UPDATED:
09/11/2024 11:09 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 29,000 sqft
Price per Sqft $241
Subdivision Demuth Park
MLS Listing ID 219115030
Bedrooms 35
Full Baths 31
Half Baths 5
HOA Y/N No
Year Built 1962
Lot Size 1.000 Acres
Acres 1.0
Property Description
32 Units Across Three Multi-Family One-Story Buildings. 579, 561, and 509 S. Highland sold collectively as a package for $6,995,000.
Key Features:
509: 17 units all 1 bedroom 1 bath with 1 reserved as a managers unit.
561: 5 units all 1 bedroom 1 bath.
579: 10 units 2- 2 beds, 7 1 beds and 1 studio
Swimming Pools: Each building has a brand-new pool with permits, new plumbing, new electrical, new plaster, and designer tile.
Pools are SOLAR heated.
Private Patios: Almost all units feature private patios, offering tenants their own personal outdoor space.
Modern Amenities: Updated retro fitted windows are in all buildings, essential for energy efficiency in the desert climate.
Conveniences: On-site laundry facilities and trash pickup for all buildings.
Secure Entry: All buildings have keypad secure safe entry system.
Parking: Ample parking available for all tenants and guests.
Landscaping: Freshly landscaped grounds provide an attractive, low-maintenance environment.
Proximity: Located near great eateries and shopping, lovely parks, and golf courses and bus stops. Convenient access to the airport ensures easy travel.
Economies of Scale - has massive upside thanks to high key count providing opportunity to raise rents and maximize ROI.
Location
State CA
County Riverside
Area 334 - Palm Springs South End
Interior
Heating Central
Cooling Air Conditioning
Fireplaces Number 10
Fireplaces Type Gas Starter, Living Room
Fireplace true
Exterior
Garage false
Pool Community, In Ground
View Y/N true
View Mountain(s)
Private Pool Yes
Building
Story 1
Entry Level One
Sewer In, Connected and Paid
Level or Stories One
Others
Senior Community No
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
Special Listing Condition Standard
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