520 S Highland DR, PALM SPRINGS, CA 92264
Demuth Park (click for neighborhood info)
Sold
$610,000
Sold On 2021-02-03
Overview
MLS #
SW20167160MR
Listed on
2020-08-17
Status
Sold
Price
$625,000
Type
Residential Income
Size of home
3,385 sq ft
Beds / Baths
/ 3.00
Size of lot
10,019 sq ft
Neighborhood
Demuth Park
Location address
520 S Highland DR
PALM SPRINGS 92264
PALM SPRINGS 92264
Description
This is a very nice, and very large triplex in South Palm Springs. TRULY A BEAUTIFUL FIRST CLASS RESORT. The neighborhood is upscale with high pride of ownership. This complex is huge for a triplex at 3,385 square feet total. That comes out to over 1,100 square feet per unit. All units are two bedroom one bath. All units include laundry room in each unit. Kitchens are huge and upgraded. Very large living rooms and bedrooms. Ceiling fans and tile floors throughout. Walk in closets. All units have private fenced yards. All rents are month to month and below market, averaging between $1050 to $1,150 monthly. There's a very comparable 2&1 rent comp in the immediate neighborhood at $1,400 monthly. Please see RENT ROLL and RENT COMP in Supplements. Performs at a better than market 4.97% Cap Rate at actual income, and performs at a WAY BETTER THAN MARKET 6.61% Cap Rate at market income. Or live in one unit and get in with 3% down with an FHA loan. If buying to live in one unit, raise other rents immediately to market because exempt from rent control!! Immaculate large pool with a solar heating system. Pool is like new because it's been recently stucco'd. The roof is 5 years old. Two HVAC units are 1
General Information
Original List Price
$625,000
Price Per Sq/Ft
$180
Furnished
No
Land Type
Fee
Land Lease Expires
N/A
Community Features
Curbs, Sidewalks, Street Lights
Pool
Yes
Pool Description
Fenced, Filtered, Heated, In Ground, Solar Heat
Spa
No
Year Built
1979
Laundry
Gas Or Electric Dryer Hookup, Inside
Fireplace
No
Courtesy of:
Tony Burton /
Burton Commercial, Inc.
520 S Highland DR