$625,000

520 S Highland Drive

Palm Springs CA, 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 year old and the other HVAC unit is 6 years old. This is a beautiful place. Please show to your clients and don't hesitate to submit all offers!!! They will be presented immediately!!!

Details

MLS#SW20167160
Listing TypeFor Sale
Sub-TypeResale
StatusPending
Year1979
Days On Site155

Features

SQ Feet3,385
Units3
Building(s)1

Market Activity 92264

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Area Information
StateCA
CountyRiverside
CityPalm Springs
Zip Code92264
Area334 - South End Palm Springs
Listing VS Median (in 92264)
Price:
$625,000
low | high
Med:
$252,500
100% of Average
SqFt:
3,385
low | high
Med:
1,046
100% of Average
$ / SqFt:
$185
low | high
Med:
$242
19.063736263736% of Average
On Site:
155
low | high
Med:
105.500000
100% of Average
Listing Updated: January 14, 2021 10:36:00 AM PST
Tony Burton LogoMLS Number: SW20167160
Listing Provided By:
Tony Burton  of  Burton Commercial Inc.
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