2029 Patterson St Riverside, CA 92507
Eastside NeighborhoodEstimated payment $7,159/month
Highlights
- Primary Bedroom Suite
- Attic
- Laundry Room
- Open Floorplan
- Walk-In Closet
- Central Heating and Cooling System
About This Home
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*
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $7,209
Year Built
- Built in 2024
Lot Details
- 0.3 Acre Lot
- 1 Common Wall
- Brick Fence
- Density is 2-5 Units/Acre
Parking
- 2 Car Garage
- Parking Available
- Assigned Parking
Home Design
- Triplex
Interior Spaces
- 2,961 Sq Ft Home
- 2-Story Property
- Open Floorplan
- Gas Range
- Laundry Room
- Attic
- Basement
Bedrooms and Bathrooms
- 7 Bedrooms
- Primary Bedroom Suite
- Walk-In Closet
- 6 Bathrooms
Utilities
- Central Heating and Cooling System
- 220 Volts
- Natural Gas Connected
Listing and Financial Details
- Tax Lot 17
- Tax Tract Number 305
- Assessor Parcel Number 211111050
- $65 per year additional tax assessments
Community Details
Overview
- 2 Buildings
- 3 Units
Building Details
- 2 Separate Electric Meters
- 2 Separate Gas Meters
- 2 Separate Water Meters
- Electric Expense $4,800
- Fuel Expense $480
- Insurance Expense $2,400
- Professional Management Expense $960
- Trash Expense $1,200
- Water Sewer Expense $1,869
- Operating Expense $11,709
- Gross Income $97,200
- Net Operating Income $85,491
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2023 | $7,209 | $640,000 | $160,000 | $480,000 |
| 2022 | $3,685 | $325,451 | $95,414 | $230,037 |
| 2021 | $3,642 | $319,071 | $93,544 | $225,527 |
| 2020 | $3,615 | $315,800 | $92,585 | $223,215 |
| 2019 | $3,547 | $309,609 | $90,770 | $218,839 |
| 2018 | $3,478 | $303,540 | $88,992 | $214,548 |
| 2017 | $3,417 | $297,590 | $87,248 | $210,342 |
| 2016 | $3,069 | $279,591 | $82,841 | $196,750 |
| 2015 | $3,025 | $275,394 | $81,598 | $193,796 |
| 2014 | $2,225 | $198,572 | $62,706 | $135,866 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/04/2025 04/04/25 | For Sale | $1,175,000 | +83.6% | $397 / Sq Ft |
| 11/28/2022 11/28/22 | Sold | $640,000 | +0.8% | $363 / Sq Ft |
| 10/23/2022 10/23/22 | Pending | -- | -- | -- |
| 09/23/2022 09/23/22 | For Sale | $635,000 | -- | $360 / Sq Ft |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $640,000 | Stewart Title | |
| Grant Deed | -- | None Available | |
| Interfamily Deed Transfer | -- | Lawyers Title | |
| Quit Claim Deed | -- | Lawyers Title | |
| Interfamily Deed Transfer | -- | First American Title Company | |
| Interfamily Deed Transfer | -- | First American | |
| Grant Deed | $270,000 | First American Title Company | |
| Interfamily Deed Transfer | -- | Stewart Title | |
| Grant Deed | $190,000 | Stewart Title | |
| Grant Deed | -- | None Available | |
| Grant Deed | $116,000 | Nations Title Company | |
| Trustee Deed | $90,231 | Accommodation | |
| Grant Deed | -- | None Available | |
| Grant Deed | $355,000 | First American Title Company | |
| Grant Deed | $280,000 | Stewart Title Guaranty | |
| Grant Deed | -- | -- | |
| Corporate Deed | $135,000 | North American Title Co | |
| Grant Deed | $94,000 | Stewart Title Company | |
| Corporate Deed | -- | United Title Company | |
| Trustee Deed | $134,509 | United Title Company |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $628,408 | FHA | |
| Previous Owner | $202,500 | Commercial | |
| Previous Owner | $152,000 | Commercial | |
| Previous Owner | $71,000 | Commercial | |
| Previous Owner | $284,000 | Purchase Money Mortgage | |
| Previous Owner | $224,000 | Commercial | |
| Previous Owner | $130,950 | Commercial | |
| Previous Owner | $82,500 | Commercial | |
| Closed | $56,000 | No Value Available |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: DW25074095
APN: 211-111-050
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. 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
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