343 Tramview RdPalm Springs, CA 92262

Property Details for 343 Tramview Rd

Year built

1980

Lot size

0.18 AC

Property size (Sq ft)

3,200 SF

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional investment opportunity presents a meticulously maintained fourplex located at 343 W Tramview Rd, Palm Springs, CA 92262. Built in 1980 and extensively renovated in 2020, this property boasts 3,200 square feet across two single-story buildings, situated on a 0.18-acre lot. The property features four 2-bedroom, 1-bathroom units, each approximately 800 square feet, equipped with modern amenities including washer hookups, gas stoves, and mini-split AC/heat units. Residents are responsible for electricity, gas, and internet, while water, sewer, trash, and landscaping are included in the rent. The property offers secured entry and ample off-street parking with eight spaces. Currently generating a substantial monthly income of $5,850, this stabilized investment boasts a projected net operating income (NOI) of $44,032, resulting in a compelling 4.08% cap rate. The property is zoned R-1-D and features four gas meters, four electric meters (no house meter), and one water meter. Priced at $1,080,000, this represents a price per unit of $270,000 and a price per square foot of $337.50. This fee-simple ownership offers a strong return on investment in a desirable Palm Springs location. The property's strong financial performance and modern updates make it an ideal addition to any investment portfolio, suitable for both owner-users and investors. The property's APN is 669-401-003.

Location Insight

City

Palm Springs

County

Riverside

State

California

Latitude

33.8667

Longitude

-116.549

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