KW Commercial is proud to present a profitable 7-unit multi-family investment property in the heart of the resort town of Palm Springs, CA. The gated property is located in the Sunrise Park neighborhood of Palm Springs, across the street from the Palm Springs High School and library, close to the airport, and just minutes from the new College of the Desert campus.
The rents for 2020 are projected to be $80,236 (which includes $1,000 from the Laundry Room). Operating expenses are estimated to be $28,039 based on 2019 expenses ($13,719) and property taxes based on a $1.15 million valuation ($14,320). Thereby, generating a Net Operating Income of $52,197 for the new owner.
The property includes one Studio, five 2-Bedroom with 1 Bath, and one 3-Bedrooms with 2.5-Baths. The tenants have access to a pool and a small laundry room. The owner has spent $50,000 over the last three years improving the property. The tenants are long-term and month-to-month; ranging from 1 year to 5 years. The one laundry room is shared by five tenants. Units 1 and 6 each have their own hookups for a washer and dryer.
A sun-filled patch of desert surrounded by mountains, Palm Springs naturally developed as a resort town. Popular events include the Palm Springs International Film Festival and the Palm Springs Festival of Lights Parade.
Palm Springs sits in the Sonoran Desert which offers, hot springs, the Palm Springs Aerial Tramway, the Palm Springs Art Museum, and the beautiful Mount San Jacinto State Park. Palm Springs is roughly an hour southeast of Los Angeles and has long been a getaway for celebrities and movie stars.
$50,000 in renovations over the last 3 years
Property located on a main street close to retail
Great Location: Close to Schools & Library, Retail & Shopping, and the Airport