Deepwell Apartments Multifamily Investment
1680 East Palm Canyon Drive Palm Springs, CA 92264
1680 East Palm Canyon Drive, Palm Springs, CA, 92264
$5,995,000
For Sale
$5,995,000
30+1 unit multifamily community in Palm Springs' Deepwell Estates.
Property Size20,296 SF
Lot Size0.94 Acres
Price / SF$295.38
Days on Market95
Property Features for 1680 East Palm Canyon Drive
General Information
- Standard status
- Active
- Size
- 20,296 SF
- Lot size
- 0.94 Acres
- Property subtype
- Multifamily
Listing Agency
CBRE - Ontario
(909) 418-2071
Listed by
Eric Chen · License #01489184
(909) 418-2071
Source
Cbre
Added: Apr 15 Checked: Jul 17 at 3:35 am
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 CBRE - Ontario
Investment Insights
Based on property information with market context.
Deepwell Apartments, a 30+1 unit multifamily community, is located at 1680 E Palm Canyon Drive in Palm Springs, CA. The ±20,296 square feet building is situated on a ±40,946 square feet lot in Deepwell Estates. The property features a mix of studios, 1-bedroom/1-bathroom, 2-bedroom/1-bathroom, and a 3-bedroom/2-bathroom unit. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Exterior upgrades include a gated exterior. The property offers a pool, contemporary desert landscaping, and mountain views. Located along the Palm Canyon Drive corridor, the property is near the Smoke Tree Shopping Center, hiking trails, and the boutiques and restaurants of downtown Palm Springs. The property has access to State Route 111, providing connectivity to the Coachella Valley. The property may benefit from the Inland Empire’s continued economic expansion and proximity to regional drivers, including the new Amazon Logistics facility and the Agua Caliente Band of Cahuilla Indians.
Key Highlights
- High‑Yielding Opportunity: 6.59% Cap Rate and 6.07% Cash‑on‑Cash return.
- "Turn‑Key" Asset: Substantial recent renovations, including high‑end finishes and replaced HVAC units.
- Premier Deepwell Estates Location: Situated in a prestigious neighborhood known for mid‑century modern architecture, near shopping and hiking.
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 | $608.9k | $30.00 |
| − Vacancy | −$11.6k | −$0.57 |
| EGI | $597.3k | $29.43 |
| − OpEx | −$268.8k | −$13.24 |
| NOI | $328.5k | $16.19 |
20,296 SF · lease $30.00/SF/yr · vacancy 1.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.69M
$4.11M – $5.48M
NOI $328,521 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.08M
$5.32M – $7.09M
NOI $425,624 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Deepwell Apartments
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 30+1 unit multifamily community in Palm Springs' Deepwell Estates.
Where is this apartment building located?
The property is located at 1680 East Palm Canyon Drive Palm Springs, CA.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: High‑Yielding Opportunity: 6.59% Cap Rate and 6.07% Cash‑on‑Cash return.; "Turn‑Key" Asset: Substantial recent renovations, including high‑end finishes and replaced HVAC units.; Premier Deepwell Estates Location: Situated in a prestigious neighborhood known for mid‑century modern architecture, near shopping and hiking.
