5506 Corwin Lane, Riverside, California 92503, Riverside, 92503 - 5 bed, 3 bath
ACTIVE$689,900
5506 Corwin Lane, Riverside, California 92503
5Beds
3Baths
1,014Sqft
7,841Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Permitted ADU: The property includes a permitted 2-bedroom, 1-bathroom ADU (Accessory Dwelling Unit) converted from a garage, significantly enhancing its value and utility.
Top Cons:
Shared ADU Utilities (Water/Gas): Water and gas utilities are shared between the main house and the ADU, which could complicate expense allocation and tenant billing for these services.
Compared to the nearby listings
Price:$689.9K vs avg $675.7K (+$14,200)50%
Size:1,014 sqft vs avg 1,740 sqft8%
Price/sqft:$680 vs avg $37792%
More Insights
Built in 1959 (66 years old).
Condition: Despite being built in 1959, this property has undergone an extensive and high-quality renovation, bringing its interior condition to a virtually new standard. Both the main house and the permitted ADU feature modern white shaker cabinets, granite/quartz countertops, stainless steel appliances, and recessed lighting in the kitchens. Bathrooms are fully updated with contemporary vanities, glass-enclosed showers, and modern tile. New laminate/LVP flooring is consistent throughout, and mini-split AC units provide efficient cooling/heating. The comprehensive nature of these updates, including the permitted ADU, aligns with the 'Excellent' criteria for a property that has been extensively renovated to current quality standards.
Year Built
1959
Close
-
List price
$690K
Original List price
$690K
Price/Sqft
$680
HOA
-
Days on market
-
Sold On
-
MLS number
PW25175679
Home ConditionExcellent
Features
View-
About this home
Beautiful updated 3 bedroom 2 bath home, with a garage conversion to a permitted ADU with 2 bedroom and 1 bathroom. The ADU has its own parking with separate electric meter. Shared water and gas. ADU has its own registered mailing address. Located in a great area. Walking distance to schools and parks.
Condition Rating
Excellent
Despite being built in 1959, this property has undergone an extensive and high-quality renovation, bringing its interior condition to a virtually new standard. Both the main house and the permitted ADU feature modern white shaker cabinets, granite/quartz countertops, stainless steel appliances, and recessed lighting in the kitchens. Bathrooms are fully updated with contemporary vanities, glass-enclosed showers, and modern tile. New laminate/LVP flooring is consistent throughout, and mini-split AC units provide efficient cooling/heating. The comprehensive nature of these updates, including the permitted ADU, aligns with the 'Excellent' criteria for a property that has been extensively renovated to current quality standards.
Pros & Cons
Pros
Permitted ADU: The property includes a permitted 2-bedroom, 1-bathroom ADU (Accessory Dwelling Unit) converted from a garage, significantly enhancing its value and utility.
Strong Income Potential: Classified as 'Residential Income' and 'Duplex', the property offers excellent potential for rental income from the ADU, supported by its separate electric meter and mailing address.
Updated Main Residence: The primary 3-bedroom, 2-bathroom home is described as 'beautifully updated,' suggesting modern aesthetics and reduced immediate renovation needs for the main living space.
Desirable Location: Situated in a 'great area' with 'walking distance to schools and parks,' the location offers convenience and appeal to families, contributing to long-term desirability.
Separate ADU Electric Meter: The ADU benefits from its own separate electric meter, simplifying utility management and tenant billing for electricity.
Cons
Shared ADU Utilities (Water/Gas): Water and gas utilities are shared between the main house and the ADU, which could complicate expense allocation and tenant billing for these services.
Older Property Age: Built in 1959, the property's age may imply potential for aging infrastructure (e.g., plumbing, electrical, roof) that could require future maintenance or upgrades despite recent cosmetic updates.
Compact Square Footage: The listed 1014 sqft for a combined 5-bedroom, 3-bathroom property (main house + ADU) suggests relatively compact living spaces, which may not suit buyers seeking more expansive accommodations.