12-Unit Renovated Apartment
New
For Sale
$1,800,000
37250 Bankside Drive Cathedral City CA 92234, Cathedral City, CA 92234
Single-story residences include a gated courtyard pool, central HVAC, laundry facilities, and open parking in Cathedral City.
Property Size6,680 SF
Price / SF$269.46
Days on Market4
Property Features for 37250 Bankside Drive Cathedral City CA 92234
General Information
Standard status
Active
Size
6,680 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
12
Amenities
pool
gated courtyard
on-site laundry
Building Details
Year Built
1963
Listing Agency:
Triqor Group
(949) 756-3232
Listed By:
Ryan Loria · License #02006138
Source:
Search.c21masters
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 23 at 6:38AM
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 Triqor Group
Investment Insights
Based on property information with market context.
Bankside Apartments is a 12-unit multifamily property at 37250 Bankside Drive in Cathedral City, California. The single-story community includes studio, one-bedroom, and two-bedroom residences. Eleven units have been renovated with wood-look porcelain tile, updated kitchens and bathrooms, stainless sinks, and dual-pane windows. Property-wide improvements include new electrical panels, central heating and air conditioning, an on-site laundry facility, and open parking.
A swimming pool is situated within the gated courtyard, adding a defined common-area amenity for residents. The property is positioned in the Coachella Valley rental market and is offered with an estimated 8.2% capitalization rate. The existing unit mix and completed upgrades provide a clear physical profile for continued apartment operations.
A swimming pool is situated within the gated courtyard, adding a defined common-area amenity for residents. The property is positioned in the Coachella Valley rental market and is offered with an estimated 8.2% capitalization rate. The existing unit mix and completed upgrades provide a clear physical profile for continued apartment operations.
Key Highlights
- 12‑unit apartment community with studio, 1‑bedroom, and 2‑bedroom units
- Eleven of twelve residences have been renovated
- Gated courtyard with swimming pool
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$108,126
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,162,520
$2.2M
Cap Rate 7%
$1,544,657
$1.5M
Cap Rate 9%
$1,201,400
$1.2M
Market Conditions
NOI Build-Up for 6,680 SF
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.
Gross rent
$200.4K $30.00/SF
− Vacancy
−$3.8K −$0.57/SF
EGI
$196.6K $29.43/SF
− OpEx
−$88.5K −$13.24/SF
NOI
$108.1K $16.19/SF
Area
Riverside County, CA
Vacancy
1.90%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,162,520
Cap Rate 7%
$1,544,657
Cap Rate 9%
$1,201,400
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.35M – $1.80M
NOI $108,126 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $140,085 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
Explore this area
Business Placement
Demographics for 92234, CA
51,509
Population
23,114
Households
2.2
Avg Household Size
42
Median Age
26%
College-Educated
81%
High-School Grad
14.8 sq mi
ZIP Area
3,480
Density / Sq Mi
$67,031
Median Household Income
$34,895
Median Earnings
$1,554
Median Rent
$420,700
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 - Single-story residences include a gated courtyard pool, central HVAC, laundry facilities, and open parking in Cathedral City.
Where is this apartment building located?
The property is located at 37250 Bankside Drive Cathedral City CA 92234 Cathedral City, CA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 12‑unit apartment community with studio, 1‑bedroom, and 2‑bedroom units; Eleven of twelve residences have been renovated; Gated courtyard with swimming pool
