Norco Multifamily Investment
For Sale
$799,000
Pending
1652 4th, Norco, CA 92860
Well-maintained four-unit property with commercial zoning and redevelopment potential.
Property Size2,235 SF
Lot Size0.26 Acres
Days on Market128
Property Features for 1652 4th
General Information
Standard status
Pending
Size
2,235 SF
Lot size
0.26 Acres
Property subtype
Investment
Building Details
Building Size
2,235 SF
Year Built
1950
Stories
1
Units
4
Listing Agency:
RE/MAX One
(949) 371-5569
Listed By:
Shawn Smithson · License #01706033
(949) 371-5569
Source:
Elliman
Added: Apr 24
Changed: Aug 21
Last Checked: Aug 29 at 12:11PM
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 RE/MAX One
Investment Insights
Based on property information with market context.
Located in Norco, the property at 1652 4th Street is a four-unit investment opportunity situated on an 11,326 sq ft flat lot. The property is zoned CG General Commercial, offering immediate income with future upside. Constructed in 1950, the property features two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. The property includes four garage spaces and approximately 25 total parking spaces. The site layout, flat topography, and surplus parking create opportunities for an investor to increase rents, improve operations, or reposition the property. The General Commercial zoning allows for future redevelopment or mixed-use potential as the area evolves. This property is suitable for an investor seeking stable cash flow with long-term upside through repositioning or land use change in a growing Norco corridor.
Key Highlights
- General commercial zoning allows for future redevelopment or mixed‑use potential.
- Large 11,326 sq ft flat lot with potential for value add.
- Four garage spaces and approximately 25 total parking spaces.
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
$39,269
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
4.91%
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%
$785,380
$785.4K
Cap Rate 7%
$560,986
$561.0K
Cap Rate 9%
$436,322
$436.3K
Market Conditions
NOI Build-Up for 2,235 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
$57.1K $25.56/SF
− Vacancy
−$1.0K −$0.46/SF
EGI
$56.1K $25.10/SF
− OpEx
−$16.8K −$7.53/SF
NOI
$39.3K $17.57/SF
Area
Riverside County, CA
Vacancy
1.80%
Lease Rate
$25.56 /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%
$785,380
Cap Rate 7%
$560,986
Cap Rate 9%
$436,322
Alternative Uses
Best Use
Multifamily LT 5
$561.0K
$490.9K – $654.5K
NOI $39,269 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$516.8K
$452.2K – $603.0K
NOI $36,177 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$669.6K
$585.9K – $781.2K
NOI $46,870 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Explore this area
Business Placement
Demographics for 92860, CA
26,376
Population
7,073
Households
3.7
Avg Household Size
41
Median Age
21%
College-Educated
86%
High-School Grad
14.1 sq mi
ZIP Area
1,871
Density / Sq Mi
$125,371
Median Household Income
$49,188
Median Earnings
$1,893
Median Rent
$732,600
Median Home Value
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?
Quadplex - Well-maintained four-unit property with commercial zoning and redevelopment potential.
Where is this quadplex located?
The property is located at 1652 4th Norco, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: General commercial zoning allows for future redevelopment or mixed‑use potential.; Large 11,326 sq ft flat lot with potential for value add.; Four garage spaces and approximately 25 total parking spaces.
