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2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
2029 Patterson Street
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$1,199,900

2029 Patterson Street

2,961 Sq.Ft.

Description

Instant equity opportunity! Here's your chance to buy an investment property and be in the green from day one! The property recently appraised for $1.274M, making this the perfect addition to your real estate portfolio. 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 **7.2%**, 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!

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Location

2029 Patterson Street, Riverside, CA 92507

Status

For Sale
Gerardo Garcia

Gerardo Garcia

TITLE

Realtor®️

Property Amenities

Interior
Laundry room Inside, Laundry Room
Area & Lot
Lot Area 0.3 Acres
Living area 2,961 Sq.Ft.
MLS® ID DW24239040
Year Built 2024
Type Multi-Family
Status For Sale
Exterior
Stories 2
Pool None
Heat type Central
Water Source Public
Garage Space 2.0
Sewer Public Sewer
Lot Features 2-5 Units/Acre
Finance
Sales Price $1,199,900
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Schedule a Showing

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Thank you for your interest in 2029 Patterson Street, Riverside, CA 92507. We are reviewing your request and will be in touch shortly!
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