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222 E Rice St 10 Unit Apartment Building $1,250,000 ($125,000/Unit) 7.76% Cap Rate Blythe, CA 92225
Executive Summary
Rice & Spring 10-Unit Apartment Complex | 222 W Rice St, Blythe, CA 92225
Stabilized 10-unit multifamily investment opportunity in the heart of Blythe, Riverside County. This prime corner property features a mix of medium-term and long-term rentals generating $12,475/month in gross rental income with 100% occupancy. Eight of ten units have been fully renovated between 2019 and 2026 with modern interiors, updated kitchens, and upgraded systems. The most recent renovation (208 W Rice, completed early 2026) now leases as a furnished rental at $1,500/month.
Originally built in 1930 on a single parcel (APN 848-052-008), the property is zoned Medium Density Residential and includes a unit mix of studios, one-bedrooms, and two-bedrooms. Five units are offered fully furnished, attracting higher rents from solar energy professionals, Caltrans contractors, and traveling workforce tenants. All leases are month-to-month, providing maximum operational flexibility.
2026 projected NOI of $99,426 on an asking price of $1,250,000 represents a 7.95% cap rate. Operating expenses total just $31,287 annually (23.9% expense ratio), with new Foremost Insurance policies in place through May 2027. Two unrenovated units (212 and 216 W Rice) present clear value-add upside — comparable renovated units achieve $1,400–$1,720/month, representing 100%+ rent growth potential.
Blythe's rental market benefits from proximity to major renewable energy projects including the Blythe Mesa Solar Project and Desert Harvest Solar Project, driving consistent workforce housing demand with limited new supply in the pipeline.
Stabilized 10-unit multifamily investment opportunity in the heart of Blythe, Riverside County. This prime corner property features a mix of medium-term and long-term rentals generating $12,475/month in gross rental income with 100% occupancy. Eight of ten units have been fully renovated between 2019 and 2026 with modern interiors, updated kitchens, and upgraded systems. The most recent renovation (208 W Rice, completed early 2026) now leases as a furnished rental at $1,500/month.
Originally built in 1930 on a single parcel (APN 848-052-008), the property is zoned Medium Density Residential and includes a unit mix of studios, one-bedrooms, and two-bedrooms. Five units are offered fully furnished, attracting higher rents from solar energy professionals, Caltrans contractors, and traveling workforce tenants. All leases are month-to-month, providing maximum operational flexibility.
2026 projected NOI of $99,426 on an asking price of $1,250,000 represents a 7.95% cap rate. Operating expenses total just $31,287 annually (23.9% expense ratio), with new Foremost Insurance policies in place through May 2027. Two unrenovated units (212 and 216 W Rice) present clear value-add upside — comparable renovated units achieve $1,400–$1,720/month, representing 100%+ rent growth potential.
Blythe's rental market benefits from proximity to major renewable energy projects including the Blythe Mesa Solar Project and Desert Harvest Solar Project, driving consistent workforce housing demand with limited new supply in the pipeline.
Property Facts
| Price | $1,250,000 | Building Class | C |
| Price Per Unit | $125,000 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 5,404 SF |
| Cap Rate | 7.76% | Average Occupancy | 95% |
| Sale Condition | 1031 Exchange | No. Stories | 1 |
| No. Units | 10 | Year Built/Renovated | 1964/2026 |
| Property Type | Multifamily | Parking Ratio | 0.8/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | RM, Blythe - multifamily | ||
| Price | $1,250,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 7.76% |
| Sale Condition | 1031 Exchange |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 5,404 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built/Renovated | 1964/2026 |
| Parking Ratio | 0.8/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM, Blythe - multifamily |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 2+1 | 2 | - | - |
| Studios | 1 | - | - |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 848-052-008 | Improvements Assessment | $370,602 |
| Land Assessment | $88,434 | Total Assessment | $459,036 |
Property Taxes
Parcel Number
848-052-008
Land Assessment
$88,434
Improvements Assessment
$370,602
Total Assessment
$459,036
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