5305 Palm, Riverside, California 92506, Riverside, 92506 - 2 bed, 2 bath
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Riverside, California 92506
This Renovated Wood Streets Residence is a Prime Investment Opportunity, listed at $609,900—positioned well below the $623,887 Fair Market Value by 2%. This valuation gap provides $13,987 in Instant Equity. The property features a Remodeled Kitchen, Mountain Views, and a Self-Contained Studio ADU for rental income or multi-generational living. Located in the Riverside Unified district with a Condition Rating of 3, it offers turnkey comfort with high lot utilization. This is an ideal acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5305 Palm Subject | $609,900* List Price | 2 | 2 | 1,200 | $520 | - |
A 4032 Elmwood Court Sold | $670,000 | 3 | 2 | 1,120 | $598 | 0.3 mi |
B 4401 Maplewood Place Sold | $625,000 | 2 | 2 | 1,300 | $481 | 0.5 mi |
C 4490 Highland Sold | $540,000 | 3 | 1 | 1,108 | $487 | 0.1 mi |
D 4390 Edgewood Pending | $568,888 List Price | 2 | 2 | 960 | $593 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While built in 1941, the main residence has undergone significant renovations including a remodeled kitchen with stainless steel appliances and highly upgraded bathrooms. The interior features modern laminate flooring and updated electrical (50-amp panel). It is move-in ready and well-maintained, though the presence of window AC units and a dated ADU kitchen prevents it from reaching the 'excellent' tier.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7841, living area = 1200.
The property includes a fully self-contained studio ADU with its own kitchen and bath, providing an excellent opportunity for rental income, multi-generational living, or a private home office.
Situated on a spacious corner lot in the highly desirable Wood Streets neighborhood, the home features exceptional curb appeal, recent exterior paint, and extensive gated parking suitable for multiple vehicles or an RV.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 3.
With only two bedrooms in the main residence and 1,200 square feet of living area, the property may not meet the needs of larger families or buyers seeking more substantial interior volume.
Originally built in 1941, the home only features partial dual-pane window replacements, indicating that some original windows and older systems may still require future energy-efficiency upgrades.
Very cute 2 bedroom 2 bath home in the highly desirable Wood Streets area of Riverside on a spacious corner lot! And it has an ADU, perfect for just about anyone or anything! The house has great curb appeal! The exterior was recently painted! LOADS of gated parking for your cars or RV’s! Walk inside and find your open concept home with a large living room, oversized dining room, both with laminate flooring and ceiling fans. The remodeled kitchen has nice wood cabinets with tile backsplash, tile flooring and upgraded stainless steel appliances, including freestanding gas stove, dishwasher, built in microwave and sink. And, the refrigerator is included, too! There’s a convenient breakfast bar overlooking the kitchen. The master suite is huge and has laminate flooring, a ceiling fan and a beautiful walk-in closet with built-in shelves, dividers and recessed lighting. There’s even a vanity area for the ladies, or the men! The master bath is highly upgraded with a wood cabinet with granite countertop, walk-in shower with lots of tile and a glass door, tile flooring and a custom toilet! The hall bath features a tub/shower combo unit with lots of tile. The nice sized 2nd bedroom has laminate flooring, a ceiling fan and lots of closet space. The large indoor laundry room has a folding table and plenty of room for your washer and dryer. Some of the windows have been replaced with dual pane windows. Off the kitchen area, open your double doors to an inviting covered patio area with a wood burning fireplace. A great place for relaxing! Step outside to your completely fenced BIG backyard with PLENTY of gated parking, your own horseshoe pits and lots of trees, including fruit trees and a large shade tree. The detached 2 car garage is steps away from the house. There is an additional 50 amp electrical panel and a 2nd water heater in the garage. Attached to the garage is a charming ADU! The studio size ADU is perfect for just about anyone and is fully self-contained. It features a small kitchen with stove and refrigerator, a sleeping area and a bath with a fiberglass tub/shower combo unit, toilet and sink. There’s even a covered patio off the ADU. This home is close to shopping and the freeways! Please check out all the pictures then call Steve for your private showing!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 13% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,200 | 1,866.5 | 14% |
| Lot Size | 7,841 | 9,583 | 30% |
| Price | $609.9K | $725.0K | 20% |
| Price per sq ft | $508 | $395 | 85% |
| Built year | 1941 | 1964 | 11% |
| HOA | $0 | $0 | 50% |
| Days on market | 32 | 134 | 4% |
May 5, 2026
$609,900
Initial Listing
Aug 12, 2020
$280,000
Public Record