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Hermosa Palms 588 E Mel Ave 20 Unit Apartment Building $5,374,292 CAD ($268,715 CAD/Unit) 6.49% Cap Rate Palm Springs, CA 92262
INVESTMENT HIGHLIGHTS
- Close Proximity to Palm Springs Shopping & Dining | Adjacent to Desert Regional Hospital
- Secured Entrance
- Assumable Financing - Interest Rate Fixed at 3.45%
- Central Pool - Replastered in 2023
- On-Site Laundry Room | Tenant Convenience and Owner Income
EXECUTIVE SUMMARY
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!
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!
PROPERTY FACTS
| Price | $5,374,292 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $268,715 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.52 AC |
| Cap Rate | 6.49% | Building Size | 8,711 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.75 | No. Stories | 1 |
| No. Units | 20 | Year Built/Renovated | 1963/2019 |
| Property Type | Multifamily | Tenancy | Single |
| Property Subtype | Apartment | ||
| Zoning | R2 - Limited Multiple Family Residential | ||
| Price | $5,374,292 CAD |
| Price Per Unit | $268,715 CAD |
| Sale Type | Investment |
| Cap Rate | 6.49% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 10.75 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 8,711 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1963/2019 |
| Tenancy | Single |
| Zoning | R2 - Limited Multiple Family Residential |
AMENITIES
UNIT AMENITIES
- Ceiling Fans
- Tile Floors
- Tub/Shower
- Walk-In Closets
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Pool
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 20 | - | - |
PROPERTY TAXES
| Parcel Number | 507-061-022 | Improvements Assessment | $1,860,353 CAD |
| Land Assessment | $465,087 CAD | Total Assessment | $2,325,440 CAD |
PROPERTY TAXES
Parcel Number
507-061-022
Land Assessment
$465,087 CAD
Improvements Assessment
$1,860,353 CAD
Total Assessment
$2,325,440 CAD
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Hermosa Palms | 588 E Mel Ave
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