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Listed by Gerardo Garcia Macias • KASE Real Estate
$1,219,000
Est. payment /mo
2,961 SqFt
Price Dropped by $29K
2029 Patterson Street Riverside, CA 92507
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UPDATED:
12/22/2024 06:46 PM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 2,961 sqft
Price per Sqft $411
MLS Listing ID DW-24239040
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 **7.2%**, 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
Zoning R3
Interior
Heating Central
Laundry Individual Room, Inside
Exterior
Parking Features Gated
Garage Spaces 2.0
Pool None
Community Features Curbs, Sidewalks
Building
Lot Description 2-5 Units/Acre
Sewer Public Sewer
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