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Twin Palms Apartments 495 Twin Palms Dr 51 Unit Apartment Building $11,167,204 CAD ($218,965 CAD/Unit) Palm Springs, CA 92264
INVESTMENT HIGHLIGHTS
- ProForma CAP rate of 8.50%. The Pro Forma CAP rate is achieved with all units being at a market rental rate.
- ProForma GRM of 7.15, with a current GRM of 7.76
- Tenants pay for electric and gas through Ratio Utility Billing System (RUBS)
- Recent Capital Improvements exceeding $300,000 within the last year.
- Located near the heart of Downtown Palms Springs.
EXECUTIVE SUMMARY
The Twin Palms Villas lot totals at 2.34 acres and consisting of 5 buildings and multiple parking lots. The property is located at 495 E Twin Palms Drive, Palm Springs, CA, and is conveniently located a short distance from the Downtown Palm Springs, the Historic Tennis Club, the Palm Springs Art Museum, the Palm Springs International Airport & many major regional employers. This 51 unit apartment community is composed of (41)One bedroom / One bathroom units and (10) Two bedroom /One bathroom units. The current ownership’s emphasis has been on quality updates which include capital improvements exceeding $300,000 within the last year. Some of these improvements include parking lot re-done, floor replacement, window replacement, HVAC replacement, rehab expenses, landscaping expenses, plumbing replacement, and numerous other quality updates.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
| Price | $11,167,204 CAD | Apartment Style | Garden |
| Price Per Unit | $218,965 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 2.91 AC |
| Gross Rent Multiplier | 7.76 | Building Size | 37,700 SF |
| No. Units | 51 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2001 |
| Property Subtype | Apartment | Parking Ratio | 1.35/1,000 SF |
| Zoning | RTP | ||
| Price | $11,167,204 CAD |
| Price Per Unit | $218,965 CAD |
| Sale Type | Investment |
| Gross Rent Multiplier | 7.76 |
| No. Units | 51 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.91 AC |
| Building Size | 37,700 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1965/2001 |
| Parking Ratio | 1.35/1,000 SF |
| Zoning | RTP |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Refrigerator
- Range
- Wi-Fi
- Double Pane Windows
- Patio
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Pool
- Property Manager on Site
- Spa
- Grill
- Walking/Biking Trails
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 41 | - | 548 |
| 2+1 | 10 | - | 728 |
1 1
PROPERTY TAXES
| Parcel Number | 009-602-247 | Improvements Assessment | $9,455,945 CAD |
| Land Assessment | $3,445,189 CAD | Total Assessment | $12,901,134 CAD |
PROPERTY TAXES
Parcel Number
009-602-247
Land Assessment
$3,445,189 CAD
Improvements Assessment
$9,455,945 CAD
Total Assessment
$12,901,134 CAD
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Twin Palms Apartments | 495 Twin Palms Dr
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