New Construction Multifamily
5832 Norwood Avenue, Riverside, CA 92505
For Sale
$8,000,000
Seven individually parceled duplexes feature townhome-style residences, private yards, attached garages, and modern interior finishes.
Property Size25,280 SF
Lot Size1.77 Acres
Price / SF$316.46
Days on Market99
Property Features for 5832 Norwood Avenue
General Information
Standard status
Size
Net Rentable
Lot size
Property subtype
Site & Location
Neighborhood
Highway Access
Road Access
Public Transit
Units
Unit Mix
Multifamily Units
Parking per Unit
Additional Details
Cap Rate
Amenities
in-unit laundry
central HVAC
solar energy system
private yard
patio
landscaping
Building Details
Buildings
Stories
Construction
Listing Agency:
CB RICHARD ELLIS
Listed By:
Eric Chen · License CA #01489184
(909) 418-2071
Source:
Cbre
Added: Aug 4
Changed: Nov 7
Last Checked: Nov 8 at 3:54AM
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 CB RICHARD ELLIS
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Investment Insights
Based on property information with market context.
This multifamily portfolio comprises seven individually parceled duplexes with 14 total units across three sites. The properties were built in 2024 and 2026 and provide approximately 25,280 square feet of rentable area on approximately 77,102 square feet of land. Each two-story, townhome-style residence averages 1,863 square feet and includes an open layout, high ceilings, quartz kitchen countertops, stainless steel appliances, luxury vinyl flooring, walk-in closets, and an upper-level laundry room with washer and dryer. Central air conditioning and heating, solar energy systems, attached two-car garages, private front and rear yards, patios, and drought-resistant landscaping are included throughout.
The portfolio is located in Riverside’s La Sierra Acres area near Kaiser Permanente Riverside Medical Center, La Sierra University, the Galleria at Tyler, and Castle Park. Regional access includes the 91, 60, 15, and I-215 Freeways, while the La Sierra Metrolink Station is 3.7 miles away with service to LA Union Station. The current cap rate is 5.48%, with a pro forma cap rate of 5.69%.
The portfolio is located in Riverside’s La Sierra Acres area near Kaiser Permanente Riverside Medical Center, La Sierra University, the Galleria at Tyler, and Castle Park. Regional access includes the 91, 60, 15, and I-215 Freeways, while the La Sierra Metrolink Station is 3.7 miles away with service to LA Union Station. The current cap rate is 5.48%, with a pro forma cap rate of 5.69%.
Key Highlights
- 14‑unit multifamily portfolio across seven individually parceled lots
- Approximately 25,280 SF of rentable area on approximately 77,102 square feet of land
- Unit mix includes four 3‑bedroom, eight 4‑bedroom, and two 5‑bedroom residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$375,173
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,503,460
$7.5M
Cap Rate 7%
$5,359,614
$5.4M
Cap Rate 9%
$4,168,589
$4.2M
Market Conditions
NOI Build-Up for 25,280 SF
Gross rent
$561.2K $22.20/SF
− Vacancy
−$25.3K −$1.00/SF
EGI
$536.0K $21.20/SF
− OpEx
−$160.8K −$6.36/SF
NOI
$375.2K $14.84/SF
Area
ZIP 92505
Vacancy
4.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,503,460
Cap Rate 7%
$5,359,614
Cap Rate 9%
$4,168,589
Alternative Uses
Best Use
Multifamily LT 5
$5.36M
$4.69M – $6.25M
NOI $375,173 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$4.96M
$4.34M – $5.78M
NOI $346,854 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$8.66M
$7.58M – $10.11M
NOI $606,465 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
14
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
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Business Placement
Demographics for 92505, CA
50,919
Population
15,324
Households
3.3
Avg Household Size
34
Median Age
20%
College-Educated
79%
High-School Grad
10.2 sq mi
ZIP Area
4,992
Density / Sq Mi
$84,528
Median Household Income
$40,575
Median Earnings
$1,936
Median Rent
$520,800
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Riverside, CA
Properties on Market for Multifamily properties in Riverside
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Seven individually parceled duplexes feature townhome-style residences, private yards, attached garages, and modern interior finishes.
Where is this multifamily property located?
The property is located at 5832 Norwood Avenue Riverside, CA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 14‑unit multifamily portfolio across seven individually parceled lots; Approximately 25,280 SF of rentable area on approximately 77,102 square feet of land; Unit mix includes four 3‑bedroom, eight 4‑bedroom, and two 5‑bedroom residences
