73170 Tumbleweed Lane, Palm Desert, CA 92260 (MLS# 219112501)

73170 Tumbleweed Lane, Palm Desert, CA 92260

$2,750,000
Property Type: Residential Income Bedrooms: 16 Baths: 16 Square Footage: 9,376 Status: Closed
Current Price: $2,750,000 List Date: 6/18/2024 Last Modified: 12/16/2024

Overview

Description

The Pines Apartments represents an extremely well-located, value-add apartment complex adjacent to El Paseo in Palm Desert, CA. The property consists of sixteen (16) 1Bedroom/1Bathroom 586 sq ft single-level apartment units, and sits on a 27,878 sq ft parcel. Property amenities include a common area laundry facility, gated community pool, private patios, air conditioning, and sixteen (16) covered surface parking spots. The Pines Apartments offers an investor 45% upside in rents in a fantastic Palm Desert location adjacent and walking distance to El Paseo.

Listing Details MLS# 219112501

General Property Information

Total Units
16
Total Bedrooms
16
Full Baths
16
Total Baths
16
Approx SqFt
9376
SqFt Source
Other
Price Per Unit
199688
Fireplace
No
Building # of Stories
Yes
Pool
Yes
Paved
Yes
Lot Size Source
Other
Year Built
1967
Cross Streets
Tumbleweed Ln & Verba Santa Dr

Property Features

Owner Pays: Gardener; Pool Service; Trash Collection; Water Tenant Pays: Electricity; Gas Sale Type: Standard Listing Terms: 1031 Exchange Disclosures: None Levels: One Foundation: Slab Flooring: Carpet; Tile Cooling Type: Air Conditioning Pool Location: Community Pool Construction: In Ground Pool Description: Community Heating: Wall Furnace Rooms: Other Security Safety: Resident Manager Roofing: Composition Sewer: Assessments Water: Water District Parking: Detached Carport Land Lease Type: Fee Simple

Listing Location and Property Info

APN
627232007
Original List Price
3195000
Street #
73170
Street Name
Tumbleweed
Street Suffix
Lane
County
Riverside
State
CA
Zip Code
92260
Area
323 - Palm Desert South
Country
US

Listing Info

Number of Buildings
4

Tax Info

Tax Mello Roos
No

Property Info

View
No
Senior Community
No
Gated Community
No

More Information

Status Change Info

Status Change Date
2024-12-16
Pending Date
2024-08-08
Closed Date
2024-12-13
Closed Price
2750000

Counts

# Electric Meters
16
# Gas Meter
16
# Water Meters
Yes

Water

Water District Name
Coachella Valley
Water District
Yes

Parking SpacesInformation

Total Carport Spaces
16
Total Parking Spaces
32

Listing, Location and Property Info

New Construction
No
Entry Date
2024-06-05
Land Type
Fee

Income & Expenses

Actual Total Rent $
225792
Annual Gross Rent $
225792
Projected Rent $
316800
Laundry Income $
1800
Net Operating Income $
128964
Total Annual Operating Expenses $
87249
Cap Rate %
4.04

Owner Pays

Gardener
Yes
Pool Service
Yes
Trash Collection
Yes
Water
Yes

Tenant Pays

Electricity
Yes
Gas
Yes

Sale Type

Standard
Yes

Listing Terms

1031 Exchange
Yes

Parking Spaces/Information

Total Covered Spaces
16
Total Uncovered/Assigned Spaces
0

Disclosures

None
Yes

Levels

One
Yes

Foundation

Slab
Yes

Flooring

Carpet
Yes
Tile
Yes

Cooling Type

Air Conditioning
Yes

Pool Location

Community
Yes

Pool Construction

In Ground
Yes

Pool Description

Community
Yes

Heating

Wall Furnace
Yes

Rooms

Other
Yes

Security Safety

Resident Manager
Yes

Roofing

Composition
Yes

Sewer

Assessments
Yes

Parking

Detached Carport
Yes

Land Lease Type

Fee Simple
Yes
Listing Office: Apartment Realty Group, Inc
Listing Agent: James V Carter
Last Updated: December - 16 - 2024
Information deemed reliable but not guaranteed.

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