20050 Newton Street, Corona, California 92881, Corona, 92881 - bed, bath
ACTIVE$1,039,900
20050 Newton Street, Corona, California 92881
0Bed
0Bath
4,250Sqft
13,939Lot
Price Vs. Estimate
The estimated value ($1,039,900) is $0 (0%) lower than the list price ($1,039,900). This property may be overpriced.
Key pros and cons
Top Pros:
High Occupancy Rate: The property boasts 100% occupancy across all 8 units, ensuring immediate and stable rental income for an investor from day one.
Top Cons:
Property Age: Built in 1981, the property is over 40 years old, which may indicate aging infrastructure, outdated systems, and a higher likelihood of deferred maintenance or the need for significant capital expenditures.
Compared to the nearby listings
Price:$1.04M vs avg $905.0K (+$134,900)68%
Size:4,250 sqft vs avg 2,479 sqft91%
Price/sqft:$245 vs avg $3931%
More Insights
Built in 1981 (44 years old).
Condition: Built in 1981, the property shows signs of being aged but maintained. The kitchen features white cabinets, granite-style countertops, and functional but dated appliances, likely updated 15-20 years ago. Bathrooms also have functional but dated fixtures and tile work. The ceramic tile flooring throughout is dated. While livable, the property requires minor updates to meet current aesthetic standards and anticipate future capital expenditures due to its age and likely aging infrastructure.
Year Built
1981
Close
-
List price
$1.04M
Original List price
$1.04M
Price/Sqft
$245
HOA
-
Days on market
-
Sold On
-
MLS number
IG25130695
Home ConditionFair
Features
Good View: None
Patio
View-
About this home
Multifamily property with 100% occupancy with 8 units. Also lot can be split per county for additions house, ADU, and Jr. ADU.
Condition Rating
Fair
Built in 1981, the property shows signs of being aged but maintained. The kitchen features white cabinets, granite-style countertops, and functional but dated appliances, likely updated 15-20 years ago. Bathrooms also have functional but dated fixtures and tile work. The ceramic tile flooring throughout is dated. While livable, the property requires minor updates to meet current aesthetic standards and anticipate future capital expenditures due to its age and likely aging infrastructure.
Pros & Cons
Pros
High Occupancy Rate: The property boasts 100% occupancy across all 8 units, ensuring immediate and stable rental income for an investor from day one.
Significant Development Potential: The lot can be split per county regulations, allowing for the addition of an extra house, an Accessory Dwelling Unit (ADU), and a Junior ADU (Jr. ADU), offering substantial future value appreciation and increased income streams.
Multifamily Investment: As an 8-unit multifamily property, it provides excellent income diversification and is a robust asset class for long-term real estate investment.
Generous Lot Size: The substantial 13,939 sqft lot size not only supports the stated development potential but also provides ample space for the existing units and any future additions.
Strategic Location: Located in Corona, California, a growing city in the Inland Empire, the property benefits from a strong rental market and potential for continued property value appreciation.
Cons
Property Age: Built in 1981, the property is over 40 years old, which may indicate aging infrastructure, outdated systems, and a higher likelihood of deferred maintenance or the need for significant capital expenditures.
Lack of Unit-Specific Details: The description lacks specific information regarding the condition, size, or individual amenities of the 8 units, making it challenging to fully assess current rental quality, tenant profiles, or immediate renovation needs.
Potential for Capital Expenditure: Given the property's age and the absence of details on recent upgrades, a buyer should anticipate potential costs for system modernizations (e.g., HVAC, plumbing, electrical) and unit renovations to maximize rental income and tenant satisfaction.