37043 Bankside DR, CATHEDRAL CITY, CA 92234
Sold
$950,000
Sold On 2021-07-01
Overview
MLS #
SR21069216CN
Listed on
2021-04-02
Status
Sold
Price
$1,100,000
Type
Residential Income
Size of home
4,500 sq ft
Beds / Baths
/ 2.00
Size of lot
10,454 sq ft
Location address
37043 Bankside DR
CATHEDRAL CITY 92234
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
$211
Furnished
No
Land Type
Fee
Land Lease Expires
N/A
Community Features
Curbs, Foothills, Sidewalks, Storm Drains, Street Lights, Suburban
Pool
Yes
Pool Description
In Ground, Private
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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37043 Bankside DR