Garden-Style Multifamily
For Sale
$8,400,000
46595 Vargas Road, Indio, CA 92201
Well-maintained 51-unit, one-story community with private patios, on-site laundry, and surface parking.
Property Size29,376 SF
Lot Size2.44 Acres
Price / SF$285.95
Days on Market48
Property Features for 46595 Vargas Road
General Information
Standard status
Active
Size
29,376 SF
Lot size
2.44 Acres
Property subtype
Multifamily
Financials
Cap Rate
6.61%
Business Included
Yes
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
51
Building Details
Stories
1
Tenancy
Multi
Listing Agency:
CBRE - Ontario
(909) 418-2071
Listed By:
Eric Chen · License #01489184
(909) 418-2071
Source:
Cbre
Added: Jul 13
Changed: Aug 25
Last Checked: Aug 29 at 5:54AM
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.
Casa Serena Apartments is a well-maintained, one-story garden-style multifamily community with 51 one-bedroom, one-bathroom floor plans. The residences include private individual patios, walk-in closets, double-pane windows, and central air and heating. Select units have been newly remodeled with updated dark cabinetry, granite-style countertops, luxury vinyl wood plank flooring, and new tub and shower surrounds, along with open-concept island kitchens featuring a breakfast bar and an electric stove and range with hood.
On-site amenities include a laundry facility, a maintained courtyard, mature landscaping, and surface parking. Full-time on-site property management and maintenance staff support the community.
The property is situated on a 106,286 SF lot and includes 29,376 SF of rentable space. The community provides direct access to the I-10 Freeway and the Highway 111 retail corridor.
On-site amenities include a laundry facility, a maintained courtyard, mature landscaping, and surface parking. Full-time on-site property management and maintenance staff support the community.
The property is situated on a 106,286 SF lot and includes 29,376 SF of rentable space. The community provides direct access to the I-10 Freeway and the Highway 111 retail corridor.
Key Highlights
- 51‑unit, one‑bedroom/one‑bath garden‑style apartment community with 51 private patios and no neighbors above or below.
- Rentable space totals 29,376 SF on a 106,286 SF lot; units average 576 SF each and feature central air and heating.
- Select units newly remodeled with dark cabinetry, granite‑style countertops, luxury vinyl wood plank flooring, and new tub and shower surrounds.
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
$475,495
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
5.66%
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%
$9,509,900
$9.5M
Cap Rate 7%
$6,792,786
$6.8M
Cap Rate 9%
$5,283,278
$5.3M
Market Conditions
NOI Build-Up for 29,376 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
$881.3K $30.00/SF
− Vacancy
−$16.7K −$0.57/SF
EGI
$864.5K $29.43/SF
− OpEx
−$389.0K −$13.24/SF
NOI
$475.5K $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%
$9,509,900
Cap Rate 7%
$6,792,786
Cap Rate 9%
$5,283,278
Alternative Uses
Best Use
Apartment 5plus
$6.79M
$5.94M – $7.92M
NOI $475,495 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.80M
$7.70M – $10.27M
NOI $616,039 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
51
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 92201, CA
66,989
Population
26,241
Households
2.6
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
16.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$66,663
Median Household Income
$35,527
Median Earnings
$1,349
Median Rent
$372,800
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 - Well-maintained 51-unit, one-story community with private patios, on-site laundry, and surface parking.
Where is this apartment building located?
The property is located at 46595 Vargas Road Indio, CA.
What is the asking price?
The asking price for this property is $8,400,000.
What are key features of this property?
This property features: 51‑unit, one‑bedroom/one‑bath garden‑style apartment community with 51 private patios and no neighbors above or below.; Rentable space totals 29,376 SF on a 106,286 SF lot; units average 576 SF each and feature central air and heating.; Select units newly remodeled with dark cabinetry, granite‑style countertops, luxury vinyl wood plank flooring, and new tub and shower surrounds.
