Renovated Pool-Centered
502 S Highland Drive, Palm Springs, CA 92264
For Sale
$1,215,000
Three occupied residences share a fenced corner parcel with on-site laundry and six parking spaces.
Property Size2,927 SF
Price / SF$415.10
Days on Market48
Property Features for 502 S Highland Drive
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
pool
on-site laundry
Building Details
Building Size
Year Built
Buildings
Listing Agency:
LPT Realty
(442) 205-8340
Listed By:
Camila Laverde · License #02251031
Source:
Movingresultsrealty
Added: Sep 22
Changed: Nov 7
Last Checked: Nov 7 at 7:17PM
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 LPT Realty
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Investment Insights
Based on property information with market context.
This Palm Springs triplex contains three renovated residences, each measuring approximately 1,000 SF. Every unit has two bedrooms, one bathroom, a living room, dining area, and upgraded kitchen. Improvements include refreshed flooring and paint, remodeled bathrooms, newer kitchen appliances, and shared on-site laundry with a washer and dryer. A pool sits at the center of the layout, with each residence oriented toward it. The property also has a private, fully fenced corner lot and six parking spaces.
All three units are tenant occupied. The property carries P (Professional) zoning, allowing professional and compatible uses subject to City requirements and approvals. It is approximately 10 minutes from downtown Palm Springs, with access to shopping, dining, entertainment, and major thoroughfares.
All three units are tenant occupied. The property carries P (Professional) zoning, allowing professional and compatible uses subject to City requirements and approvals. It is approximately 10 minutes from downtown Palm Springs, with access to shopping, dining, entertainment, and major thoroughfares.
Key Highlights
- Three residences, each approximately 1,000 SF, with 2 bedrooms and 1 bathroom
- Renovated interiors include updated flooring, paint, bathrooms, and newer kitchen appliances
- Central pool serves all three residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,427
Cap Rate
4.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,028,540
$1.0M
Cap Rate 7%
$734,671
$734.7K
Cap Rate 9%
$571,411
$571.4K
Market Conditions
NOI Build-Up for 2,927 SF
Gross rent
$74.8K $25.56/SF
− Vacancy
−$1.3K −$0.46/SF
EGI
$73.5K $25.10/SF
− OpEx
−$22.0K −$7.53/SF
NOI
$51.4K $17.57/SF
Area
Riverside County, CA
Vacancy
1.80%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,028,540
Cap Rate 7%
$734,671
Cap Rate 9%
$571,411
Alternative Uses
Best Use
Multifamily LT 5
$734.7K
$642.8K – $857.1K
NOI $51,427 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$676.8K
$592.2K – $789.6K
NOI $47,378 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$876.9K
$767.3K – $1.02M
NOI $61,382 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
100%
Occupancy
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
$498,200
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Riverside County, CA
Properties on Market for Triplexes in Riverside County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Three occupied residences share a fenced corner parcel with on-site laundry and six parking spaces.
Where is this triplex located?
The property is located at 502 S Highland Drive Palm Springs, CA.
What is the asking price?
The asking price for this property is $1,215,000.
What are key features of this property?
This property features: Three residences, each approximately 1,000 SF, with 2 bedrooms and 1 bathroom; Renovated interiors include updated flooring, paint, bathrooms, and newer kitchen appliances; Central pool serves all three residences
