550 S EL CIELO Road, Palm Springs, CA 92264 (MLS# 19445960)

550 S EL CIELO Road, Palm Springs, CA 92264

$2,650,000
Property Type: Residential Income Square Footage: 13,535 Lot Size (sq. ft.): 30,610 Status: Closed
Current Price: $2,650,000 List Date: 5/09/2019 Last Modified: 10/09/2024

Overview

Description

Exceptional resort style 15 unit apartment complex now available. Excellent investment opportunity with significant upside. A total living space of 13,535 SQFT. The compound comprises of 2 two-story buildings with a single level casita building in the center. A private setting with gated entrances, large pool area, and covered carport parking. Lush and green with mature landscaping and towering palm trees provide an inviting and oasis-like atmosphere. The property is fully leased with 15 long term quality leases. This apartment complex offers a stable income and value-add opportunity to capitalize on one of the most robust real estate markets in the country. Professionally managed.

Supplements: agent for details.

Listing Details MLS# 19445960

General Property Information

Total Units
15
Approx SqFt
13535
SqFt Source
Other
Building # of Stories
2
Pool
No
Lot Acres
0.7
Lot Size Source
Assessor
Year Built
1970

Property Features

Sale Type: Standard Appliances: Refrigerator Cooling Type: Heat Pump; Room Refrig Air; Wall/Window Unit(s); Zoned Heating: Other Parking: Detached Carport Land Lease Type: Fee Simple

Listing Location and Property Info

APN
680031013
Original List Price
2800000
Street #
550
Street Direction
S
Street Name
EL CIELO
Street Suffix
Road
County
Riverside
State
CA
Zip Code
92264
Area
334 - Palm Springs South End
Neighborhood
Demuth Park

Listing Info

Number of Buildings
3

Status Change Info

Status Change Date
2019-06-19
Pending Date
2019-05-24
Closed Date
2019-06-19
Closed Price
2650000

Parking SpacesInformation

Total Parking Spaces
20

More Information

Listing, Location and Property Info

Entry Date
2019-04-15
Land Type
Fee
Builders Tract Code
6330

Income & Expenses

Gross Income $
185800
Gross Operating Income $
186680
Net Operating Income $
125624
Total Annual Operating Expenses $
186680
Assessed Improvement $
774002
Cap Rate %
4.5
Vacancy Allowance % or $
0

Sale Type

Standard
Yes

Appliances

Refrigerator
Yes

Cooling Type

Heat Pump
Yes
Room Refrig Air
Yes
Wall/Window Unit(s)
Yes
Zoned
Yes

Heating

Other
Yes

Parking

Detached Carport
Yes

Land Lease Type

Fee Simple
Yes
Listing Office: Coldwell Banker Realty
Listing Agent: Panayot B Tomov
Last Updated: October - 09 - 2024
Information deemed reliable but not guaranteed.
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