Two-Home Duplex
For Sale
$725,000
10351 Wells Avenue, Riverside, CA 92505
Riverside, CA
Property Size1,638 SF
Lot Size0.72 Acres
Price / SF$442.61
Days on Market26
Property Features for 10351 Wells Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Kitchen, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Laundry Room, Bedroom 3, Bedroom 2
Parking
1
Parking features
Driveway, Garage
Interior features
Ceiling Fan(s), Formica Counters
Fencing
Chain Link
Fireplace
1
Appliances
Microwave, Refrigerator, Gas Range, Dishwasher
Lot features
Lot 20000-39999 Sqft
Elementary school district
Riverside Unified
Middle school district
Riverside Unified
High school district
Riverside Unified
Directions
From the 91 Fwy., to Pierce, left on Pierce St., left on Wells Ave. to property.
Subdivision
252 - Riverside
Standard status
Active
APN
147220012
Size
1,638 SF
Lot size
0.72 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Electric, Window Unit(s)
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Number of units
2
Flooring type
Laminate, Tile
Listing Agency:
Re/Max Partners · RE/MAX International
(951) 278-8755
Listed By:
Micaela Gaxiola · License #01345891
(951) 212-0853
Added: Aug 19
Changed: Sep 12
Last Checked: Sep 13 at 1:06AM
MLS# IG26199901
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Riverside duplex includes two separate homes totaling 1,638 square feet on a 0.72-acre lot. The front residence features a living room with recessed lighting and a fireplace, maple cabinetry, laminate and tile flooring, mini-split HVAC, a pantry and utility room, an attached one-car garage, washer and dryer hookups, and a private patio and yard. The rear residence also includes maple cabinetry, laundry hookups, mini-split HVAC, and its own private yard. Both homes are occupied by tenants and have been upgraded and maintained. A roof replacement was completed in 2022.
The property is served by public water and public sewer and offers driveway and garage parking, with additional space for multiple vehicles, trucks, RVs, and recreational equipment. Its Riverside setting places the property near freeways, Galleria Mall, shopping centers, restaurants, and everyday amenities. The lot may warrant evaluation for additional development, subject to independent verification of zoning, permits, building requirements, and feasibility with the City of Riverside.
The property is served by public water and public sewer and offers driveway and garage parking, with additional space for multiple vehicles, trucks, RVs, and recreational equipment. Its Riverside setting places the property near freeways, Galleria Mall, shopping centers, restaurants, and everyday amenities. The lot may warrant evaluation for additional development, subject to independent verification of zoning, permits, building requirements, and feasibility with the City of Riverside.
Key Highlights
- Two separate homes totaling 1,638 square feet
- 0.72‑acre lot with substantial outdoor and parking area
- Roof replacement completed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,309
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$486,180
$486.2K
Cap Rate 7%
$347,271
$347.3K
Cap Rate 9%
$270,100
$270.1K
Market Conditions
NOI Build-Up for 1,638 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.4K $22.20/SF
− Vacancy
−$1.6K −$1.00/SF
EGI
$34.7K $21.20/SF
− OpEx
−$10.4K −$6.36/SF
NOI
$24.3K $14.84/SF
Area
ZIP 92505
Vacancy
4.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$486,180
Cap Rate 7%
$347,271
Cap Rate 9%
$270,100
Alternative Uses
Best Use
Multifamily LT 5
$347.3K
$303.9K – $405.2K
NOI $24,309 @ 7.0% cap · market cap 3.35%
Second Best
Apartment 5plus
$321.1K
$280.9K – $374.6K
NOI $22,474 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$561.4K
$491.2K – $654.9K
NOI $39,295 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 92505, CA
50,919
Population
15,324
Households
3.3
Avg Household Size
34
Median Age
20%
College-Educated
79%
High-School Grad
10.2 sq mi
ZIP Area
4,992
Density / Sq Mi
$84,528
Median Household Income
$40,575
Median Earnings
$1,936
Median Rent
$520,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences with private outdoor areas, upgraded interiors, parking, and public utilities on an expansive Riverside lot.
Where is this duplex located?
The property is located at 10351 Wells Avenue Riverside, CA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Two separate homes totaling 1,638 square feet; 0.72‑acre lot with substantial outdoor and parking area; Roof replacement completed in 2022
