421 Devener St Riverside, CA 92507
Highgrove NeighborhoodEstimated payment $9,725/month
Highlights
- Laundry Room
- Rectangular Lot
- No Heating
About This Home
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.
Listing Agent
MARCUS & MILLICHAP Brokerage Phone: 626-695-6776 Listed on: 01/28/2026
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1966
Lot Details
- 0.33 Acre Lot
- Two or More Common Walls
- Rectangular Lot
- 247081008
Home Design
- Apartment
- Entry on the 1st floor
Interior Spaces
- 5,712 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 12 Bedrooms
- 8 Bathrooms
Parking
- 11 Open Parking Spaces
- 11 Parking Spaces
- Parking Available
Utilities
- No Heating
- Septic Type Unknown
Listing and Financial Details
- Tax Lot 14
- Tax Tract Number 423
- Assessor Parcel Number 247081007
- $145 per year additional tax assessments
Community Details
Overview
- 2 Buildings
- 8 Units
Amenities
- Laundry Facilities
Building Details
- Rent Control
- 8 Separate Electric Meters
- 8 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $145
- Fuel Expense $438
- Gardener Expense $1,800
- Insurance Expense $8,000
- Maintenance Expense $8,100
- Trash Expense $6,728
- Water Sewer Expense $3,285
- New Taxes Expense $20,119
- Operating Expense $51,181
- Gross Income $161,016
- Net Operating Income $107,220
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $5,761 | $523,396 | $153,604 | $369,792 |
| 2023 | $5,761 | $503,075 | $147,641 | $355,434 |
| 2022 | $5,609 | $493,212 | $144,747 | $348,465 |
| 2021 | $5,511 | $483,542 | $141,909 | $341,633 |
| 2020 | $5,469 | $478,584 | $140,454 | $338,130 |
| 2019 | $5,367 | $469,200 | $137,700 | $331,500 |
| 2018 | $5,261 | $460,000 | $135,000 | $325,000 |
| 2017 | $4,600 | $242,550 | $57,330 | $185,220 |
| 2016 | $4,391 | $242,550 | $57,330 | $185,220 |
| 2015 | $2,599 | $231,000 | $54,600 | $176,400 |
| 2014 | $2,506 | $220,000 | $52,000 | $168,000 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 01/28/2026 01/28/26 | For Sale | $1,800,000 | +291.3% | $315 / Sq Ft | |
| 10/24/2017 10/24/17 | Sold | $460,000 | +2.2% | $153 / Sq Ft | View Prior Sale |
| 08/18/2017 08/18/17 | Pending | -- | -- | -- | |
| 08/09/2017 08/09/17 | For Sale | $450,000 | -- | $150 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $460,000 | Fidelity National Title Comp | |
| Interfamily Deed Transfer | -- | Fidelity National Title | |
| Interfamily Deed Transfer | -- | Fidelity National Title | |
| Grant Deed | $870,000 | Fidelity National Title |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $299,000 | New Conventional | |
| Previous Owner | $348,000 | Purchase Money Mortgage |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV26019708
APN: 247-081-007
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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