208 S Vicentia Ave, Corona, CA 92882

Property Description

The subject property consists of 100 percent two-bedroom units with sizes ranging from 814 to 1,162 square feet. Amenities for this gated property include patios, on-site laundry facility (machines owned), and offers tenants open and subterranean parking. The spacious floor plans and unit mix have attracted and maintained longer-term tenants, with some tenants occupying this location for over 10 years.
 The common areas have undergone minor renovations throughout current ownership; however, the unit interiors have not yet been extensively upgraded. As such, there remains room to start both an in-unit renovation program and upgrade the common areas of the property adding significant value to the asset.
 Due to the property’s location, age, and rare construction type, the subject property already represents a highly desirable multifamily asset in Corona. The investment appeal of this asset is driven by the property’s current value-add component through the upgrade of the units, and bringing rents to market. This property presents a rare opportunity to acquire a residential project within a high barrier to entry location.