Renovated 5-Unit Multifamily
For Sale
$1,357,900
521 Desert Way, Palm Springs, CA 92264
Renovated 5-unit apartment building offered with three long-term residents and R2 zoning flexibility subject to city approval.
Property SizeContact for details
Days on Market42
Property Features for 521 Desert Way
General Information
Standard status
Active
Property subtype
Investment
Zoning
R2
Additional Details
Multifamily Units
5
Building Details
Year Built
1963
Units
5
Tenancy
Multi
Listing Agency:
HomeSmart Professionals
(760) 333-5956
Listed By:
Faith Messenger
(760) 333-5956
Source:
Elliman
Added: Jul 20
Changed: Aug 24
Last Checked: Aug 29 at 11:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HomeSmart Professionals
Investment Insights
Based on property information with market context.
This renovated 5-unit apartment building presents a turn-key, owner-user or investment opportunity. The property is currently producing income with three long-term residents in place. Seller inventory is available for review, and the specific items and any in-place claims should be verified by the buyer.
The building is located on a desirable street in Palm Springs, within walking distance to the College of the Desert. It is also near Demuth Park, which includes multiple pickleball courts and dog parks, as well as access to the CV Link.
Zoned R2, the property may offer additional use flexibility beyond traditional long-term tenancy options, with potential uses described as senior living, recovery retreats, assisted living, multi-generational housing, and sober living, subject to Palm Springs City approval.
The building is located on a desirable street in Palm Springs, within walking distance to the College of the Desert. It is also near Demuth Park, which includes multiple pickleball courts and dog parks, as well as access to the CV Link.
Zoned R2, the property may offer additional use flexibility beyond traditional long-term tenancy options, with potential uses described as senior living, recovery retreats, assisted living, multi-generational housing, and sober living, subject to Palm Springs City approval.
Key Highlights
- Renovated 5‑unit apartment building, year built 1963
- Currently includes 3 long‑term residents for dependable cash flow
- R2 zoning offers flexibility for potential uses subject to Palm Springs City approval
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
653
Businesses Nearby
Explore this area
Business Placement
Demographics for 92264, CA
19,254
Population
17,518
Households
1.1
Avg Household Size
61
Median Age
48%
College-Educated
94%
High-School Grad
50.9 sq mi
ZIP Area
378
Density / Sq Mi
$75,246
Median Household Income
$46,756
Median Earnings
$1,581
Median Rent
$498,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 5-unit apartment building offered with three long-term residents and R2 zoning flexibility subject to city approval.
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: Renovated 5‑unit apartment building, year built 1963; Currently includes 3 long‑term residents for dependable cash flow; R2 zoning offers flexibility for potential uses subject to Palm Springs City approval
