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$ 2,949,000
Est. payment | /mo
0.8 Acres Lot
$ 2,949,000
Est. payment | /mo
0.8 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 219141857DA
HOA Y/N No
Year Built 1982
Lot Size 0.800 Acres
Property Description
This fully leased, ten-unit property features spacious three-bedroom, two-bath residences averaging approximately 1,230 square feet--each equipped with in-unit laundry, private patios, and covered carport parking. Residents enjoy a premier amenity package, including a resort-style pool and tennis court, all on a well-maintained 0.8-acre site.Strategically located just off the Rancho Mirage border, the property delivers central access to Palm Springs and Palm Desert, in a submarket characterized by increasing rents and enduring demand. Operations are optimized through separately metered utilities, tenant-paid water and trash, and solar-paned common areas, resulting in stable net operating income and low management intensity. Current collections reach an annualized $250,512 in rent and $254,512 effective gross income, supporting a strong in-place cap rate of 6% at the offering price of $2,949,000.Further value lies in the potential conversion of the existing rear ADU into an income-generating unit and the possibility for redevelopment of the tennis court area, pending buyer verification. This asset represents a rare blend of immediate yield and development upside--an attractive proposition for institutional and private investors seeking both stable returns and long-range growth in one of Southern California's most resilient rental markets.
Location
State CA
County Riverside
Area 336 - Cathedral City South
Interior
Fireplace No
Exterior
Carport Spaces 10
Total Parking Spaces 10
Building
Story 2
Others
Tax ID 673141001
Special Listing Condition Standard
Listed by Albert Catalano Century 21 Affiliated Fine Homes & Estates #02253921
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