Renovated Five-Unit Apartment
For Sale
$1,357,900
521 Desert Way, Palm Springs, CA 92264
Residential Income, Palm Springs, CA
Property Size3,900 SF
Lot Size0.23 Acres
Price / SF$348.18
Days on Market92
Property Features for 521 Desert Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
5
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 5, Bathroom 1, Bathroom 2, Bedroom 8, Bathroom 3, Bedroom 6, Bedroom 4, Bedroom 7, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 2
Parking
8
Parking features
Assigned
Spa
1
Pool private
1
Subdivision
Demuth Park
Lot features
Landscaped, Landscaped
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 Agency:
HomeSmart
(760) 844-7500
Listed By:
Faith P Messenger
(760) 333-5956
Added: Jul 15
Changed: Oct 8
Last Checked: Oct 14 at 9:06PM
MLS# 219150331
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.
This renovated five-unit apartment property contains 3,900 square feet on a 0.23-acre lot. The 1963 building includes ceramic tile flooring, forced-air heating, central air conditioning, assigned parking, a private pool, and a spa. Three long-term residents are currently in place, and the layout may support owner occupancy alongside rental use.
The property is within walking distance of College of the Desert and renovated Demuth Park, which includes 22 pickleball courts, large and small dog parks, and access to the CV Link. Nearby Prescott Reserve is also identified in the property information. R2 zoning provides a framework for residential use, while senior living, recovery retreats, assisted living, multigenerational housing, and sober living are cited as possible uses subject to Palm Springs City approval.
The property is within walking distance of College of the Desert and renovated Demuth Park, which includes 22 pickleball courts, large and small dog parks, and access to the CV Link. Nearby Prescott Reserve is also identified in the property information. R2 zoning provides a framework for residential use, while senior living, recovery retreats, assisted living, multigenerational housing, and sober living are cited as possible uses subject to Palm Springs City approval.
Key Highlights
- Five‑unit apartment property with 3,900 square feet of building area
- Renovated 1963 property on a 0.23‑acre lot
- Three long‑term residents currently in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,127
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,262,540
$1.3M
Cap Rate 7%
$901,814
$901.8K
Cap Rate 9%
$701,411
$701.4K
Market Conditions
NOI Build-Up for 3,900 SF
Gross rent
$117.0K $30.00/SF
− Vacancy
−$2.2K −$0.57/SF
EGI
$114.8K $29.43/SF
− OpEx
−$51.6K −$13.24/SF
NOI
$63.1K $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 Rate 5%
$1,262,540
Cap Rate 7%
$901,814
Cap Rate 9%
$701,411
Alternative Uses
Best Use
Apartment 5plus
$901.8K
$789.1K – $1.05M
NOI $63,127 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,786 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
5
Residential units
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
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - R2-zoned property includes assigned parking, central air, a private pool, and a spa.
Where is this apartment building located?
The property is located at 521 Desert Way Palm Springs, CA.
What is the asking price?
The asking price for this property is $1,357,900.
What are key features of this property?
This property features: Five‑unit apartment property with 3,900 square feet of building area; Renovated 1963 property on a 0.23‑acre lot; Three long‑term residents currently in place
