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$948,000
Est. payment /mo
7 Beds
4 Baths
0.33 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-26538
Bedrooms 7
Lot Size 0.330 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
RARE opportunity to own a beautifully updated triplex in the heart of Riverside offering immediate cash flow, exceptional upside, and a unique path to owner occupancy.One unit is currently vacant, creating an ideal opportunity for an owner-occupant to move in and potentially take advantage of owner-occupied financing options, including FHA financing for qualified buyers (buyer to verify with lender), while collecting rental income from the remaining units to help offset monthly housing costs. This is an excellent opportunity for buyers looking to build wealth through 'house hacking.'The property last generated approximately $64,704 in annual income with all three units occupied, with the potential to increase to approximately $85,704 annually through the included architect-prepared, city-approved ADU plans utilizing the existing detached garage (buyer to verify), creating a straightforward path to adding a fourth income-producing unit.Situated on two contiguous parcels totaling approximately 0.33 acres, this investment has undergone extensive recent improvements, including a new roof, complete unit renovations in 2023, fresh interior and exterior paint, and completed termite work, providing a low-maintenance ownership experience.The property features three well-designed units, ample on-site parking, and a detached garage assigned to the larger unit. Tenants pay gas, electricity, and trash, while owner expenses are limited to water and landscaping, contributing to strong operating margins.Ideally located just minutes from UC Riverside, Riverside City College, Downtown Rivers
Location
State CA
County Riverside
Zoning Assessor
Direction From the 91 Freeway, exit Adams St and head south. Turn left onto Indiana Ave, then right onto Monroe St. Continue and turn left
Interior
Heating Fireplace
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 211104018
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
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Listed by Meha Chopra, DRE#02187521 Douglas Elliman of Ca Inc
Nearby Locations
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