Active

2029 Patterson Street

Riverside CA, 92507

$1,219,000


$411.69 per sqft

Active

2,961 sqft

Multi-family

Built in 2024

Listed by Gerardo Garcia Macias with KASE Real Estate 949-867-0007

Whether you're an investor or a buyer seeking a multi-unit property to live in while generating rental income, this is an opportunity you won't want to miss. The potential for house hacking is enormous--live in one of the units while collecting rents from the others, or enjoy the steady, reliable income stream as an investor. Not only can you build an additional 3 units on the property, the property also generates a strong net operating income (NOI) of $88,371 annually, making it a high-yield investment with exceptional growth potential in a booming area. With a cap rate of **7.1%**, this property represents a highly attractive opportunity for anyone looking to capitalize on Riverside's growing real estate market. This exceptional triplex is a rare gem in Riverside, offering a prime opportunity for both savvy investors and buyers looking to house hack. Situated just minutes away from the 91 and 215 freeways, as well as the vibrant Downtown Riverside area, this property offers unrivaled access to major commuter routes and city amenities. Riverside City College, the University of California Riverside (UCR), California Baptist University, shopping, dining, and entertainment options are a few minutes away, this location is truly at the heart of it all. The property features three distinct units, each with unique potential. One of the detached units is a brand-new construction, offering 3 spacious bedrooms, 2.5 bathrooms with a 2-car garage. At 1,199 sqft, this beautiful home is fully independent, with its own separate utilities. The other two units are well-maintained, recently remodeled and offer a combined mix of 3-bedroom, 2-bathroom (1,162 sqft) and 1-bedroom, 1-bathroom (600 sqft) units, both sharing utilities. Both occupied units are on a month to month lease. With a huge lot measuring 13,068 sqft, the property offers plenty of space for potential future improvements or expansion. A great opportunity as The city will allow you to build an additional 3 units on this property. Whether you're looking for the perfect place to live or a solid, income-generating investment, this property checks all the boxes. Don't let this once-in-a-lifetime opportunity slip away. Make your move today!

DW24239040

MLS ID

November 22, 2024

Listed

December 10, 2024

Updated

Map

2029 Patterson Street
Riverside CA, 92507

Interior Features

Total Stories

2


Laundry Description

Inside, Laundry Room


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.3 Acres


Lot Features

2-5 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

252 - Riverside


Days on Market

18


Garage

Yes


Garage Spaces

2


Parking Total

6


View

No


County

Riverside


Water Source

Public


Pool

No


Pool Features

None


Zoning

R3

Listing History

Date

Event

Price

12/10/2024

Price change

$1,219,000

-3%

Listing Contact: 949-900-9818 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/10/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 12/10/2024 at 6:51 PM UTC

 

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