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9039 Colony Place, Riverside, California 92503, Riverside, 92503 - bed, bath

9039 Colony Place, Riverside, California 92503 home-pic-0
ACTIVE UNDER CONTRACT$1,300,000
9039 Colony Place, Riverside, California 92503
0Bed
0Bath
Sqft
8,712Lot
Year Built
1978
Close
-
List price
$1.3M
Original List price
$1.35M
Price/Sqft
$0
HOA
-
Days on market
-
Sold On
-
MLS number
P1-23546
Home ConditionFair
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.30M(83th), sqft - 0(8th), beds - undefined(50th), baths - undefined(50th).

Dreamed of owning income property, with $20,000 of upgrades, just completed? This 4-unit townhouse style property comprises 9 bedroom/6 baths and will EXCEED ALL your EXPECTATIONS! Each townhome has two floors with 1,000 square feet of living space, and each with its own private patio area. Unit A has 3 bedrooms/2 baths with its ensuite! UNIT B - D has 2 bedrooms/1 baths each, all with central air/heat in each unit. The four units share a community laundry room that is coin-operated and serviced by a 3rd party. For added convenience, there are 8-9 assigned parking spaces at the front of the units. The property is at the end of the cul-de-sac located behind the renovated Stater Brothers shopping center with a Canes nearby.There have been yearly rental increases, and after all expenses, there is a PROFIT! Why wait?

Price History

Date
Event
Price
11/08/25
Price Change
$1,300,000-1.9%
09/20/25
Price Change
$1,325,000-1.9%
08/03/25
$1,350,000
Condition Rating
Fair
The property was built in 1978, making it 46 years old. While the listing mentions '$20,000 of upgrades just completed,' this amount for a 4-unit property suggests minor updates or system repairs rather than a comprehensive renovation. The only interior image provided (the laundry room) shows a very basic, dated, but functional space, indicating that the overall aesthetic is not modern. The exterior appears maintained, and major systems like central air/heat are present. However, the absence of interior photos for the units' kitchens and bathrooms strongly implies these areas likely retain older styles and finishes, suggesting they are functional but outdated and would require minor updates to meet current quality and style standards.
Pros & Cons

Pros

Strong Income Potential: This 4-unit townhouse-style property is explicitly marketed as an income-generating asset with proven profitability and a history of yearly rental increases, making it attractive to investors.
Recent Capital Improvements: The property benefits from $20,000 in recently completed upgrades, enhancing its appeal to tenants and potentially reducing immediate maintenance costs for a new owner.
Tenant-Friendly Unit Features: Each 1,000 sq ft, two-story unit offers central air/heat and a private patio, providing comfortable and desirable living spaces for residents.
Convenient On-Site Amenities: The property includes 8-9 assigned parking spaces and a coin-operated community laundry room, adding significant convenience for tenants and potential additional income.
Desirable Location: Situated at the end of a cul-de-sac, the property offers reduced traffic and is conveniently located behind a renovated Stater Brothers shopping center with nearby amenities.

Cons

Property Age: Built in 1978, the property's age suggests that some original systems and infrastructure may be nearing the end of their useful life, potentially requiring future capital expenditures despite recent upgrades.
Shared Laundry Facilities: While coin-operated laundry is provided, the absence of in-unit laundry facilities might be a minor inconvenience for some tenants who prefer private washing options.
Lack of Scenic Views: The property description indicates 'None' for views, which could limit its appeal to tenants or future buyers who prioritize scenic outlooks.

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