66585 Ironwood Drive, Desert Hot Springs, CA 92240
Triplex
Sold February 2023
Listing Agent: Tony Burton (DRE #01014173) · Listing Office: Burton Commercial, Inc. · Contact: 951-375-7433 · Bought with: Tony Altwaiji · COMPLETE HOME REALTY · MLS #SW22255410 · Source: CRMLS
About this triplex
Let me start out by saying that this is a very pretty, very well kept triplex, in good condition inside & out. And if you do any research at all, you'll see that this is a great priced opportunity with super returns. What's astonishing here is the amount of income you can get for the money!!! MOREOVER, IF YOU DO YOUR RESEARCH, THIS IS THE LOWEST PRICED 2&1 TRIPLEX IN SOUTHERN CALIFORNIA. There isn't another triplex available (w/2&1's) for less than $500K!!! This triplex is in a great location. It's also a great location, within walking distance grocery, drug store eateries, and bus stop. Hence tenant's in this complex don't need a car! This triplex consists of three 2 bedroom 1 bath units. Also, each unit has it's own carport. As you can see from the pictures, this complex has been professionally managed and taken care of over the years, and everything is very nice, functional, and updated. Each unit has its own private fenced yard. Units have nice upgraded kitchens. Large living rooms. Tile flooring. Ceiling fans throughout. Nothing more needed to go get market rents!! The seller's are out of town, elderly, and haven't raised rents in years. But all rents are month to month and can be brought up to market rents. At market rents, we're putting out $64,620 annual gross income, a 6.96 Gross Rent Multiplier, an unheard of (not seen in decades) 12.67% Cap Rate, and an off the charts 36.10% Cash on Cash Return. When was the last time you saw returns like that? To see these returns, check out the Income/Expenses/Returns in the MARKETING PACKAGE attached. As a guide to market rents, please see rent roll and rent comps attached in MARKETING PACKAGE CONTAINED IN SUPPLEMENTS. The market is fetching $1,795 monthly for 2&1's like ours just a few blocks away. How good a buy is this? Check out the Sale Comp in MARKETING PACKAGE attached. Specifically, a triplex at 13642 La Mesa Dr. recently sold for $605,000. This comp is two 2&1's and one 1&1's. AND WE ARE THREE 2&1'S!!! AND WE CAN BE BOUGHT FOR $499,000!!! Here's a final important note. There's a clone identical triplex adjacent which is included in the pictures. This has to be bought with this offering and the purchase price for this triplex is also $450,000.
Listing description from the February 2023 sale, as reported to CRMLS.
Sale history