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Listed by Gerardo Garcia Macias • Pak Home Realty
$1,169,000
Est. payment /mo
2,961 SqFt
Price Dropped by $6K
2029 Patterson Street Riverside, CA 92507
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Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 2,961 sqft
Price per Sqft $394
MLS Listing ID DW-25074095
Year Built 2024
Lot Size 0.300 Acres
Property Sub-Type Triplex
Property Description
This property presents itself as an exceptional opportunity in Riverside's thriving real estate market, offering a rare combination of immediate income and long-term growth potential. Whether you're an experienced investor or a savvy homebuyer looking to make a smart move, this multi-unit property has everything you need to succeed. With its prime location, strong rental history, and future expansion possibilities, it's an opportunity you won't want to miss. The property features three distinct units, each offering its own unique appeal. One standout is the brand-new, detached unit--a spacious 3-bedroom, 2.5-bathroom home with a 2-car garage, separate utilities, and separate address. This newly constructed 1,199 sqft home provides the perfect blend of comfort and independence, making it ideal for a homeowner or tenant. The other two units have been recently remodeled, with one offering a 3-bedroom, 2-bathroom layout and the other a 1-bedroom, 1-bathroom unit. Both are well-maintained and thoughtfully updated, featuring a 6 year old roof, PEX Plumbing, an updated Dual Electric Panel, and a Brand new Gas line. Both units offer a mix of spaciousness and charm. The two occupied units share utilities, providing efficiency while maintaining privacy for each tenant. Set on a generous **13,068 sqft lot**, this property offers a wealth of potential for further growth and to potentially build more units. With a **cap rate of 7.64%**, the property already offers strong returns, but the possibility of increasing income through development makes it an even more exciting investment. Riverside's location adds another layer of appeal. Just minutes from the 91 and 215 freeways, as well as the vibrant Downtown Riverside, this property offers easy access to major commuter routes, shopping, dining, and entertainment. With local institutions like Riverside City College, UC Riverside, and California Baptist University nearby, demand for rental properties in this area is only expected to increase, making this an even more enticing opportunity. Whether you're looking for a home with income-generating potential or an investment property with substantial upside, this Riverside gem has it all. With a combination of prime location, solid cash flow, and exciting future prospects, this opportunity won't last long. Make your move today and seize the chance to be a part of Riverside's flourishing real estate market.*Grass was added onto the images virtually to enhance the property images*
Location
State CA
County Riverside
Area 252 - Riverside
Zoning R3
Interior
Interior Features Open Floorplan, Pantry
Heating Central
Cooling Central Air
Laundry Individual Room, Inside
Exterior
Parking Features Assigned
Garage Spaces 2.0
Pool None
Community Features Sidewalks
Utilities Available Sewer Available, Sewer Connected, Water Connected, Electricity Connected, Natural Gas Connected, Phone Connected
View Y/N No
View None
Building
Lot Description 2-5 Units/Acre
Sewer Public Sewer