588 E Mel AVE Palm Springs, CA 92262
20 Beds
20 Baths
8,711 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,711 sqft
Price per Sqft $441
MLS Listing ID 219139441
Bedrooms 20
Full Baths 20
HOA Y/N No
Year Built 1964
Lot Size 0.520 Acres
Acres 0.52
Property Description
This charming, single-story property is comprised of studio units arranged around a central pool, and is located in close proximity to Palm Springs' renowned shopping and dining district.
The preferred location, coupled with the highly desirable studio mix, has contributed to the property's historically low vacancy rate.
The units have been meticulously maintained, with most remodeled to include tile/vinyl flooring and modern fixtures. Each unit features a kitchen, walk-in closet, full bathroom, and LED lighting throughout.
The Hermosa Palms offers new ownership a well-positioned, turnkey investment with strong historical performance and continued upside potential through rent growth.
*Ask about the assumable 3.45% interest rate financing!
CAP Rate - 6.49% | GRM - 10.89 | Cash Flow - 7.59%
Location
State CA
County Riverside
Area 332 - Palm Springs Central
Zoning R-2
Interior
Heating Wall Furnace
Cooling Air Conditioning, Wall/Window Unit(s)
Fireplace false
Exterior
Pool In Ground, Community
View Y/N true
View Mountain(s)
Private Pool Yes
Building
Story 1
Entry Level Ground
Sewer Assessments
Level or Stories Ground
Schools
School District Palm Springs Unified
Others
Senior Community No
Acceptable Financing 1031 Exchange, Assumable, Cash, Cash to Existing Loan, Conventional
Listing Terms 1031 Exchange, Assumable, Cash, Cash to Existing Loan, Conventional
Special Listing Condition Standard