Riverside Multifamily Investment
For Sale
$1,615,000
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$282.74
Days on Market125
Property Features for 421 Devener St
General Information
Standard status
Active
Size
5,712 SF
Lot size
0.33 Acres
Property subtype
Multifamily
Listing Agency:
MARCUS & MILLICHAP
(626) 695-6776
Listed By:
Douglas McCauley · License #License(s): CA: 01155706
(626) 695-6776
Source:
Marcusmillichap
Added: Apr 3
Changed: Jul 10
Last Checked: Aug 5 at 4:02AM
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 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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $148.7k | $26.04 |
| − Vacancy | −$7.7k | −$1.35 |
| EGI | $141.0k | $24.69 |
| − OpEx | −$63.5k | −$11.11 |
| NOI | $77.6k | $13.58 |
5,712 SF · lease $26.04/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$969.4K – $1.29M
NOI $77,553 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,030 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
461
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
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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 $1,615,000.
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.
