1185 W Grand, Corona, California 92882, Corona, 92882 - bed, bath
ACTIVE$1,275,000$4,800/sqft
1185 W Grand, Corona, California 92882
0Bed
0Bath
4,800Sqft
10,018Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Mixed-Use Income Potential: The property offers diversified income streams with two commercial and two residential units, reducing investment risk and increasing flexibility.
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =10018, other record lot size in square feet = 4791. Living area discrepancy between mls listing and other public or private record. mls listing living area = 4800, other record living area = 5055.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1962 (64 years old).
Condition: Built in 1962, this property is over 60 years old. While one residential unit has been recently remodeled with modern kitchen cabinets, granite-like countertops, and updated flooring, two commercial units are in 'warm shell' condition, requiring substantial build-out and investment to become functional. The property is also being sold 'AS IS,' suggesting potential deferred maintenance. The significant work needed for the commercial spaces and the overall age of the building, despite one updated residential unit, classify the property's overall condition as poor, requiring substantial rehabilitation.
Year Built
1962
Close
-
List price
$1.27M
Original List price
$1.27M
Price/Sqft
$266
HOA
-
Days on market
-
Sold On
-
MLS number
OC25277098
Home ConditionPoor
Features
View-
About this home
PROPERTY ADDRESSES: 1175 & 1185 W. Grand Blvd., Corona CA 92882 PRICED TO SELL! An excellent unique opportunity to own a 4 units mixed-use property in the heart of Corona/The Circle Downtown Corona. It is located on W. Grand Avenue and near by Main Street. The property consists of 2 commercial units which are currently in WARM SHELL condition, and 2 residential units are situated on the 2nd level, each oversized unit has 2 bedrooms & 2 full bathrooms with separate electrical meters. One of the residential units recently has been remodeled. Both tenants are Month-to-Month. PROPERTY TO BE SOLD AS IS CONDITION. Buyers & Buyer's agents to investigate the condition & all aspects of the property. PROPERTY HIGHTLIGHTS: - Mixed-use with 2 multifamily units & 2 retail/office units - Building size approx. 4,800 SF; Lot size approx. 10,018 SF Double lot with separate parcels (APN:117-255-014 & 117-255-015)
S
Steven Doan
Listing Agent
Price History
Date
Event
Price
12/03/21
Sold
$970,000
03/14/16
Sold
$467,000
Condition Rating
Poor
Built in 1962, this property is over 60 years old. While one residential unit has been recently remodeled with modern kitchen cabinets, granite-like countertops, and updated flooring, two commercial units are in 'warm shell' condition, requiring substantial build-out and investment to become functional. The property is also being sold 'AS IS,' suggesting potential deferred maintenance. The significant work needed for the commercial spaces and the overall age of the building, despite one updated residential unit, classify the property's overall condition as poor, requiring substantial rehabilitation.
Pros & Cons
Pros
Mixed-Use Income Potential: The property offers diversified income streams with two commercial and two residential units, reducing investment risk and increasing flexibility.
Prime Downtown Location: Situated in the heart of Corona/The Circle Downtown, providing high visibility for commercial tenants and convenient access for residential occupants.
Double Lot with Separate Parcels: Comprising two separate parcels, this offers significant flexibility for future development, expansion, or potential individual sale of lots.
Oversized Residential Units: The two residential units are generously sized with 2 bedrooms and 2 full bathrooms each, featuring separate electrical meters for efficient management.
Partially Updated Residential Unit: One of the residential units has been recently remodeled, reducing immediate capital expenditure for a new owner and enhancing tenant appeal.
Cons
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =10018, other record lot size in square feet = 4791. Living area discrepancy between mls listing and other public or private record. mls listing living area = 4800, other record living area = 5055.
Commercial Units in Warm Shell Condition: The two commercial units are currently in warm shell condition, requiring significant tenant improvements and capital investment before they can be fully leased and generate income.
Sold in 'As-Is' Condition: The property is being sold 'as-is,' implying potential for deferred maintenance and placing the responsibility for inspections, repairs, and upgrades entirely on the buyer.
Month-to-Month Residential Leases: Both residential tenants are on month-to-month leases, which, while offering flexibility, also presents a risk of immediate vacancy or challenges in securing long-term, higher-rent agreements for a new owner.