NOT LISTED FOR SALE

7422 Potomac St Riverside, CA 92504

Magnolia Center Neighborhood

Estimated Value: $625,231 - $694,000

4 Beds
2 Baths
1,647 Sq Ft
$404/Sq Ft Est. Value

Last Sold December 07, 2020

Last sale price $480,000 $291 Per Sq Ft

Est. 39% increase in value since last sale

Current estimated payment $4,208/month

17 Days on Market

Highlights

  • Cooling System Mounted To A Wall/Window
  • No Heating
  • 1-Story Property
  • Laundry Room

About This Home

As of December 2020

Whether you're looking for a property to raise a family or generate cashflow this property checks all the boxes. This duplex has solid real estate fundamentals. It has an ideal unit mix of (2) 2 bed 1 bath units with a garage. Rents are significantly below market giving the new owner the opportunity to add value to the asset. The property is centrally located in the heart of Riverside. It's close to schools, parks, the Riverside Plaza, and the Tyler Mall. These opportunities rarely come to market. Don't let this one slip away! DO NOT DISTURB THE TENANTS AS THEY ARE UNAWARE OF THE SALE. DRIVE BY ONLY. Call listing agent with any questions.

Last Agent to Sell the Property

Steven Casillas

Realty ONE Group West License #01982554 Listed on: 10/23/2020

Realty ONE Group West

Last Buyer's Agent

Raj Sharma

HomeSmart Realty Group License #01943882

HomeSmart Realty Group

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,663

Year Built

  • Built in 1952

Lot Details

  • 7,405 Sq Ft Lot
  • 1 Common Wall
  • Density is up to 1 Unit/Acre

Parking

  • 2 Car Garage

Home Design

  • Duplex
  • Composition Roof

Interior Spaces

  • 1,647 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 2 Bathrooms

Laundry

  • Laundry Room
  • Washer Hookup

Utilities

  • Cooling System Mounted To A Wall/Window
  • No Heating
  • Natural Gas Connected

Listing and Financial Details

  • Tenant pays for all utilities, gas, trash collection
  • Tax Lot 29
  • Assessor Parcel Number 230122009

Community Details

Overview

  • 2 Units

Building Details

  • 2 Leased Units
  • Rent Control
  • 2 Separate Electric Meters
  • 2 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $850
  • Professional Management Expense $840
  • Water Sewer Expense $960
  • New Taxes Expense $5,418
  • Operating Expense $8,068
  • Gross Income $25,200
  • Net Operating Income $22,250

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,663

Year Built

Built in 1952

Lot Details

0

Parking

2

Listing Details

  • Professional Management Expense: 840.00
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • View: No
  • Water Sewer Expenses: 960.00
  • Zoning: R2
  • Property Sub Type: Duplex
  • Property Type: Residential Income
  • Parcel Number: 230122009
  • Year Built: 1952
  • Special Features: None

Interior Features

  • Stories: 1
  • Common Walls: 1 Common Wall
  • Levels: One
  • Price Per Square Foot: 291.44

Exterior Features

  • Pool Private: No
  • Roof: Composition
  • Spa: No

Garage/Parking

  • Garage Spaces: 2.00
  • Total Parking Spaces: 2.00

Utilities

  • Utilities: Electricity Connected, Natural Gas Connected
  • Heating: No
  • Laundry: Yes
  • Laundry Features: Washer Hookup
  • Sewer: Public Sewer
  • Water Source: Public
  • Cooling: Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 7405.00
  • Lot Size Acres: 0.1700

Rental Info

  • Tenant Pays: All Utilities, Gas, Trash Collection

Multi Family

  • Gross Income: 25200.00
  • Gross Operating Income: 25200.00
  • Gross Scheduled Income: 25200.00
  • Insurance Expense: 850.00
  • Lot Size Area: 7405.0000 Square Feet
  • Net Operating Income: 22250.00
  • Number Of Separate Electric Meters: 2
  • Number Of Separate Gas Meters: 2
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 2
  • Number Of Units Total: 2
  • Number Wall A C: 2
  • Operating Expense: 2650.00
  • Rent Control: Yes
  • Total Actual Rent: 2200.00
  • Total Expenses: 8068.40

Tax Info

  • New Taxes Expense: 5418.40
  • Tax Census Tract: 314.01
  • Tax Lot: 29
  • Tax Tract Number: 0000

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Oct 10, 2023
Sold by
Grand Rental Property Llc
Bought by
Riverside Mountain View Properties Llc
Total Days on Market
17
Current Estimated Value
$665,558

Purchase Details

Listed on
Oct 23, 2020
Closed on
Jan 14, 2021
Sold by
Tang Sopheap
Bought by
Grand Rental Property Llc
Seller's Agent
Steven Casillas
Realty ONE Group West
Buyer's Agent
Raj Sharma
HomeSmart Realty Group
List Price
$475,000
Sold Price
$480,000
Premium/Discount to List
$5,000
1.05%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
7.44%
Original Mortgage
$360,000
Interest Rate
2.8%
Mortgage Type
New Conventional

Purchase Details

Listed on
Oct 23, 2020
Closed on
Nov 16, 2020
Sold by
Gordon Lyons Sydney Jynx and The Loni M Gordon 2015 Living
Bought by
Tang Sopheap
Seller's Agent
Steven Casillas
Realty ONE Group West
Buyer's Agent
Raj Sharma
HomeSmart Realty Group
List Price
$475,000
Sold Price
$480,000
Premium/Discount to List
$5,000
1.05%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$360,000
Interest Rate
2.8%
Mortgage Type
New Conventional

Purchase Details

Closed on
Apr 25, 2015
Sold by
Gordon Loni M
Bought by
Gordon Loni M and Loni M Gordon 2015 Living Trust

Purchase Details

Closed on
Sep 18, 2001
Sold by
Gordon Eugenia M and Gordon Loni M
Bought by
Gordon Loni M
Source: Public Records

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Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Riverside Mountain View Properties Llc -- None Listed On Document
Grand Rental Property Llc -- First American Title Company
Tang Sopheap $480,000 Wfg National Title Company
Gordon Loni M -- None Available
Gordon Loni M -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Tang Sopheap $360,000
Previous Owner Gordon Loni M $30,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
12/07/2020 12/07/20 Sold $480,000 +1.1% $291 / Sq Ft
10/23/2020 10/23/20 For Sale $475,000 0.0% $288 / Sq Ft
12/31/2013 12/31/13 Rented $845 0.0% --
12/31/2013 12/31/13 For Rent $845 -- --
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

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 $5,663 $499,392 $124,848 $374,544
2022 $5,535 $489,600 $122,400 $367,200
2021 $5,460 $480,000 $75,001 $404,999
2020 $805 $62,398 $17,075 $45,323
2019 $791 $61,176 $16,741 $44,435
2018 $777 $59,977 $16,413 $43,564
2017 $765 $58,802 $16,092 $42,710
2016 $722 $57,650 $15,777 $41,873
2015 $711 $56,786 $15,541 $41,245
2014 -- $55,676 $15,238 $40,438
Source: Public Records

Agents Affiliated with this Home

  • Steven Casillas

    Seller's Agent in 2020

    Steven Casillas

    Realty ONE Group West

    (951) 977-3421

    4 in this area

    45 Total Sales

    Steven Casillas
    Section Image

  • R

    Buyer's Agent in 2020

    Raj Sharma

    HomeSmart Realty Group

    1 in this area

    26 Total Sales

    Raj Sharma
    Section Image

  • C

    Seller's Agent in 2014

    COLLETTE LEE

    TOWER REALTY

    Section Image

  • R

    Seller Co-Listing Agent in 2014

    ROCHELLE MENDEZ

    TOWER REALTY

See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: IG20223372

California Regional Multiple Listing Service (CRMLS)

APN: 230-122-009

California Riverside County Riverside 92504 Magnolia Center

7422 Potomac St, Riverside, CA

This home is located at 7422 Potomac St, Riverside, CA 92504 since 23 October 2020 and is currently estimated at $665,558, approximately $404 per square foot. This property was built in 1952. 7422 Potomac St is a home located in Riverside County with nearby schools including Madison Elementary School, Sierra Middle School, and Ramona High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

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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