Riverside Multifamily Investment
For Sale
$5,595,000
1480 7th Street, Riverside, CA 92507
Turnkey apartment complex with recent renovations and rental upside.
Property Size22,798 SF
Lot Size0.82 Acres
Price / SF$245.42
Days on Market208
Property Features for 1480 7th Street
General Information
Standard status
Active
Size
22,798 SF
Lot size
0.82 Acres
Property subtype
Commercial
Amenities
Assigned Spaces
Community Facility
Laundry Area
No Heat Heating
Washer/Dryer - Leased
Building Details
Year Built
1971
Listing Agency:
KIDDER MATHEWS OF CALIFORNIA, INC
(949) 557-5000
Listed By:
JONATHAN MITCHELL · License #01227852
Source:
Corcoran
Added: Jan 15
Changed: Aug 8
Last Checked: Aug 8 at 1:18PM
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 KIDDER MATHEWS OF CALIFORNIA, INC
Investment Insights
Based on property information with market context.
The Normandy Apartments, constructed in 1977, offer approximately 22,798 square feet of rentable space. The property is in good condition, benefiting from recent significant interior and exterior renovations by the current ownership. The unit mix includes three-bedroom, two-bedroom, and one-bedroom apartments. Situated on approximately 0.82 acres, the property features tuck-under parking, open on-site parking, and street parking. The building is separately metered for gas and electric, and includes community laundry rooms and a pool. Select units have been remodeled with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting, and ceiling fans throughout. This turnkey asset presents a potential investment opportunity with realistic rental upside, surrounded by job opportunities.
Key Highlights
- Turnkey asset with recent significant interior and exterior renovations.
- Balanced unit mix of 1, 2, and 3‑bedroom apartments.
- Realistic 10% rental upside potential.
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
$309,534
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
5.53%
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%
$6,190,680
$6.2M
Cap Rate 7%
$4,421,914
$4.4M
Cap Rate 9%
$3,439,267
$3.4M
Market Conditions
NOI Build-Up for 22,798 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
$593.7K $26.04/SF
− Vacancy
−$30.9K −$1.35/SF
EGI
$562.8K $24.69/SF
− OpEx
−$253.3K −$11.11/SF
NOI
$309.5K $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%
$6,190,680
Cap Rate 7%
$4,421,914
Cap Rate 9%
$3,439,267
Alternative Uses
Best Use
Apartment 5plus
$4.42M
$3.87M – $5.16M
NOI $309,534 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.81M
$6.84M – $9.12M
NOI $546,922 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,369
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey apartment complex with recent renovations and rental upside.
Where is this apartment building located?
The property is located at 1480 7th Street Riverside, CA.
What is the asking price?
The asking price for this property is $5,595,000.
What are key features of this property?
This property features: Turnkey asset with recent significant interior and exterior renovations.; Balanced unit mix of 1, 2, and 3‑bedroom apartments.; Realistic 10% rental upside potential.
