579 S Highland Dr - Apartments FOR SALE


Palm Springs, CA 92264- Demuth Park West
$1,800,000 USD
714-713-9086
579 S Highland Dr, Palm Springs, CA for Sale
$1,800,000 USD
Apartments - FOR SALE
1/15
null | 4.73% Cap Rate

579 S Highland Dr
Palm Springs, CA 92264
Demuth Park West


HIGHLIGHTS

  • 10 Single-Story Units with a Desirable Mix of Studio, One, & Two-Bedroom Floor Plans
  • Attractive Seller Financing Available - Inquire with Agent
  • Ample Surface Parking a Highly Desirable Amenity for Renters | Desirable Amenity Package Including Private Patios & Secure Keypad Entry
  • Updated Swimming Pool with New Plumbing, Electrical, Plaster, Tile, & Solar Heating
  • Updated Building Systems with New PEX Plumbing, Windows, HVACs, Roof, Solar, & More
  • Optimal Palm Springs Location Placing Residents in Close Proximity of Major Retailers, Parks, & Schools

OVERVIEW

The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 579 South Highland Drive, a 10-unit multifamily investment property located in Palm Springs, CA. 579 South Highland is available in conjunction with 509 & 561 South Highland Drive, a 2-property, 21-unit multifamily portfolio. Situated on a spacious parcel measuring 0.47 acres, 579 South Highland Drive offers a mix of studio, one, and two-bedroom floor plans. The majority of the units feature one bedroom, along with 1, studio unit and 2, two-bedroom units - ideally suited for singles, couples, and retirees seeking well-located housing. The property features attractive amenities including secure keypad entry, private patios, a swimming pool, & ample surface parking. Additionally, the property features exclusively single-story construction, a highly desirable characteristic to prospective renters. Furthermore, 579 South Highland Drive has recently undergone significant capital improvements including new plumbing, electrical, plaster, and tile as well as updated building systems including roofing, solar panels, and more. 579 South Highland Drive is situated in an optimal Palm Springs location, just moments away from shops and restaurants at El Cielo Center and The Springs. The property is within a 0.85-mile radius of Demuth Park and Sunrise Park, two sprawling community centers granting residents convenient access to a plethora of outdoor activities. Additionally, the property benefits from its close proximity to Palm Springs International Airport, a major employment and economic driver for the area, with tourism being a significant part of the local economy. Furthermore, Ramon Road, situated just to the north of the property, provides easy access to Downtown Palm Springs, the heart of the city featuring a plethora of unique shops, restaurants, and entertainment options. 579 South Highland Drive’s desirable single-story construction and upgraded facilities are primary draws for potential renters. The overall demand for well-maintained and amenitized rental units will be a key driver in the continued growth and success at the property. *Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*

FOR SALE DETAILS

PRICE

$1,800,000 USD

PRICE/SF

$201 USD /SF

# OF UNITS

10

PRICE/UNIT

$180,000

CAP RATE

4.73%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1955

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.46 AC

LAND SF

20,038 SF

ZONING

R2

APN/PARCEL ID

680-032-007

ASK ABOUT THIS PROPERTY

Tyler LeesonMarcus & MillichapMore Info
714-713-9086

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Tyler LeesonMarcus & MillichapMore Info
714-713-9086

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.