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    68550 Grove St Cathedral City, CA 92234

    View on Map
    Sponsored
    For Sale
    $10,950,000

    MULTI_FAMILY - Cathedral City, CA

    Type:Apartment
    Property size:
    19,868 SF
    Lot size:
    0.68 Acres
    Days on Market:
    4
    Last Refresh:
    Mar 16 at 4:06 am

    Property Features for 68550 Grove St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Property condition
    Under Construction
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bathroom 28, Bathroom 1, Bedroom 5, Bathroom 43, Bedroom 8, Bathroom 16, Bathroom 13, Bathroom 6, Bedroom 3, Bathroom 2, Bathroom 9, Bathroom 30, Bathroom 35, Bathroom 36, Bathroom 39, Bedroom 6, Bedroom 7, Bedroom 1, Bedroom 23, Bedroom 17, Bedroom 19, Bathroom 3, Bathroom 15, Bathroom 4, Bathroom 7, Bathroom 8, Bathroom 10, Bathroom 29, Bedroom 21, Bathroom 25, Bathroom 21, Bedroom 12, Bedroom 13, Bedroom 16, Bathroom 17, Bathroom 22, Bathroom 40, Bathroom 20, Bathroom 41, Bathroom 31, Bathroom 42, Bathroom 18, Bathroom 12, Bathroom 26, Bedroom 4, Bedroom 14, Bathroom 11, Bathroom 37, Bedroom 10, Bedroom 24, Bedroom 22, Bathroom 19, Bathroom 38, Bathroom 23, Bedroom 18, Bathroom 32, Bathroom 34, Bathroom 14, Bathroom 33, Bathroom 5, Bedroom 2, Bathroom 27, Bedroom 11, Bathroom 24, Bedroom 15, Bedroom 20, Bedroom 9
    Bedrooms
    24
    Bathrooms
    36
    APN
    687195013
    Parking
    39
    Parking features
    Open, Guest, Assigned
    Size
    19,868 SF
    Lot size
    0.68 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    2025
    Floors in Building
    3
    Number of units
    19
    Flooring type
    Vinyl

    We can help!

    Listing Contact
    Ethan Mezrahi

    Real Broker Technologies, Inc. (855) 450-0442

    Listing agent Ethan Mezrahi

    Listing date Mar 13, 2026

    MLS# 219138249

    Copyright © 2026 California Desert Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    New Multifamily Units in Cathedral City

    The Jasper presents a unique opportunity to acquire 19 multifamily units currently under construction, with an estimated completion date in Q1 2026. The property is situated in an infill downtown location within the rapidly growing Cathedral City, an area undergoing significant development. Located off Highway 111/East Palm Canyon Drive, the property benefits from its proximity to the newly constructed Agua Caliente Casino, which has generated over 500 jobs and features over 500 slot/gaming machines and table games, along with several new restaurants. Additional retail developments are under construction to the east, including Starbucks, Chipotle, Farmer Boys, and Circle K, making this a pedestrian-oriented development. The Jasper is located within a Qualified Opportunity Zone, potentially offering capital gains tax savings for qualified investors. The property size is 19868 square feet, situated on a lot of approximately 0.68 acres in Riverside County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Skin Care Clinic Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cathedral City
    County
    Riverside
    State
    California
    Longitude
    -116.465826
    Latitude
    33.779455

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    FAQs

    What type of property is this?
    Apartment building - 19 multifamily units under construction, prime location, Q1 2026 completion.
    Where is this apartment building located?
    The property is located at 68550 Grove St Cathedral City, CA.
    What is the asking price?
    The asking price for this property is $10,950,000.
    What are key features of this property?
    This property features: - 19 Multi-Family Units under construction in a fast-growing downtown Cathedral City location.; - Located within a Qualified Opportunity Zone, offering potential capital gains tax savings.; - Prime pedestrian-oriented development near Hwy. 111/East Palm Canyon Drive.
    (760) 799-6344
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    68550 Grove St Cathedral City, CA 92234
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    Cathedral City, CA 92234
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    68550 Grove St Cathedral City, CA 92234
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    We can help!
    Listing Contact
    Ethan Mezrahi
    Real Estate License ID: 02088186
    (760) 799-6344 (619) 663-8680
    Learn more
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