CA > Palm Springs > Not Applicable-1
Palm Springs, CA 92262,588 E Mel AVE
Palm Springs, CA 92262,588 E Mel AVE
Palm Springs, CA 92262,588 E Mel AVE
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$3,850,000
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588 E Mel AVE Palm Springs, CA 92262

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Del Raymond

Del Raymond

+1(619) 572-9750

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Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Subdivision Not Applicable-1

MLS Listing ID 219139441DA

HOA Y/N No

Year Built 1964

Property Description

Wilson Meade Commercial is pleased to exclusively present the opportunity to acquire the Hermosa Palms, a 20-unit multi-family asset in Palm Springs.This charming, single-story property is comprised of studio units arranged around a central pool, and is located in close proximity to Palm Springs' renowned shopping and dining district.The preferred location, coupled with the highly desirable studio mix, has contributed to the property's historically low vacancy rate.The units have been meticulously maintained, with most remodeled to include tile/vinyl flooring and modern fixtures. Each unit features a kitchen, walk-in closet, full bathroom, and LED lighting throughout.The Hermosa Palms offers new ownership a well-positioned, turnkey investment with strong historical performance and continued upside potential through rent growth.*Ask about the assumable 3.45% interest rate financing!CAP Rate - 6.49% | GRM - 10.89 | Cash Flow - 7.59%

Location

State CA

County Riverside

Area 332 - Central Palm Springs

Zoning R-2

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Tile, Vinyl

Fireplace No

Appliance Water Heater

Exterior

Parking Features Unassigned

Carport Spaces 13

Pool In Ground

Community Features Gated

View Y/N Yes

View Mountain(s)

Total Parking Spaces 13

Private Pool Yes

Building

Story 1

New Construction No

Others

Senior Community No

Tax ID 507061022

Security Features Gated Community

Acceptable Financing Cash, Cash to Existing Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to Existing Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

CRMLS – RECore
Listed by Heath Wilson Wilson-Meade Commercial Real Estate

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Del Raymond

Del Raymond

Agent | License ID: 01949132

+1(619) 572-9750

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