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  • MLS#: CV26019708 ( Apartment )
  • Street Address: 421 Devener
  • Viewed: 2
  • Price: $1,800,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1966
  • Bldg sqft: 0
  • Days On Market: 4
  • Additional Information
  • County: RIVERSIDE
  • City: Riverside
  • Zipcode: 92507
  • Provided by: MARCUS & MILLICHAP
  • Contact: Douglas Douglas
  • California Regional MLS IDX
  • DMCA Notice
  • Description
    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, Riversides demographic and economic fundamentals continue to support long term multifamily ownership. Overall, 421427 Devener Street represents an attractive opportunity to acquire a centrally located apartment building in Southern Californias most resilient and investor friendly inland markets.
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Features
Building Area Total
  1. 5712.00
Commoninterest
  1. Community Apartment
Common Walls
  1. 2+ Common Walls
Country
  1. US
Electric Expense
  1. 145.00
Entry Location
  1. Front
Fuel Expense
  1. 438.00
Garage Spaces
  1. 0.00
Gardner Expense
  1. 1800.00
Heating
  1. None
Insurance Expense
  1. 8000.00
Laundry Features
  1. Community
Levels
  1. Two
Lot Features
  1. Rectangular Lot
Netoperatingincome
  1. 107220.00
Newtaxesexpense
  1. 20119.00
Otherincome1
  1. 2215.00
Otherincomedescription
  1. Late Fees & Laundry Income
Parcel Number
  1. 247081007
Parking Features
  1. On Site
Pool Features
  1. None
Professionalmanagementexpense
  1. 0.00
Property Type
  1. Apartment
Sewer
  1. Septic Type Unknown
Sourcesystemid
  1. CRM
Sourcesystemkey
  1. 455477347:CRM
Tenant Pays
  1. Electricity
  2. Gas
Totalexpenses
  1. 51181.00
Trash Expense
  1. 6728.00
Uncovered Spaces
  1. 11.00
Water Sewer Expense
  1. 3285.00
Water Source
  1. Public
Year Built
  1. 1966
Year Built Source
  1. Public Records