$1,549,000

421 Devener St, Riverside, CA 92507

5,712 sq ft

Listed by Marcus & Millichap, Douglas Mccauley
626-695-6776

Status: Active

MLS® #CV26019708

Property description for 421 Devener St, Riverside, CA 92507

ACTUAL 7.18% CAP RATE! Pleased to exclusively present the opportunity to acquire two side-by-side 4-plex apartment buildings located at 421 & 427 Devener Street, 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.

QUICK OVERVIEW

Built in 1966
$271 / Sq Ft
11 parking spaces
None
258 days on website
0.33 acres lot

INTERIOR

BUILDING AND CONSTRUCTION

EXTERIOR AND LOT

UTILITIES

AREA AND SCHOOLS

Price per square foot and days on website are not provided values and are calculated by REMAX.

Listing Agent Douglas Mccauley

Listing Office Marcus & Millichap, 9094563400

Updated Thursday, August 27, 2026 at 3:54:54 PM

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 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. Information deemed reliable but not guaranteed. Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved.

NEIGHBORHOOD

About the Highgrove Neighborhood

The character of Highgrove is exemplified by its slower-paced environment. The noise levels in this community are reasonably low, as the streets are quite tranquil - although there are still several louder sections, especially near one of the railway lines, I-215 or Riverside Freeway. Finally, it is easy to access public green spaces in the community since there are approximately 10 of them nearby for residents to check out.

Learn more about Highgrove

Car friendly

Excellent access to freeways and/or major arteries, with almost no chance of parking problems

Quiet

Few sources of noise nearby

Restaurants

Variety of restaurants within a short drive

Parks

Moderate amount of park space nearby

Groceries

Variety of groceries within a short drive

CLIMATE RISK FOR 92507

PROPERTY HISTORY FOR 421 DEVENER ST

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421 Devener St, Riverside, CA 92507

Property description for 421 Devener St, Riverside, CA 92507

QUICK OVERVIEW

INTERIOR

BUILDING AND CONSTRUCTION

EXTERIOR AND LOT

UTILITIES

AREA AND SCHOOLS

NEIGHBORHOOD