Deepwell Apartments 1680 E Palm Canyon Dr 30 Unit Apartment Building $8,343,242 CAD ($278,108 CAD/Unit) 6.59% Cap Rate Palm Springs, CA 92264

CBRE, Inc., as exclusive advisor, is proud to present an exceptional opportunity to acquire Deepwell Apartments, a superbly maintained 30+1 unit multifamily community located at 1680 E Palm Canyon Drive in Palm Springs, CA.
This investment offers a highly attractive 6.59% current Cap Rate and a 6.07% Cash-on-Cash return, with the property yielding $705,600 annually. The ±20,296 SF building stands on a generous ±40,946 SF lot in the prestigious Deepwell Estates, a neighborhood celebrated for its historic mid-century modern architecture and high-end residential appeal. With average residential home prices in the immediate area exceeding $1.4M (according to Zillow), the high barrier to homeownership ensures a consistent, high-quality tenant base for the property. The asset features a diverse unit mix of studios, 1B/1B, 2B/1B, and a premier 3B/2B unit, perfectly catering to the desert’s sophisticated renter demographic.
PROPERTY CONDITION & UPGRADES
The asset has undergone substantial recent renovations, positioning it as a “turn-key” luxury investment with a sophisticated aesthetic. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Ownership has taken a proactive approach to capital preservation, recently replacing air conditioning units and upgrading the gated exterior to ensure tenant privacy and security. These comprehensive interior and exterior improvements significantly reduce near-term CAPEX requirements, allowing a new owner to focus on yield-driven operations. Furthermore, the property offers a curated “resort-style” living experience characterized by a crystal-clear pool, contemporary desert landscaping, and unobstructed mountain views.
LOCATION & MARKET OVERVIEW
Deepwell Apartments is strategically positioned in a submarket showing robust signs of population and rental growth. Located along the historic Palm Canyon Drive corridor, the property offers an enviable “walk score” with proximity to the Smoke Tree Shopping Center, world-class hiking trails, and the high-end boutiques and restaurants of downtown Palm Springs. The city’s economy is anchored by a resilient, year-round workforce in the healthcare and hospitality sectors, supported by major institutional employers such as the Desert Regional Medical Center. With immediate access to State Route 111, the property provides seamless connectivity to the broader Coachella Valley’s primary tourism and employment hubs.
ECONOMIC & REGIONAL IMPACT
The property stands to benefit from the Inland Empire’s continued economic expansion and the proximity to major regional drivers, including the new Amazon Logistics facility, the Agua Caliente Band of Cahuilla Indians, and a thriving retail base. Palm Springs’ global reputation as a mecca for architecture, international festivals like Coachella, Stagecoach, and Modernism Week, and year-round outdoor recreation ensures a permanent and affluent tenant base. This unique combination of lifestyle and industry serves to insulate the asset from broader economic volatility while driving consistent demand.
INVESTMENT PHILOSOPHY & STABILITY
Deepwell Apartments is an excellent income-producing asset in the Inland Empire and a premier long-term investment opportunity. All units have been remodeled with resort-like amenities, making this a perfect asset for any investor seeking a strong risk-adjusted return. The property offers unparalleled stability for any type of investor, whether it be a first-time purchaser, a seasoned institutional investor, or those seeking a high-quality 1031 Exchange asset.