CORONA 4PLEX, 8.39% CAP, 14.69% CASH ON CASH! 496 Penrose Dr

This offering will be looked upon as one of the best offerings, offered in the Inland Empire multifamily market.

At the time of taking this listing, the Seller was going to Europe for several months and thought she could sufficiently communicate with me while she was gone. As it turned out, where she was, she she didn't have phone or internet. Thus, I was not able to reach her to communicate buyer interest. Therefore, buyers have come and gone many times due to her not being able to respond. HOWEVER, AS OF 11/18/24, THE SELLER IS BACK AND SHE IS NOW ABLE TO SELL THESE UNITS. THUS, I LOOK FORWARD TO HEARING FROM ALL YOU BUYERS OUT THERE!!!

This 4Plex is located in the City of Corona. Corona is the last city in the Inland Empire, before entering the LA/Orange County areas of Southern California.

This 4Plex is located on a quiet, low traffic, high pride of ownership street. Also, it's just minutes away from the 91 Freeway, making it an easy commute, and just minutes away to Orange County.

This complex consists of four 2 bedroom, 1 and 1/2 baths per unit. Each unit is HUGE at 1,072 square feet each!!! There is garage parking for each unit!!

All units have their own separately metered gas/electric, that tenants sign up and pay for. Landlord pays water and trash.

This offering really performs. While the actual rents are low, they are month to month! And at market rents, we're putting out:
$110,400 ANNUAL GROSS INCOME
A 10.08 GROSS RENT MULTIPLIER
A 8.39% CAP RATE
AND A ROBUST 14.69% CASH ON CASH RETURN!!!
For the income, expense, and returns information, plus rent roll, PLEASE SEE MARKETING PACKAGE ATTACHED.
Please note that market rents are based on a nearby RENT COMP, with same beds/baths. You can see this RENT COMP in the MARKETING PACKAGE attached.

FINAL SALE COMPS
Please see attached a nearby Corona 4Plex Sale Comparable at 1250 W. 9th Street. This recently closed on 10/16/24. It has the same bedroom bath mix. IT SOLD FOR $1,230,000!!! WE'RE ASKING $1,110,000!!!
Please see attached a nearby Corona 4Plex Sale Comparable at 1134 W 9th Street. This closed on 07/26/23. It has the same bedroom bath mix. IT SOLD FOR $1,210,000!!! WE'RE ASKING $1,110,000!!!
YOU CAN VIEW THESE AT FINAL SALES COMPS ATTACHED.

PENDING SALE COMPS
Please see the Pending Corona 4Plex Sale Comp at 896 N. Cota Street. It's the same beds/baths. IT'S PENDING AT $1,250,000!!!
Please see the Pending Corona 4Plex Sale Comp at 884 N. Cota Street. It's the same beds/baths. IT'S PENDING AT $1,250,000!!!
YOU CAN VIEW THESE AT PENDING SALE COMPS ATTACHED.

One final note which really makes this deal breathtaking!! As noted above, this offering address is 496 Penrose. However, the two adjacent (clone, same builder/model) 4Plexes can also be bought for $1,110,000 EACH!!. These 4Plexes are clones to 496, same builder/model, and have the addresses of 504 and 514 Penrose. Please see the map of these three 4Plexes, aka 496, 504, and 514 Penrose in the parcel map, located in the MARKETING PACKAGE attached. SO 496, 504, AND 514 PENROSE CAN ALL BE BOUGHT TOGETHER OR ONE 4PLEX AT A TIME, FOR $1,110,000 EACH.