Properties

Riverside, CA 92507 421 Devener

421 Devener Riverside, CA - Image 1421 Devener Riverside, CA - Image 2421 Devener Riverside, CA - Image 3
Presented By: Douglas McCauley with MARCUS & MILLICHAP; 626-695-6776
  • MLS# CV26019708
  • 01/26/2026
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  • Baths • 1
  • SQFT • 5,712

Home Details

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, Riversideโ€™s demographic and economic fundamentals continue to support long-term multifamily ownership. Overall, 421โ€“427 Devener Street represents an attractive opportunity to acquire a centrally located apartment building in Southern Californiaโ€™s most resilient and investor-friendly inland markets.
Presented By: Douglas McCauley with MARCUS & MILLICHAP; 626-695-6776

Interior Features for 421 Devener

Other Interior Features

Common Walls2+ Common Walls
Heating Y/NNo
Laundry FeaturesCommon Area
Total Stories2

Other Rooms

Entry Level1

General for 421 Devener

Additional Parcels Description247081008
Additional Parcels Y/NYes
Building Area UnitsSquare Feet
Cap Rate5.96
CityRiverside
Community FeaturesCurbs, Sidewalks
CountyRiverside
Directions421 & 427 Devener Street, Two side-by-side 4-plex apartment buildings
Electric Expense145
Entry LocationFront
Fuel Expense438
Garage Spaces
Garage Y/NNo
Gross Income161016
HeatingNone
Insurance Expense8000
Land Lease Y/NNo
LevelsTwo
Listing TermsCash, Cash to New Loan
Lot Size Square Feet14374.8
Lot Size UnitsAcres
MLS Area252 - Riverside
MaintenanceExpense8100
Net Operating Income107220
New ConstructionNo
Number Of Units Total8
Open Parking Spaces11
Operating Expense51181
Pool FeaturesNone
PostalCityRIVERSIDE
Property Attached Y/NYes
Property Sub Type AdditionalApartment
Property SubtypeApartment
Property TypeResidential Income
Rent Control Y/NYes
Senior Community Y/NNo
SewerSeptic Type Unknown
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories Count2
Tax Lot14
Taxes$20,119
Tenant PaysElectricity, Gas
Trash Expense6728
Water Sewer Expense3285
Year Built1966
Year Built SourcePublic Records

Exterior for 421 Devener

Building Area Total5712
Lot FeaturesRectangular Lot
Lot Size Acres0.33
Lot Size Area0.33
Lot Size SourcePublic Records
Number of Buildings2
Number of Separate Electric Meters8
Number of Separate Gas Meters8
Number of Separate Water Meters1
Parking FeaturesOn Site
Private PoolNo
Total Parking11
Water SourcePublic

Additional Details

Price History

Schools

High School Hubert H Humphrey Middle School
Middle School N/A
Elementary School Big Hollow Elementary School

Connect Realty

Price $1,800,000
MLS#CV26019708
List Date 01/26/2026
Property Type Multi-Family
Phone 888.795.6274
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