115 N Victoria Avenue, Corona, California 92879, Corona, 92879 - 3 bed, 1 bath
ACTIVE$615,000
115 N Victoria Avenue, Corona, California 92879
3Beds
1Bath
1,092Sqft
9,148Lot
Year Built
1895
Close
-
List price
$615K
Original List price
$550K
Price/Sqft
$563
HOA
-
Days on market
-
Sold On
-
MLS number
IG24163434
Home ConditionTear down
Features
Patio
View-
About this home
Possibly Over-Priced:The estimated price is 31% below the list price. We found 3 Cons,5 Pros. Rank: price - $615.0K(13th), sqft - 1092(8th), beds - 3(41th), baths - 1(4th).
Fantastic OPPORTUNITY! The City of Corona General Plan Housing Element Rezoning Program affected this parcel. Zone overlay is GB (Gateway Business) and MF (Multi-family). See attached supplement with city plans. Home is located directly across from the Metro Train Station at Main Street. Great size flat lot offers many options. Parcel next door is also for sale: 111 N. Victoria Ave. Purchasing both parcels opens up a world of possibilities.
Price History
Date
Event
Price
08/26/25
Price Change
$615,000-1.6%
08/05/25
$625,000
08/07/24
$550,000
Condition Rating
Tear down
The property was built in 1895, making it over 50 years old. Images reveal an extremely outdated kitchen and bathroom with worn fixtures, old tiling, and basic cabinetry. Flooring consists of heavily worn hardwood and old carpet. The overall condition of the interior and exterior suggests no major renovations have occurred in the past 50 years. The listing description explicitly highlights the property's value based on its land and redevelopment potential due to zoning, indicating the existing structure is considered beyond economical repair for modern living standards.
Pros & Cons
Pros
Exceptional Development Potential: The property benefits from a GB (Gateway Business) and MF (Multi-family) zone overlay due to the City of Corona's General Plan Housing Element Rezoning Program, offering significant potential for commercial or multi-family residential development.
Prime Transit-Oriented Location: Strategically located directly across from the Metro Train Station, this property is ideal for transit-oriented development, enhancing its appeal for future projects and accessibility.
Generous & Usable Lot Size: The 'great size flat lot' of 9,148 sqft provides ample space and flexibility for various development options, a crucial asset for redevelopment projects.
Adjacent Parcel Availability: The opportunity to purchase the neighboring parcel (111 N. Victoria Ave) significantly expands the potential development footprint, opening up possibilities for larger-scale projects.
Strategic Investment Opportunity: Given the favorable zoning, prime location, and potential for assemblage, this property represents a compelling investment for developers or businesses aiming to capitalize on Corona's growth and rezoning initiatives.
Cons
Historic Age & Condition of Existing Structure: Built in 1895, the existing 1,092 sqft home is very old and likely requires extensive renovation or, more probably, demolition to realize the land's full development potential, adding to initial project costs.
Limited Appeal for Traditional Homebuyers: The property's primary value lies in its land and zoning for development, making it less attractive to typical residential buyers seeking a move-in ready home, thus narrowing the potential buyer pool.
Inherent Development Costs & Complexities: While offering significant upside, realizing the development potential comes with the inherent costs and complexities of demolition, planning, permits, and construction, which can be substantial.