Vacant Four-Unit Multifamily
For Sale
$925,000
21893 Cottonwood Ave, Moreno Valley, CA 92553
Remodeled units, updated electrical service, mini-split cooling, and new asphalt support immediate leasing plans.
Property Size2,889 SF
Price / SF$320.18
Days on Market10
Property Features for 21893 Cottonwood Ave
General Information
Standard status
Active
Size
2,889 SF
Property subtype
Multi-Family
Building Details
Year Built
1966
Listing Agency:
Marcus & Millichap
(213) 943-1884
Listed By:
Oscar Diaz · License #C137355
Source:
Kwcoachellavalley
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 9:02PM
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 Moreno Valley quadplex includes 2,889 rentable square feet across four vacant units: one two-bedroom, one-bath single-family residence and three two-bedroom, one-bath apartment units. Improvements include a new electrical panel serving the front house, remodeled interiors, fresh paint, newly installed mini-split AC units, and newly paved asphalt. The property was built in 1966 and occupies a 41,382-square-foot, or 0.95-acre, lot.
Located near the 60 and 215 Freeways, the property provides access to Riverside, San Bernardino, and employment areas throughout the Inland Empire. March Air Reserve Base and the region’s logistics corridor are identified as nearby employment drivers. With all units delivered vacant, the next owner can establish tenancy across the existing unit mix or occupy one residence while leasing the others. Projected stabilized performance includes a 7.08% cap rate and 9.97 GRM.
Located near the 60 and 215 Freeways, the property provides access to Riverside, San Bernardino, and employment areas throughout the Inland Empire. March Air Reserve Base and the region’s logistics corridor are identified as nearby employment drivers. With all units delivered vacant, the next owner can establish tenancy across the existing unit mix or occupy one residence while leasing the others. Projected stabilized performance includes a 7.08% cap rate and 9.97 GRM.
Key Highlights
- Four vacant units totaling 2,889 rentable square feet
- Unit mix includes one 2‑bedroom/1‑bath house and three 2‑bedroom/1‑bath apartments
- 41,382‑square‑foot (0.95‑acre) lot
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
$48,669
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
5.26%
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%
$973,380
$973.4K
Cap Rate 7%
$695,271
$695.3K
Cap Rate 9%
$540,767
$540.8K
Market Conditions
NOI Build-Up for 2,889 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
$72.8K $25.20/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$69.5K $24.07/SF
− OpEx
−$20.9K −$7.22/SF
NOI
$48.7K $16.85/SF
Area
Moreno Valley, CA
Vacancy
4.50%
Lease Rate
$25.20 /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%
$973,380
Cap Rate 7%
$695,271
Cap Rate 9%
$540,767
Alternative Uses
Best Use
Multifamily LT 5
$695.3K
$608.4K – $811.2K
NOI $48,669 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$626.3K
$548.0K – $730.7K
NOI $43,840 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$990.1K
$866.3K – $1.16M
NOI $69,307 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Explore this area
Business Placement
Demographics for 92553, CA
76,761
Population
20,175
Households
3.8
Avg Household Size
30
Median Age
13%
College-Educated
74%
High-School Grad
10.3 sq mi
ZIP Area
7,453
Density / Sq Mi
$71,344
Median Household Income
$36,525
Median Earnings
$1,892
Median Rent
$413,000
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?
Quadplex - Remodeled units, updated electrical service, mini-split cooling, and new asphalt support immediate leasing plans.
Where is this quadplex located?
The property is located at 21893 Cottonwood Ave Moreno Valley, CA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Four vacant units totaling 2,889 rentable square feet; Unit mix includes one 2‑bedroom/1‑bath house and three 2‑bedroom/1‑bath apartments; 41,382‑square‑foot (0.95‑acre) lot
