Description
ACTUAL 7.18% CAP RATE! Pleased to exclusively present the opportunity to acquire two side-by-side 4-plex apartment buildings located at 421 & 427 Devener Street, built in 1966 with 5,712 rentable square feet on a 0.33 acre contiguous lot in the City of Riverside. This offering totals eight units and features a highly functional mix of one and two bedroom floor plans. Ideally positioned with convenient access to the I-10, I-215, SR-60, and SR-91 freeways, the property offers residents excellent regional connectivity throughout the Inland Empire. The buildings are equipped with two on-site laundry facilities, wall-mounted air conditioner & heater units. Each unit is individually metered for gas and electricity & have individual hot water heaters. Parking consists of 11 open parking spaces. The property is on septic, with new tank installed in 2025. The electrical panels were also recently updated. The asset presents a value-add opportunity, with the ability to enhance cash flow through rent growth. Additionally, qualified buyers may benefit from the potential availability of 30-year fixed-rate financing, a significant advantage for investors seeking stable, long-term returns on small-balance multifamily assets. Riverside offers a strong and affordable investment backdrop anchored by steady job growth and a diversified employment base. The city is home to University of California, Riverside and benefits from a large public-sector presence tied to Riverside County, healthcare, education, and logistics. Compared to coastal Southern California markets, Riverside remains relatively affordable, supporting continued in-migration and sustained renter demand. 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. With a population of approximately 323,700 and a median household income near $88,600, Riverside's demographic and economic fundamentals continue to support long-term multifamily ownership. Overall, 421-427 Devener Street represents an attractive opportunity to acquire a centrally located apartment building in Southern California's most resilient and investor-friendly inland markets.
Details
| MLS # | CV26019708 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1966 |
| Days On Site | 289 |
| Listing Provided By | MARCUS & MILLICHAP | Douglas McCauley |
Features
| SQ Feet | 5,712 |
|---|---|
| Story(s) | 2 |
| Units | 8 |
| Building(s) | 2 |
| Acreage | 0.33 |
Interior
| Heating | None |
|---|---|
| Heating Yes / No | No |
Exterior
| Lot Features | Rectangular Lot |
|---|
Parking
| Parking Features | On Site |
|---|---|
| Garage Yes / No | No |
Utilities
| Sewer | Septic Type Unknown |
|---|
Location
| Community Features | Curbs, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Riverside |
| City | Riverside |
| Zip Code | 92507 |
| Area | 252 Riverside |
| Listing VS Median (in 92507) | |
Price: $1,549,000 low | high Med: $1,049,500 sqft: 5,712 low | high Med: 3,555 $ / sqft: $271 low | high Med: $342 On site: 289 low | high Med: 322 | |
Market Activity 92507
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Learn More About This Property
| State | CA |
|---|---|
| County | Riverside |
| City | Riverside |
| Zip Code | 92507 |
| Area | 252 Riverside |
| Listing VS Median (in 92507) | |
Price: $1,549,000 low | high Med: $1,049,500 sqft: 5,712 low | high Med: 3,555 $ / sqft: $271 low | high Med: $342 On site: 289 low | high Med: 322 | |
 | $1,650,000407 Iowa AvenueRiverside, CA 92507 |