place rents averaging $1,639 on the one-bedrooms and $1,971 on the twobedrooms, a buyer can complete the interior program on the remaining units and move rents toward market. Downtown Corona remains a city revitalization target, which supports long-term location quality.

Location

801 S Merrill

Corona, Riverside, CA, 92882