2029 Patterson Street

Riverside, CA 92507

$1,219,000
Price
7
Beds
6
Baths
2,961 Sq. Ft.
$412 / Sq. Ft.
2,961
Sq. Ft.
$412
per Sq. Ft.

Description

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...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!
  1. Listed by Gerardo Garcia Macias • DRE #02105347 • Brokerage DRE #02096423 • KASE Real Estate • 949-867-0007

Property Details for 2029 Patterson Street

Parking Spaces Total
6
Private Pool
No
Total Units
3.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
2961
Assessor Parcel Number
211-111-050
Property Attached YN
false
LISTING UPDATED: 12/22/2024 01:54 AM

Property Details for 2029 Patterson Street

StatusActive
MLS #DW24239040
Days on Market34
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2024
Lot Size0.30 AC / 13,068 SF
CountyRiverside County

Building Information for 2029 Patterson Street

Stories2Residences-Year Built2024Building Size-Lot Size0.30 AC / 13,068 SF

Property Information for 2029 Patterson Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $99,600
  • Gross Scheduled Income: $99,600
  • Net Operating Income: $88,371
Expense Details
  • Operating Expense: $11,229
  • Fuel Expense: $0
  • Electric Expense: $4,800
  • Insurance Expense: $2,400
  • Professional Management Expense: $960
  • Trash Expense: $1,200
  • Water Sewer Expense: $1,869
  • Total Expenses: $11,229
Tax / Assessment Info
  • Tax Tract Number: 305.03
  • Tax Census Tract: 305.03
  • CFD/Mello-Roos Fee: $65
  • Tax Lot: 17
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Individual Room, Inside
  • Heating Type: Central
  • Heating: Central
Exterior Features
  • Entry Location: front door
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 2-5 Units/Acre
  • Number Of Units: 3
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 2
  • Parking Garage Spaces: 2
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,850
  • Unit Type Total Rent: $1,850
  • Unit Type Pro Forma: 1850
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,850
  • Unit Type Total Rent: $2,850
  • Unit Type Pro Forma: 2850
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 3
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 3600
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 2
  • Number Of Separate Gas Meters: 2
  • Number Of Separate Water Meters: 2

Property History for 2029 Patterson Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2029 Patterson Street

Taxable ValueLand$163,200Additions$489,600Total$652,800
Tax Record2024$7,209 ($601 / month)
Home Facts
Beds3Baths1.8Total Finished SqFt1,762 SqFtAbove Grade Finished SqFt1,762 SqFtStories2Lot Size13,068 SqFtStyleSingle Family ResidenceYear Built1916ZoningR3CountyRIVERSIDEAPN211-111-050Fireplace TypeHas Fireplace

Schools near 2029 Patterson Street

This home is within Riverside Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Longfellow Elementary School
PublicK to 6

University Heights Middle School
Public7 to 8

John W. North High School
Public9 to 12

Abraham Lincoln Continuation School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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2029 Patterson Street is a multi-family home for sale in Riverside, CA 92507. This property was listed for sale on November 22, 2024 by KASE Real Estate, it's currently listed at $1,219,000. It has been on the market for a total of 34 days and was last sold on November 28, 2022. This listing's school district is Riverside Unified School District. Nearby schools include Longfellow Elementary School, University Heights Middle School and John W. North High School. 2029 Patterson Street is a 7-bed, 6-bath, 2,961 sqft multi-family home built in 2024.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of KASE Real Estate, Gerardo Garcia Macias, DRE #02105347

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.