421-427 DEVENER STREET
Two Side-By-Side 4-Plexes Offered Together (8 Total Units)
7.27% Current Cap Rate & 7.90% Year 1 Cap Rate
One & Two Bedroom Floorplans
Individually Metered For Gas And Electricity & Individual Hot Water Heaters
Downtown Amenities Including The Mission Inn And Fox Performing Arts Center
Strong Demand Drivers Anchored By UC Riverside, County Of Riverside, And March Air Forces Reserve
30-Year Fixed Financing Available To Qualified Buyers
Property Description
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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,549,000 |
| No. of Units: | 8 |
| Cap Rate: | 7.27% |
| Year Built: | 1965 |
| Building Size: | 5,712 Sq ft |
| Lot Size: | 0.33 Acres |
| No. of Stories: | 2 |
| APN: | 247-081-007 & 247-081-008 |
| Opportunity Zone: | No |
| Price per unit: | $193,625 |
| Parking Spaces: | 11 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Gross income: | 164364 |
| Effective Gross income: | 161648 |
| Operating expenses: | 49006 |
| Net operating income: | 112642 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| David Covarrubias | (909) 456-7035 | [email protected] |
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