Homes for sale - 2029 Patterson ST, Riverside, CA 92507

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$1,219,000

Est. payment - /mo

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0.3 Acres Lot

Price Dropped by $29K

2029 Patterson ST Riverside, CA 92507

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Jeff Underdahl

jeff@jeffunderdahl.com +1(760) 271-8772

UPDATED:

12/10/2024 06:19 PM

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

MLS Listing ID DW24239040

HOA Y/N No

Year Built 2024

Lot Size 0.300 Acres

Property Description

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!

Location

State CA

County Riverside

Area 252 - Riverside

Zoning R3

Interior

Heating Central

Fireplace No

Laundry Inside, Laundry Room

Exterior

Garage Spaces 2.0

Garage Description 2.0

Pool None

Community Features Curbs, Sidewalks

Total Parking Spaces 6

Private Pool No

Building

Lot Description 2-5 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 211111050

Acceptable Financing Cash, Cash to New Loan, Conventional, FHA, Submit, VA Loan

Listing Terms Cash, Cash to New Loan, Conventional, FHA, Submit, VA Loan

Special Listing Condition Standard

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

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Jeff Underdahl

CEO/Team Leader | License ID: 01077484

+1(760) 271-8772