520 S Highland Drive

    Palm Springs, CA 92264
    • $689,800
    • STATUS: Active
    • ON SITE: 8 days
    • ID#: 19498534PS
    UPDATED: 21 min ago
    $689,800
    • 0
      BEDS
    • 0.23
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,385
      SQFT
    • $204
      $/SQFT
    Type:
    Multi-Family
    Built:
    1979
    County:

    School Ratings & Info

    Description

    Incredible opportunity to own a 3 unit apartment complex in Central Palm Springs! Each unit is a king-sized 2 BR / 1 BA with a big kitchen with cabinet space and counter tops galore. There are also 8 off street paved parking spaces and the units pride themselves with semi-private backyard patios to enjoy the weather or head out to the pool. Currently 100% rented (each tenant on a month to month) the property produces an attractive cap rate of 4.20%. Imagine, move in one unit and rent our the others! FHA owner occupancy only requires 15% for owner occupants. Investors, this property could be part of your desert renaissance portfolio. One unit is completely detached; perfect for the owner's unit while you rent the others.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-08-19T18:34:59.083. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or J1 REALTY GROUP. Licensed in the State of California, USA.
    www.j1re.com/homes/97829960

    520 S Highland Drive Palm Springs, CA 92264

    • Price: $689,800
    • Status: Active
    • Updated: 21 min ago
    • ID#: 19498534PS
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.23
    Acres
    3,385
    SQFT
    $204
    $/SQFT
    1979
    Built
    Neighborhood:
    Not in A Development (Not in A Development)
    County:
    Riverside
    Area:
    334 - South End Palm Springs
    Property Description
    Incredible opportunity to own a 3 unit apartment complex in Central Palm Springs! Each unit is a king-sized 2 BR / 1 BA with a big kitchen with cabinet space and counter tops galore. There are also 8 off street paved parking spaces and the units pride themselves with semi-private backyard patios to enjoy the weather or head out to the pool. Currently 100% rented (each tenant on a month to month) the property produces an attractive cap rate of 4.20%. Imagine, move in one unit and rent our the others! FHA owner occupancy only requires 15% for owner occupants. Investors, this property could be part of your desert renaissance portfolio. One unit is completely detached; perfect for the owner's unit while you rent the others.
    Exterior Features

    Construction Materials Stucco Direction Faces West Entry Location Main Level Foundation Details Slab Lot Features Back Yard Lot Size Source Assessor Lot Size Units Square Feet Parking Features ConcreteAssigned Parking YN Yes Pool Features GuniteHeatedIn Ground Pool Private YN Yes Roof Clay

    Interior Features

    Appliances Counter TopOvenBuilt-In Range Appliances YN Yes Interior Features Open Floorplan Levels One Room Type Master BedroomAll Bedrooms Down

    Property Features

    Cap Rate 4.20 Furniture Replacement Expense 0.00 Gross Multiplier 17.68 Gross Operating Income 39000.00 Improvements Amount 300000 Insurance Expense 1400.00 Land Lease YN No Land Value 100000 Net Operating Income 28950.00 Number Of Separate Electric Meters 3 Number Of Units Leased 3 Number With Carpet 3 Number With Refrigerator 1 Pool Expense 720.00 Professional Management Expense 0.00 Special Listing Conditions Standard Subdivision Name Other Not in A Development (Not in A Developme Tenant Pays ElectricityCable Tv Total Expenses 10050.00 Zoning R2

    Listing provided courtesy of Roddy De La Garza of Redfin Corporation


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-08-19T18:34:59.083. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or J1 REALTY GROUP. Licensed in the State of California, USA.
     
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    Irvine CA, 92606