Renovated 5-Unit Apartment
521 Desert Way Palm Springs, CA 92264
New
521 Desert Way, Palm Springs, CA, 92264
$1,357,900
For Sale
$1,357,900
MULTI_FAMILY - Palm Springs, CA
Property Size3,900 SF
Lot Size0.23 Acres
Price / SF$348.18
Days on Market2
Property Features for 521 Desert Way
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 5
- Rooms
- Bathroom 4, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 6, Bedroom 8, Bathroom 5, Bedroom 3, Bedroom 7, Bathroom 2, Bedroom 5, Bedroom 2, Bathroom 3
- Parking
- 8
- Parking features
- Assigned
- Spa
- 1
- Pool private
- 1
- Standard status
- Active
- APN
- 680033011
- Size
- 3,900 SF
- Lot size
- 0.23 Acres
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1963
- Floors in Building
- 1
- Number of units
- 5
- Flooring type
- Tile - Ceramic
Listing Agency
HomeSmart
(760) 844-7500
73301 Fred Waring Dr., Ste 101, Palm Springs, CA
Listed by
Faith P Messenger
(760) 333-5956
Added: Jul 15 Checked: Jul 16 at 3:06 pm
MLS# 219150331
Listing URL
Copyright © 2026 California Desert Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated 5-unit apartment building at 521 Desert Way offers an income-producing setup with three long-term residents already in place. The property is described as turn-key, with a seller inventory list included for items outlined in the offering, subject to buyer verification.
The building is located in Palm Springs, within walking distance to the College of the Desert and Demuth Park, which is noted as a $7.5 million investment featuring 22 new pickleball courts, large and small dog parks, and an entrance to the new valley-wide CV Link. Nearby Prescott Reserve is also referenced.
The property is zoned R2, which the listing notes may allow additional residential-related uses beyond traditional long-term tenancy, subject to Palm Springs City approval. Potential uses referenced include senior living, recovery retreats, assisted living, multi-generational housing, and sober living.
The building is located in Palm Springs, within walking distance to the College of the Desert and Demuth Park, which is noted as a $7.5 million investment featuring 22 new pickleball courts, large and small dog parks, and an entrance to the new valley-wide CV Link. Nearby Prescott Reserve is also referenced.
The property is zoned R2, which the listing notes may allow additional residential-related uses beyond traditional long-term tenancy, subject to Palm Springs City approval. Potential uses referenced include senior living, recovery retreats, assisted living, multi-generational housing, and sober living.
Key Highlights
- 5‑unit apartment building in Palm Springs’ Demuth Park area; offers 3 long‑term residents for dependable cash flow
- Private pool and spa at the property
- Renovation includes ceramic tile flooring; heating is forced air and cooling is central air
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.0k | $30.00 |
| − Vacancy | −$2.2k | −$0.57 |
| EGI | $114.8k | $29.43 |
| − OpEx | −$51.6k | −$13.24 |
| NOI | $63.1k | $16.19 |
3,900 SF · lease $30.00/SF/yr · vacancy 1.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$901.8K
$789.1K – $1.05M
NOI $63,127 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,786 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated 5-unit apartment building with three long-term residents and R2 zoning in Palm Springs.
Where is this apartment building located?
The property is located at 521 Desert Way Palm Springs, CA.
What is the asking price?
The asking price for this property is $1,357,900.
What are key features of this property?
This property features: 5‑unit apartment building in Palm Springs’ Demuth Park area; offers 3 long‑term residents for dependable cash flow; Private pool and spa at the property; Renovation includes ceramic tile flooring; heating is forced air and cooling is central air
