1240 E Street, Corona, California 92882, Corona, 92882 - bed, bath
ACTIVE$1,295,000
1240 E Street, Corona, California 92882
0Bed
0Bath
3,000Sqft
6,970Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Immediate Cash Flow: The property is delivered fully tenant-occupied with stable, on-time paying tenants, ensuring immediate income generation for the new owner from day one.
Top Cons:
MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 3000, other record living area = 900.
Compared to the nearby listings
Price:$1.29M vs avg $1.16M (+$135,000)83%
Size:3,000 sqft vs avg 2,700 sqft50%
Price/sqft:$432 vs avg $39550%
More Insights
Built in 2006 (19 years old).
Condition: The property was built in 2006, placing it within the 10-20 year age range for a 'Good' rating. The description explicitly states it's a 'fully remodeled' property with units 'recently upgraded, offering modern finishes and desirable layouts.' While exterior images show a well-maintained but not pristine facade, the strong emphasis on recent interior upgrades suggests the property is move-in ready with functional systems and minimal wear and tear, aligning with the 'Good' criteria. The absence of interior photos prevents an 'Excellent' rating, as the extent of 'new or virtually new' components cannot be verified.
Year Built
2006
Close
-
List price
$1.29M
Original List price
$1.29M
Price/Sqft
$432
HOA
-
Days on market
-
Sold On
-
MLS number
DW25263979
Home ConditionGood
Features
View-
About this home
Exceptional investment opportunity in the heart of Corona! This fully remodeled 3-unit property offers strong cash flow potential with stable, on-time paying tenants already in place. All units will be delivered tenant-occupied, providing immediate income for the next owner. Unit mix includes: • 5 bedrooms / 2 bathrooms • 4 bedrooms / 2 bathrooms • 3 bedrooms / 2 bathrooms Each unit has been recently upgraded, offering modern finishes and desirable layouts—ideal for long-term tenant retention and market-ready rent potential. Tenants are currently month-to-month, giving investors flexibility for future rental adjustments while maintaining steady income from day one. With its size, location, and updated interiors, this property is perfect for investors seeking a turnkey, cash-flowing multi-family asset in a high-demand rental area.
Price History
Date
Event
Price
10/25/21
Sold
$950,000
03/31/21
Sold
$850,000
10/02/19
Sold
$550,000
12/30/16
Sold
$480,000
06/03/16
Sold
$430,000
Condition Rating
Good
The property was built in 2006, placing it within the 10-20 year age range for a 'Good' rating. The description explicitly states it's a 'fully remodeled' property with units 'recently upgraded, offering modern finishes and desirable layouts.' While exterior images show a well-maintained but not pristine facade, the strong emphasis on recent interior upgrades suggests the property is move-in ready with functional systems and minimal wear and tear, aligning with the 'Good' criteria. The absence of interior photos prevents an 'Excellent' rating, as the extent of 'new or virtually new' components cannot be verified.
Pros & Cons
Pros
Immediate Cash Flow: The property is delivered fully tenant-occupied with stable, on-time paying tenants, ensuring immediate income generation for the new owner from day one.
Turnkey Investment: Described as a 'turnkey, cash-flowing multi-family asset,' the property requires minimal immediate effort from the investor to begin generating returns.
Recently Remodeled Units: All three units have been recently upgraded with modern finishes and desirable layouts, enhancing tenant appeal and supporting market-ready rent potential.
Flexible Lease Terms: Tenants are currently on month-to-month leases, providing the investor with flexibility to adjust rents to market rates or implement new lease terms as desired.
Strong Unit Mix & Location: The diverse unit mix (5/2, 4/2, 3/2) caters to a broad tenant base, situated in Corona, a high-demand rental area with potential for market appreciation.
Cons
MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 3000, other record living area = 900.
Potential for Tenant Turnover: While month-to-month leases offer flexibility, they also carry a higher risk of tenant turnover compared to fixed-term leases, potentially leading to vacancies and re-leasing costs.
Lack of Detailed Financials: The description highlights income potential but lacks specific details on current operating expenses (e.g., property taxes, insurance, utilities, maintenance), requiring further due diligence for a comprehensive investment analysis.
Unspecified Parking/Amenities: The property description does not explicitly mention dedicated parking for each unit or common amenities, which can be a significant factor for tenant satisfaction and rentability in a multi-unit property.