520 S Highland Drive, Palm Springs, CA 92264
Property · 2 recorded sales since 2016
Sold February 2021
Listing Agent: Tony Burton (DRE #01014173) · Listing Office: Burton Commercial, Inc. · Contact: 951-375-7433 · Bought with: Tony Burton · Burton Commercial, Inc. · MLS #SW20167160 · Source: CRMLS
About this property
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!!!
Listing description from the February 2021 sale, as reported to CRMLS.
Sale history
