For Sale
$6,995,000

579 Highland DrPalm Springs, CA 92264

32 Units, Prime Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a portfolio of three meticulously maintained apartment buildings totaling 32 units, situated on a single city block in desirable Palm Springs, CA. The portfolio comprises three separate properties located at 579, 561, and 509 South Highland Drive, all within the 92264 zip code. The properties boast a combined interior space exceeding 28,824 square feet and offer ample resident parking. Each building features a solar-heated pool and on-site laundry facilities. The 10-unit building at 579 S Highland Dr. showcases Spanish-style architecture and approximately 9,000 square feet of interior space. Units feature updated kitchens, central air conditioning, private patios, and paver tile floors. The 5-unit building at 561 S Highland Dr. offers expansive units (just under 5,000 square feet of interior space), all with one bedroom and 1.5 bathrooms, and shares the amenities of the other buildings. Finally, the 17-unit building at 509 S Highland Dr. offers over 14,824 square feet of interior space and mirrors the features of the 579 S Highland Dr. building. This portfolio offers a compelling 4.75% cap rate and a price per unit of $218,593.75, making it an attractive investment opportunity in a thriving market. The properties are classified as Class B and have historically demonstrated minimal vacancy. This is a rare chance to acquire a substantial, well-maintained multifamily portfolio in a prime Palm Springs location. The asking price for this entire portfolio is $6,995,000.

Highlights

  • $6,995,000 asking price for a 32-unit multifamily portfolio.
  • 4.75% cap rate.
  • 32 units totaling 9,000+ sq ft across three buildings in Palm Springs, CA.
  • Class B apartment buildings.
  • $218,593.75 per unit.

Property Details for 579 Highland Dr

Property type
Apartment buildings
Class
B
Units
32

Location Insight

City
Palm Springs
County
Riverside
State
California
Latitude
33.8144055
Longitude
-116.5091913
579 Highland Dr, Palm Springs, California

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579 Highland Dr
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