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$5,995,000
Est. payment /mo
6 Beds
4 Baths
0.94 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV26071280
Bedrooms 6
Lot Size 0.940 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
We are proud to present an exceptional opportunity to acquire Deepwell Apartments, a superbly maintained 30+1 unit multifamily community located at 1680 E Palm Canyon Drive in Palm Springs, CA. This investment offers an attractive 6.59% current Cap Rate and a 6.07% Cash-on-Cash return, with the property yielding $705,600 annually. The 20,296 SF building stands on a generous 40,946 SF lot in the prestigious Deepwell Estates, a neighborhood celebrated for its historic mid-century modern architecture and high-end residential appeal. The asset features a diverse unit mix of studios, 1B/1B, 2B/1B, and a premier 3B/2B unit, perfectly catering to the deserts sophisticated renter demographic. The asset has undergone substantial recent renovations, positioning it as a turn-key luxury investment with a sophisticated aesthetic. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Ownership has taken a proactive approach to capital preservation, recently replacing air conditioning units and upgrading the gated exterior to ensure tenant privacy and security. These comprehensive interior and exterior improvements significantly reduce near-term CAPEX requirements, allowing a new owner to focus on yield-driven operations. Furthermore, the property offers a curated resort-style living experience characterized by a crystal-clear pool, contemporary desert landscaping, and unobstructed mountain views. Deepwell Apartments is strategically positioned in a submarket showing robust signs of pop
Location
State CA
County Riverside
Zoning Assessor
Direction Merge onto I-10 E, Use the right 2 lanes to take exit 111 for CA-111 S toward Palm Springs, Turn left onto W Vista Chino, Turn r
Interior
Cooling Wall/Window
Fireplace No
Exterior
Pool Below Ground, Community/Common
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 508455010
Acceptable Financing Cash
Listing Terms Cash
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Listed by Eric Chen • CB RICHARD ELLIS
Nearby School & Business
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