521 Desert Way Palm Springs, CA 92264
MULTI_FAMILY - Palm Springs, CA
Property Features for 521 Desert Way
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 5
- Rooms
- Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 8, Bathroom 3, Bathroom 1, Bedroom 5, Bedroom 7, Bedroom 2, Bathroom 2
- Parking
- 8
- Parking features
- Assigned
- Spa
- 1
- Pool private
- 1
- Standard status
- Active
- APN
- 680033011
- Size
- 3,900 SF
- Lot size
- 0.23 Acres
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1963
- Floors in Building
- 1
- Number of units
- 5
- Flooring type
- Tile - Ceramic
Listing agent Faith P Messenger (760) 333-5956
Listing office HomeSmart 73301 Fred Waring Dr., Ste 101, Palm Springs, CA (760) 844-7500
Listing date Jul 15, 2026
Copyright © 2026 California Desert Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The building is located in Palm Springs, within walking distance to the College of the Desert and Demuth Park, which is noted as a $7.5 million investment featuring 22 new pickleball courts, large and small dog parks, and an entrance to the new valley-wide CV Link. Nearby Prescott Reserve is also referenced.
The property is zoned R2, which the listing notes may allow additional residential-related uses beyond traditional long-term tenancy, subject to Palm Springs City approval. Potential uses referenced include senior living, recovery retreats, assisted living, multi-generational housing, and sober living.
Key Highlights
- 5‑unit apartment building in Palm Springs’ Demuth Park area; offers 3 long‑term residents for dependable cash flow
- Private pool and spa at the property
- Renovation includes ceramic tile flooring; heating is forced air and cooling is central air
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 | $117.0k | $30.00 |
| − Vacancy | −$2.2k | −$0.57 |
| EGI | $114.8k | $29.43 |
| − OpEx | −$51.6k | −$13.24 |
| NOI | $63.1k | $16.19 |
