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421 Devener St
Riverside, CA 92507
421-427 Devener Street - Two Fourplexes · Multifamily Property For Sale
·
8 Units
Investment Highlights
- Two Side-By-Side 4-Plexes Offered Together (8 Total Units)
- One & Two Bedroom Floorplans
- Downtown Amenities Including The Mission Inn And Fox Performing Arts Center
- 5.96% Current Cap Rate & 6.61% Year 1 Cap Rate
- Individually Metered For Gas And Electricity & Individual Hot Water Heaters
- Strong Demand Drivers Anchored By UC Riverside, County Of Riverside, And March Air Forces Reserve
Executive Summary
Marcus & Millichap is pleased to exclusively present the opportunity to acquire two side-by-side 4-plex apartment buildings 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.
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.
Property Facts
| Price Per Unit | $225,000 | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 5,712 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.93/1,000 SF |
| Building Class | C | ||
| Zoning | R-3 | ||
| Price Per Unit | $225,000 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 5,712 SF |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1.93/1,000 SF |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,523 | 528 |
| 2+1 | 4 | $1,861 | 900 |
Property Taxes
| Parcel Number | 247-081-007 | Improvements Assessment | $369,792 |
| Land Assessment | $153,604 | Total Assessment | $523,396 |
Property Taxes
Parcel Number
247-081-007
Land Assessment
$153,604
Improvements Assessment
$369,792
Total Assessment
$523,396
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