2029 Patterson Street
Riverside, CA 92507
- – beds
- – baths
- – sqft
- 13,068 sqft lot
- 2024 build
- – on site
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. The current property generates a strong net operating income (NOI) of $85,971 annually, making it a high-yield investment with exceptional growth potential in a booming area. With a cap rate of **6.9%**, 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. 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!
Last checked:
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Last updated Nov 23, 2024
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MLS# DW24239040 —
This property is listed in more than one place. See it here.
The Building
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Year Built:2024
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Year Built Source:Appraiser
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New Construction:No
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Entry Level:1
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Common Walls:No Common Walls
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Building Area Total:2961.00
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Building Area Units:Square Feet
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# of Buildings:2
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Total Number Of Units:3
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Stories Total:2
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# of Separate Gas Meters:2
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# of Separate Water Meters:2
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# of Separate Electric Meters:2
Interior
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Levels:Two
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Entry Location:front door
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Laundry:Individual Room, Inside
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Laundry:1
Location
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Directions:left side of patterson st
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Latitude:33.98094900
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Longitude:-117.35559900
The Property
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Property Type:Residential Income
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Subtype:Triplex
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Zoning:R3
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Lot Features:2-5 Units/Acre
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Lot Size Area:13068.0000
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Lot Size Acres:0.3000
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Lot Size SqFt:13068.00
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Lot Size Source:Assessor
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Additional Parcels:No
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Census Tract:305.03
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Tax Tract:305.03
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Tax Lot:17
The Listing
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Special Listing Conditions:Standard
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Parcel Number:211111050
Heating & Cooling
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Heating:1
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Heating:Central
Utilities
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Sewer:Public Sewer
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Water Source:Public
The Community
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Senior Community:No
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Features:Curbs, Sidewalks
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Pool:None
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Private Pool:No
Parking
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Parking Spaces:6.00
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Garage Spaces:2.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
11/22/24
Nov 22, 2024
|
Listed / Active | CRMLS_CA | $1,248,888 | 95.1% (47.9% / YR) |
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10/15/24
Oct 15, 2024
|
Listed / Active | CRMLS_CA | ||
|
11/28/22
Nov 28, 2022
|
CRMLS_CA | $640,000 | 0.8% |
