2029 Patterson Street
Riverside, CA 92507
- – beds
- – baths
- – sqft
- 13,068 sqft lot
- 2024 build
- – on site
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 7.27%**, 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*
Last checked:
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Last updated Apr 5, 2025
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MLS# DW25074095 —
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:Assessor
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New Construction:No
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Building Area Total:2961.00
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Building Area Units:Square Feet
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Total Number Of Units:3
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# of Buildings:2
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Stories Total:2
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Entry Level:1
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Common Walls:1 Common Wall
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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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Features:Open Floorplan, Pantry
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Levels:Two
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Entry Location:front gate
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Room Type:Attic, Basement, Primary Bathroom, Primary Bedroom, Primary Suite, Walk-In Closet
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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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View:None
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Fencing:Brick
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Fence:Yes
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Property Attached:1
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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
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Cooling:Yes
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Cooling:Central Air
Utilities
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Utilities:Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Available, Sewer Connected, Water Connected
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Sewer:Public Sewer
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Electric:220 Volts
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Water Source:Public
Appliances
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Appliances:Gas Range
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Included:Yes
The Community
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Features:Sidewalks
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Pool:None
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Senior Community:No
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Private Pool:No
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Spa Features:None
Parking
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Parking:Yes
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Parking:Assigned
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Parking Spaces:2.00
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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).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
4/4/25
Apr 4, 2025
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Listed / Active | CRMLS_CA | $1,175,000 | 83.6% (35.6% / YR) |
2/25/25
Feb 25, 2025
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Price Changed | BRIDGE | ||
2/24/25
Feb 24, 2025
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Price Changed | CRMLS_CA |