623 S GRENFALL Road, Palm Springs, CA 92264 (MLS# 19426896)

623 S GRENFALL Road, Palm Springs, CA 92264

$1,070,000
Property Type: Residential Income Bedrooms: 8 Baths: 8 Square Footage: 4,300 Lot Size (sq. ft.): 13,129 Status: Closed
Current Price: $1,070,000 List Date: 1/25/2019 Last Modified: 8/22/2024

Overview

Description

Rare opportunity to own an architecturally significant property in the desirable Warm Sands community. Currently utilized as a 7 unit apartment complex, each unit is a single story floor plan, surrounded by a central and private pool, private back patios and well maintained grounds. Opportunity to continue its use as an apartment complex, or convert to boutique style short-term rental units similar to many already converted on Grenfall street; The Warm Sands neighborhood is a thriving boutique hotel and short-term rental market with soaring occupancy and increasing nightly rates. A strong long-term rental market with high demand from tenants also provide the future buyer with options to maintain a stabilized income producing asset with low vacancy rate and gradually increasing rents on renewals and turnovers. Tenants love the property and there is a waiting list of tenants always seeking the opportunity to rent at this property.

Supplements: novations made to units within the last 12 months. AC's are new condition, oldest age is 2012.

Listing Details MLS# 19426896

General Property Information

Total Units
7
Total Bedrooms
8
Total Baths
8
Approx SqFt
4300
SqFt Source
Other
Building # of Stories
Yes
Pool
No
Lot Acres
0.3
Lot Size Source
Assessor
Year Built
1960

Property Features

Sale Type: Standard Disclosures: Property As Is Cooling Type: Other Heating: Other Land Lease Type: Fee Simple

Listing Location and Property Info

APN
508212002
Original List Price
1200000
Street #
623
Street Direction
S
Street Name
GRENFALL
Street Suffix
Road
County
Riverside
State
CA
Zip Code
92264
Area
334 - Palm Springs South End
Neighborhood
Warm Sands

Listing Info

Number of Buildings
Yes

Status Change Info

Status Change Date
2019-07-29
Pending Date
2019-06-07
Closed Date
2019-07-29
Closed Price
1070000

Parking SpacesInformation

Total Parking Spaces
7

More Information

Listing, Location and Property Info

Entry Date
2019-01-24
Land Type
Fee
Builders Tract Code
7100

Income & Expenses

Gross Income $
0
Gross Operating Income $
87300
Net Operating Income $
58000
Total Annual Operating Expenses $
87300
Assessed Improvement $
448589
Cap Rate %
5.4
Vacancy Allowance % or $
0

Sale Type

Standard
Yes

Disclosures

Property As Is
Yes

Cooling Type

Other
Yes

Heating

Other
Yes

Land Lease Type

Fee Simple
Yes
Listing Office: McLean Company Rentals
Listing Agent: MD McLean
Last Updated: August - 22 - 2024
Information deemed reliable but not guaranteed.
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