421427 Devener Street — Sale in Riverside, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Riverside, CA 92507

Investment Figures

Cap rate
6.37%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

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. The units are individually metered 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 l

Market Context

This multifamily in Riverside, CA is listed for sale. It is offered at an approximate 6.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 100 days. Compare it against other multifamily listings for sale in Riverside, CA — view the full market.

As of Q1 2026, the Inland Empire multifamily market showed a 4.9% vacancy rate, and rents up 0.5% year over year. Source: CBRE Q1 2026 market report.

Tight vacancy keeps competition for quality space elevated.

Multifamily market FAQ

Is the Inland Empire multifamily market tightening or softening?
Vacancy is around 4.9% (Q1 2026).

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