30
See all 30 photos
$1,030,000
Est. payment /mo
Pending
74443 Driftwood DR Palm Desert, CA 92260
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Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Pending
Purchase Type For Sale
MLS Listing ID CRSW25054919
Originating Board California Regional MLS
Year Built 1974
Lot Size 9,148 Sqft
Property Sub-Type Fourplex
Property Description
This offering is a rarity. A trophy apartment in the finest area of Palm Desert, the area of El Paseo! And it's just short walking distance from the El Paseo shopping district, grocery, and the Westfield Mall. Palm Desert is the finest area of the Coachella Valley, and the El Paseo district is the finest area of Palm Desert!! This 4Plex consists of four 2 bedrooms, 1 & 1/2 half baths. It further has carport parking, a beautiful pristine pool, and a large pool deck for tenants and guest. The kitchens are upgraded with newer appliances and granite counter tops. This complex further has central heat/air throughout. All tenancies are month to month and can be brought up to market. There's one vacancy and one unit who's currently a handyman/manager who can be brought up to market rents. PLEASE SEE RENT ROLL ATTACHED IN SUPPLEMENTS PACKAGE. Since rents are month to month, please check out the market rents you can get in this fine neighborhood. Nearby market rents per rent comps are $2,300 per month. PLEASE SEE RENT COMPS IN SUPPLEMENTS ATTACHED. At market rents, the complex really performs. It puts out $110,000 in annual gross income, a 9.33 Gross Rent Multiplier, a 9.84% Cap Rate, and a robust 21.95% Cash on Cash Return!! PLEASE SEE THE SUPPLEMENTS ATTACHED FOR DETAILS ON
Location
State CA
County Riverside
Area 323 - South Palm Desert
Interior
Heating No Heating
Laundry In Laundry Room, Laundry Area
Exterior
Garage Spaces 5.0
Pool Pool - Yes
Building
Story One Story
Water District - Public
Others
Tax ID 625143014
Special Listing Condition Not Applicable
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Listed by Tony Burton • Burton Commercial, Inc.