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

$1,125,000

$1,149,000 2.1%

Est. payment - /mo

0.3 Acres Lot

UPDATED:

Key Details

Sold Price $1,125,000

Property Type Single Family Home, Multi-Family

Sub Type Triplex

Listing Status Sold

Purchase Type For Sale

MLS Listing ID DW25074095

Year Built 2024

Lot Size 0.300 Acres

Property Sub-Type Triplex

Property Description

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 7.64%**, 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*

Location

State CA

County Riverside

Area 252 - Riverside

Zoning R3

Interior

Heating Central

Cooling Central Air

Laundry Inside, Laundry Room

Exterior

Parking Features Assigned

Garage Spaces 2.0

Garage Description 2.0

Fence Brick

Pool None

Community Features Sidewalks

Utilities Available Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Available, Sewer Connected, Water Connected

View Y/N No

View None

Building

Lot Description 2-5 Units/Acre

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

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

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Listed by Gerardo Garcia Macias Pak Home Realty 949-867-0007
Bought with Jamie Andrews Mogul Real Estate

Amanda Byrd

Agent | License ID: 02197027

+1(714) 478-8337 | amanda@llhomesteam.com

2029 Patterson ST Riverside, CA 92507

Key Details

Location

Interior

Exterior

Building

Others

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