2029 Patterson Street

Riverside, CA 92507

$1,175,000

List Price

N/A

bed Beds

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shower Baths

N/A sqft

straighten / sqft

2024

calendar_month Built

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 7.27%**, 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*

Listing Information

List Price $1,175,000
Status Active
MLS DW25074095
Type Residential Income
Subtype Triplex
Year Built 2024
Lot Size 13,068
Structure Size N/A
DOM 1
Courtesy Of Pak Home Realty
Listing Agent Gerardo Garcia Macias DRE#02105347

Interior Features

Laundry Information
Location(s) Inside, Laundry Room
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A
Additional Information
Additional Features Open Floorplan, Pantry, Attic, Primary Suite, Walk-In Closet(s)
Cooling Type
Cooling Type Central Air
Heating Type
Heating Type Central

Exterior Information

Other Structures
Views None

Maps

home_work Nearby Properties

Listing information courtesy of: Gerardo Garcia Macias, Pak Home Realty 949-867-0007. *Based on information from the Association of REALTORS/Multiple Listing as of Apr 5th, 2025 at 2:02 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.