Three-Unit Multifamily
New
For Sale
$899,000
205 Waring, Riverside, CA 92507
Three independent residences provide flexible occupancy for rental or extended-family use.
Property Size2,000 SF
Days on Market4
Property Features for 205 Waring
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Building Details
Building Size
2,000 SF
Year Built
1958
Stories
1
Units
3
Listing Agency:
(951) 682-1000
Listed By:
JARED JONES · License #01822924
(951) 682-1000
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 7:25AM
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 JARED JONES
Investment Insights
Based on property information with market context.
This triplex, built in 1958, contains three separate units, each with its own private living area. The configuration supports multiple residential occupants and offers flexibility for rental use or multi-generational living.
The property is located near shopping, dining, schools, and major commuter routes in Riverside. Walk Score is 51, indicating a somewhat walkable setting; Bike Score is 47, and Transit Score is 23.
The property is located near shopping, dining, schools, and major commuter routes in Riverside. Walk Score is 51, indicating a somewhat walkable setting; Bike Score is 47, and Transit Score is 23.
Key Highlights
- Three separate residential units on one property
- Private living space in each unit
- Built in 1958
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
$29,371
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
3.27%
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%
$587,420
$587.4K
Cap Rate 7%
$419,586
$419.6K
Cap Rate 9%
$326,344
$326.3K
Market Conditions
NOI Build-Up for 2,000 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
$44.4K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$42.0K $20.98/SF
− OpEx
−$12.6K −$6.29/SF
NOI
$29.4K $14.69/SF
Area
ZIP 92507
Vacancy
5.50%
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%
$587,420
Cap Rate 7%
$419,586
Cap Rate 9%
$326,344
Alternative Uses
Best Use
Multifamily LT 5
$419.6K
$367.1K – $489.5K
NOI $29,371 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$387.9K
$339.4K – $452.6K
NOI $27,155 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$685.4K
$599.8K – $799.7K
NOI $47,980 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
180
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?
Triplex - Three independent residences provide flexible occupancy for rental or extended-family use.
Where is this triplex located?
The property is located at 205 Waring Riverside, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three separate residential units on one property; Private living space in each unit; Built in 1958
