We are pleased to present 4545-4581 Main Street, a 14-unit multifamily investment ideally located near Downtown Riverside. Positioned just off Magnolia Avenue and 14th Street, the property sits within one of Riverside's most desirable neighborhoods, known for its historic character, cultural attractions, and consistent rental demand. The asset spans three contiguous parcels totaling approximately 34,412 square feet and features a unique configuration of five separate buildings. This layout provides enhanced privacy, open space, and a predominantly single-story design, creating a more residential environment compared to traditional apartment complexes. Its proximity to Riverside City College and major transportation corridors further strengthens its long-term tenant appeal. The property offers key amenities that support stable occupancy, including 25 on-site parking spaces, an on-site laundry facility, and interior mini-split air conditioning systems. Recent capital improvements such as newer roofs and well-maintained exterior areas contribute to reduced maintenance needs and tenant retention. Additional income potential is supported by stand-alone garages that can be leased for storage, along with two separate owner's rooms that may offer future conversion into additional garages or ADU units, subject to buyer verification. The unit mix consists of one three-bedroom, two-bath home, six two-bedroom units, six one-bedroom units, and one studio, catering to a broad tenant base including students, professionals, and families. The property is currently operating at a 6.12% cap rate and 11.11 GIM, providing strong in-place income with upside through gradual rent growth. Located within a highly accessible and tenant-oriented corridor, the property is within walking distance to Riverside City College and under ten minutes from UC Riverside. Nearby amenities include major retail centers, employment hubs, and notable destinations such as the Mission Inn, The Cheech Center, Mount Rubidoux, and the California Citrus State Historic Park. With convenient access to the 91 and 215 Freeways, the property benefits from strong regional connectivity. 45454581 Main Street represents a rare opportunity to acquire a well-located, low-density asset with stable cash flow and long-term growth potential in one of Riverside's most supply-constrained markets.
Multi-familyProperty Type
1950Year Built
0.79 acresLot Size
$391Price/Sq.Ft.
25 spacesParking
Listed by Oscar Diaz•DRE #02022902• Marcus & Millichap
Prospect Place, located between Fairmount Park and Downtown Riverside, is a historic and residential Riverside neighborhood with Craftsman-era streetscapes and a park-lined setting. Character concentrates along Market Street near Mission Inn Avenue, where sidewalk patios, galleries, and independent eateries set a steady, walkable rhythm. Early-20th-century bungalows and Spanish Revival details sit behind mature trees, giving blocks a composed, architectural feel. The Mission Inn Hotel & Spa and the Riverside Art Museum act as cultural anchors for evenings and weekends. Fairmount Park’s lake paths and picnic lawns shape daily routines, while the Fox Performing Arts Center adds a marquee-lit nightlife note. The Santa Ana River corridor frames the area with open sky and long views.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Multi-level building
Bedrooms
Unit mix includes studios, 1‑bed, 2‑bed and 3‑bed units
Bathrooms
Units with 1 bath and 2 baths (varies by unit type)
Kitchen
No specific kitchen appliance details provided
Laundry & utility
No laundry or utility details provided
Flooring
No flooring details provided
Heating & cooling
Other heating
Other cooling
Exterior features
Other on-site structures
Home design
Residential income property
Multi-level
Parking
Total of 25 parking spaces
Garage described as Other
Security
No security details provided
Construction
No construction material, year built, roof, or foundation details provided
Utilities
No specific water, sewer, or power details provided
HOA & community
Complex contains 14 total units
Financial info
Gross income: $313,756
Gross operating income: $313,756
Net operating income: $219,933
Total annual expenses: $93,823
Cap rate: 6.12%
Gross rent multiplier: 11.11
Income reported as Actual
Other
Property zoning: R3
Electricity and solar
View estimated energy costs and solar savings for this home
The Raincross District is the cultural, historic, and social center of both Riverside and the region beyond. The quality of Downtown Riverside’s historic buildings and the relationship between these buildings creates an historic urban fabric unparalleled in the region. The positive image and economic health of Riverside is strongly influenced by this historic character and the protection of that is an essential part of assuring Riverside’s economic health and growth into the future. The intent of this specific plan is to create and
encourage opportunitiesfor a variety of commercial, residential and entertainment uses, including retail,office, cultural,residential, and visitorserving uses. The Raincross District encourages a concentration of uses that generate activity during both daytime and evening hours. The permitted retail uses in this District are intended to serve the specialty shopping needs of Downtown residents and employees, as well as city wide residents,regional shoppers, and tourists. The Rain cross District encourages these uses to occur as both single use buildings and as mixed-use buildings. The Raincross District is divided into two sub-areas. The center of the District is occupied by the Mission Inn Historic District, which contains Riverside’s most important historic buildings. In this sub-area the development standards have been carefully crafted to maintain a scale of development that is compatible with the well-established historic fabric ofthe district. Outside of the Mission Inn Historic
District,the development standards of the District allow greater intensity,while still assuring compatibility of the adjacent historic district and historic residential areas beyond. The development standards for the Raincross District are designed to create a place of daytime, evening and weekend activity by providing a high activity pedestrian environment with a storefront emphasis at the street level. Within the Raincross District, there are numerous local and national historic landmarks that define the district’s character, including the Mission Inn, Fox Theater, Stalder Building, Municipal Museum, Unitarian Church, Congregational Church, Municipal Auditorium, Post Office, Loring Building, and Art Museum. Preservation ofsuch structures, alongwith careful and compatible design of new development is important in maintaining the District’s character and unique sense of identity.
Zone overlays
Prospect Place Neighborhood
Permitted uses
Include but are not limited to:
Housing-Single unit
Housing-Multiple units
Park & open space
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
8/10 Heat Factor
7 days above 102° expected this year, 19 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
27 unhealthy days expected this year, 32 days in 30 years
Provided by First Street
Historical weather
Riverside, CA • 92501
Average low and high temperatures (°F)
70
49
73
51
77
54
75
53
81
58
88
62
90
63
96
68
91
66
85
59
74
52
72
50
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
59/ 100
Moderate sunlight
Sunscore
There appears to be some shading by surrounding buildings, terrain, and vegetation.
6 hrs
3.4 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 4561 Main St
There isn’t enough information to generate an accurate estimate at this time. Learn More