Riverside Multifamily Investment
For Sale
$1,549,000
421 Devener St, Riverside, CA 92507
Two 4-plex buildings in Riverside with value-add potential.
Property Size5,712 SF
Lot Size0.33 Acres
Price / SF$271.18
Days on Market216
Property Features for 421 Devener St
General Information
Standard status
Active
Size
5,712 SF
Lot size
0.33 Acres
Property subtype
Multifamily
Amenities
Two side-by-side 4-plexes offered together (8 total units)
7.03% current cap rate & 7.78% year 1 cap rate
One & two bedroom floorplans
Individually metered for gas & electricity & individual hot water heaters
Downtown amenities including the Mission Inn and Fox Performing Arts Center
Strong demand drivers anchored by UC Riverside, County of Riverside, & March Air Forces Reserve
30-year fixed financing available to qualified buyers
Building Details
Building Size
5,712 SF
Units
8
Listing Agency:
Marcus & Millichap - Inland Empire
Listed By:
Douglas McCauley · License #License(s): CA: 01155706
(626) 695-6776
Source:
Marcusmillichap
Added: Apr 3
Changed: Oct 25
Last Checked: Nov 3 at 2:57AM
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 - Inland Empire
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Investment Insights
Based on property information with market context.
This offering presents the opportunity to acquire two side-by-side 4-plex apartment buildings constructed in 1966, totaling eight units. The buildings provide 5,712 rentable square feet on a 0.33-acre lot within the City of Riverside. The unit mix features one and two-bedroom floor plans. Residents have convenient access to the I-10, I-215, SR-60, and SR-91 freeways, providing regional connectivity throughout the Inland Empire. The buildings are equipped with two on-site laundry facilities and wall-mounted air conditioner & heater units. Each unit is individually metered for gas and electricity and has its own hot water heater. Parking includes 11 open spaces. The property uses a septic system, with a new tank installed in 2025. The electrical panels have also been recently updated. This asset offers a value-add opportunity to enhance cash flow through rent growth. Qualified buyers may benefit from the potential availability of 30-year fixed-rate financing. Riverside offers a strong investment environment supported by job growth and a diversified employment base. The city is home to the University of California, Riverside, and benefits from a large public-sector presence tied to Riverside County, healthcare, education, and logistics. The location supports continued renter demand. Area residents enjoy a robust lifestyle and amenity base, including the historic Mission Inn Hotel & Spa, the Fox Performing Arts Center, and outdoor attractions such as California Citrus State Historic Park.
Key Highlights
- Value‑add opportunity with potential for rent growth and enhanced cash flow.
- Potential availability of 30‑year fixed‑rate financing for qualified buyers.
- Excellent regional connectivity with convenient access to I‑10, I‑215, SR‑60, and SR‑91 freeways.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,553
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,551,060
$1.6M
Cap Rate 7%
$1,107,900
$1.1M
Cap Rate 9%
$861,700
$861.7K
Market Conditions
NOI Build-Up for 5,712 SF
Gross rent
$148.7K $26.04/SF
− Vacancy
−$7.7K −$1.35/SF
EGI
$141.0K $24.69/SF
− OpEx
−$63.5K −$11.11/SF
NOI
$77.6K $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 Rate 5%
$1,551,060
Cap Rate 7%
$1,107,900
Cap Rate 9%
$861,700
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$969.4K – $1.29M
NOI $77,553 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,030 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two 4-plex buildings in Riverside with value-add potential.
Where is this apartment building located?
The property is located at 421 Devener St Riverside, CA.
What is the asking price?
The asking price for this property is $1,549,000.
What are key features of this property?
This property features: Value‑add opportunity with potential for rent growth and enhanced cash flow.; Potential availability of **30‑year fixed‑rate financing** for qualified buyers.; Excellent regional connectivity with convenient access to I‑10, I‑215, SR‑60, and SR‑91 freeways.
