Riverside Multifamily Investment
For Sale
$1,575,000
421 Devener St, Riverside, CA 92507
Two 4-plex buildings in Riverside with value-add potential.
Property Size5,712 SF
Lot Size0.33 Acres
Price / SF$275.74
Days on Market143
Property Features for 421 Devener St
General Information
Standard status
Active
Size
5,712 SF
Lot size
0.33 Acres
Property subtype
Multifamily
Amenities
Two side-by-side 4-plexes offered together (8 total units)
7.03% current cap rate & 7.78% year 1 cap rate
One & two bedroom floorplans
Individually metered for gas & electricity & individual hot water heaters
Downtown amenities including the Mission Inn and Fox Performing Arts Center
Strong demand drivers anchored by UC Riverside, County of Riverside, & March Air Forces Reserve
30-year fixed financing available to qualified buyers
Building Details
Building Size
5,712 SF
Units
8
Listing Agency:
MARCUS & MILLICHAP
(626) 695-6776
Listed By:
Douglas McCauley · License #License(s): CA: 01155706
(626) 695-6776
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 7
Last Checked: Aug 23 at 2:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
This offering presents the opportunity to acquire two side-by-side 4-plex apartment buildings constructed in 1966, totaling eight units. The buildings provide 5,712 rentable square feet on a 0.33-acre lot within the City of Riverside. The unit mix features one and two-bedroom floor plans. Residents have convenient access to the I-10, I-215, SR-60, and SR-91 freeways, providing regional connectivity throughout the Inland Empire. The buildings are equipped with two on-site laundry facilities and wall-mounted air conditioner & heater units. Each unit is individually metered for gas and electricity and has its own hot water heater. Parking includes 11 open spaces. The property uses a septic system, with a new tank installed in 2025. The electrical panels have also been recently updated. This asset offers a value-add opportunity to enhance cash flow through rent growth. Qualified buyers may benefit from the potential availability of 30-year fixed-rate financing. Riverside offers a strong investment environment supported by job growth and a diversified employment base. The city is home to the University of California, Riverside, and benefits from a large public-sector presence tied to Riverside County, healthcare, education, and logistics. The location supports continued renter demand. Area residents enjoy a robust lifestyle and amenity base, including the historic Mission Inn Hotel & Spa, the Fox Performing Arts Center, and outdoor attractions such as California Citrus State Historic Park.
Key Highlights
- Value‑add opportunity with potential for rent growth and enhanced cash flow.
- Potential availability of 30‑year fixed‑rate financing for qualified buyers.
- Excellent regional connectivity with convenient access to I‑10, I‑215, SR‑60, and SR‑91 freeways.
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
$77,553
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
4.92%
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%
$1,551,060
$1.6M
Cap Rate 7%
$1,107,900
$1.1M
Cap Rate 9%
$861,700
$861.7K
Market Conditions
NOI Build-Up for 5,712 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
$148.7K $26.04/SF
− Vacancy
−$7.7K −$1.35/SF
EGI
$141.0K $24.69/SF
− OpEx
−$63.5K −$11.11/SF
NOI
$77.6K $13.58/SF
Area
ZIP 92507
Vacancy
5.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,551,060
Cap Rate 7%
$1,107,900
Cap Rate 9%
$861,700
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$969.4K – $1.29M
NOI $77,553 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,030 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 92507, CA
63,191
Population
19,739
Households
3.2
Avg Household Size
28
Median Age
32%
College-Educated
84%
High-School Grad
21.4 sq mi
ZIP Area
2,953
Density / Sq Mi
$72,367
Median Household Income
$31,961
Median Earnings
$1,780
Median Rent
$503,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two 4-plex buildings in Riverside with value-add potential.
Where is this apartment building located?
The property is located at 421 Devener St Riverside, CA.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Value‑add opportunity with potential for rent growth and enhanced cash flow.; Potential availability of **30‑year fixed‑rate financing** for qualified buyers.; Excellent regional connectivity with convenient access to I‑10, I‑215, SR‑60, and SR‑91 freeways.
