MICHAEL RING

MICHAEL RING

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Active
$1,219,000($606,879 down)$3,812 /mo

2029 Patterson Street, Riverside, CA 92507

N/A Bed ·N/A Bath ·N/A Sqft
PITI Monthly
$5,773.97 /mo

Listing courtesy of: Gerardo Garcia Macias, KASE Real Estate

Assumed Rate

6.11%
7.52%

Principal & Interest

$3,812 /mo
$4,403 /mo

What's Special

INVESTORS
REMODELED
LOCATION
MINUTES AWAY
SHOPPING
ENTERTAINMENT
DINING
SPACIOUS
RENTAL INCOME

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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Facts & Features

Interior

Bedrooms & Bathrooms
  • Bedrooms:
  • Bathrooms:
Cooling & Heating
  • Cooling: CentralAir
  • Heating: Central
Features
  • Materials: Unknown
  • Community: Unknown
  • Has Fireplace: No
  • Fireplace Features: None
  • Flooring: Vinyl

Exterior

Fencing
  • Fencing: Block, WroughtIron
Roof
  • Roof: Composition
Parking
  • Garage: Yes
  • Garage Spaces: 2
  • Carport: No
  • Carport Spaces:
Water
  • Sewer: PublicSewer
  • Water Source: Public
Pool
  • Has Pool: No
  • Pool Features: None

Construction

Type & Style
  • Stories: 2
  • Home type: Triplex
  • Architectural Style: Unknown
Materials
  • Unknown
  • Roof: Composition
Condition
  • Year Built: 2024
Details
  • Builder:

Community & HOA

Community
  • Subdivision:
  • Features: Curbs, Sidewalks
HOA
  • Has HOA: No
Location
  • Region: Riverside

Financial Details

  • Price per Sqft: $1,219,000
  • Tax Annual Amount: $15611.1
  • On Market Date: 2024-11-22T00:00:00.000Z

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MLS ID: DW24239040

Listing From:

Last updated: 2024-12-22T17:54:19.000Z

© , . All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than agent name are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Listing information updated daily.

Assumed Rate

6.11%
7.52%

Principal & Interest

$3,812 /mo
$4,403 /mo
Follow Us
Go Global Realty
Agent/Broker
MICHAEL RINGGo Global Realty+17025283740mhring@grelv.comMLS B0143523

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