Updated Triplex with Historic
New
For Sale
$799,900
3452 Mulberry St, Riverside, CA 92501
Three leased residences combine modern upgrades with shared laundry and a private enclosed backyard.
Property Size2,260 SF
Days on Market2
Property Features for 3452 Mulberry St
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Investment
Building Details
Building Size
2,260 SF
Year Built
1911
Stories
2
Units
3
Listed By:
NATALIE JOHNSON · License #01442599
(951) 347-5188
Source:
Elliman
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:21AM
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 NATALIE JOHNSON
Investment Insights
Based on property information with market context.
This 1911 triplex contains three residential units: a 372-square-foot studio, a 982-square-foot two-bedroom/one-bath unit, and a 906-square-foot upstairs two-bedroom/one-bath unit. The property has undergone extensive modernization, including PEX plumbing, replacement drain lines, a full electrical rewiring, dual-pane windows, updated kitchens and bathrooms, refreshed flooring, improved insulation, new interior and exterior paint, and landscape and hardscape improvements. Claw-foot tubs remain in each unit, and Unit 3 includes a mini-split system.
All three residences are currently rented. Residents share an on-site coin-operated laundry room and a fully enclosed private backyard. The property is located at 3452 Mulberry St in Riverside, near Downtown shopping, restaurants, city services, UCR, RCC, churches, freeways, public transportation, and Metrolink. WalkScore is 81, BikeScore is 73, and TransitScore is 42.
All three residences are currently rented. Residents share an on-site coin-operated laundry room and a fully enclosed private backyard. The property is located at 3452 Mulberry St in Riverside, near Downtown shopping, restaurants, city services, UCR, RCC, churches, freeways, public transportation, and Metrolink. WalkScore is 81, BikeScore is 73, and TransitScore is 42.
Key Highlights
- Three‑unit property with 372 SF studio, 982 SF two‑bedroom unit, and 906 SF upstairs two‑bedroom unit
- Built in 1911 with extensive plumbing, electrical, window, flooring, insulation, and finish updates
- All three units are currently rented
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
$39,522
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
4.94%
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%
$790,440
$790.4K
Cap Rate 7%
$564,600
$564.6K
Cap Rate 9%
$439,133
$439.1K
Market Conditions
NOI Build-Up for 2,260 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
$57.5K $25.44/SF
− Vacancy
−$1.0K −$0.46/SF
EGI
$56.5K $24.98/SF
− OpEx
−$16.9K −$7.49/SF
NOI
$39.5K $17.49/SF
Area
Riverside, CA
Vacancy
1.80%
Lease Rate
$25.44 /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%
$790,440
Cap Rate 7%
$564,600
Cap Rate 9%
$439,133
Alternative Uses
Best Use
Multifamily LT 5
$564.6K
$494.0K – $658.7K
NOI $39,522 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$516.3K
$451.8K – $602.4K
NOI $36,143 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$775.4K
$678.4K – $904.6K
NOI $54,275 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,651
Businesses Nearby
Explore this area
Business Placement
Demographics for 92501, CA
22,017
Population
7,488
Households
2.9
Avg Household Size
35
Median Age
18%
College-Educated
81%
High-School Grad
5.6 sq mi
ZIP Area
3,932
Density / Sq Mi
$83,027
Median Household Income
$41,780
Median Earnings
$1,615
Median Rent
$466,400
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?
Triplex - Three leased residences combine modern upgrades with shared laundry and a private enclosed backyard.
Where is this triplex located?
The property is located at 3452 Mulberry St Riverside, CA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three‑unit property with 372 SF studio, 982 SF two‑bedroom unit, and 906 SF upstairs two‑bedroom unit; Built in 1911 with extensive plumbing, electrical, window, flooring, insulation, and finish updates; All three units are currently rented
