For Sale
$1,100,000
Active

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    Overview

    MLS # SR21069216CN
    Listed on 04/02/2021
    Status Active
    Price $1,100,000
    Type Multiplex
    Subtype Apartment Building
    Size of home 4,500 Sq ft
    Beds / Baths /
    Size of lot 10,454 sq ft
    Neighborhood Cathedral City Cove
    Location address 37043 Bankside DR
    CATHEDRAL CITY 92234

    Description


    This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished), for a 12 month lease. One unit is vacant and will likely be rented for $1495 by end of week ending 4/9/21. Units also can be furnished and rented to vacationers. Long term renters appreciate having a furnished unit and you can charge more rent so you always have the option to switch back to longterm. The building has an ideal layout for the combination of long term and seasonal tenants as there is a two story townhouse style unit with its own private yard!! Perfect for vacationers! This building is perched in a prime location close to downtown Palm Springs or El Paseo in Palm Desert. There are several choices for how to enjoy income from this property. With current rent, cap rate would be over 5.1%. Operating expenses listed include property taxes, gardener, pool maintenance, insurance, and management fee of 7%/mo. Upside is 15% and yo

    General Information

    Original List Price $1,100,000
    Price Per Sq/Ft $244
    Furnished No
    Land Type Fee
    Land Lease Expires N/A
    Community Features Curbs, Foothills, Sidewalks, Storm Drains, Street Lights, Suburban
    Pool Yes
    Spa No
    Year Built 1979
    Laundry Community
    Fireplace No
    Cooling Type Central
    Parking Spaces 8
    Parking Type Assigned

    Courtesy of: Laurence Cook / Rodeo Realty

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