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!
Property Details
Price:
$1,219,000
MLS #:
DW24239040
Status:
Active
Baths:
0
Address:
2029 Patterson Street
Type:
Residential Income
Subtype:
Triplex
Neighborhood:
252riverside
City:
Riverside
Listed Date:
Nov 22, 2024
State:
CA
ZIP:
92507
Lot Size:
13,068 sqft / 0.30 acres (approx)
Year Built:
2024
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Schools
Interior
Heating
Central
Exterior
Community Features
Curbs, Sidewalks
Garage Spaces
2.00
Lot Features
2-5 Units/ Acre
Parking Spots
6.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Map
Community
- Address2029 Patterson Street Riverside CA
- Area252 – Riverside
- CityRiverside
- CountyRiverside
- Zip Code92507
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Courtesy of KASE Real Estate. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
2029 Patterson Street
Riverside, CA
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