19-Unit Apartment
For Sale
$10,950,000
68550 Grove ST, Cathedral City, CA 92234
Construction is underway, with completion estimated for Q1 2026 in downtown Cathedral City.
Property Size19,868 SF
Price / SF$551.14
Days on Market359
Property Features for 68550 Grove ST
General Information
Standard status
Active
Size
19,868 SF
Property subtype
MULTI_FAMILY
Building Details
Building Size
19,868 SF
Year Built
2025
Listing Agency:
Real Brokerage Technologies
Listed By:
Ethan Mezrahi · License #02088186
(760) 799-6344
Source:
Calnativere
Added: Nov 5, 2025
Changed: Oct 28
Last Checked: Oct 26 at 2:30PM
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 Real Brokerage Technologies
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 19-unit apartment property is under construction, with completion estimated for Q1 2026. It is located in downtown Cathedral City and is designated within a Qualified Opportunity Zone.
The property sits off Hwy. 111/East Palm Canyon Drive, near Agua Caliente Casino. Retail construction to the east includes Starbucks, Chipotle, Farmer Boys, and Circle K.
The property sits off Hwy. 111/East Palm Canyon Drive, near Agua Caliente Casino. Retail construction to the east includes Starbucks, Chipotle, Farmer Boys, and Circle K.
Key Highlights
- 19 multifamily units under construction; estimated completion in Q1 2026
- Located within a Qualified Opportunity Zone
- Downtown Cathedral City location off Hwy. 111/East Palm Canyon Drive
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$321,593
Cap Rate
2.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,431,860
$6.4M
Cap Rate 7%
$4,594,186
$4.6M
Cap Rate 9%
$3,573,256
$3.6M
Market Conditions
NOI Build-Up for 19,868 SF
Gross rent
$596.0K $30.00/SF
− Vacancy
−$11.3K −$0.57/SF
EGI
$584.7K $29.43/SF
− OpEx
−$263.1K −$13.24/SF
NOI
$321.6K $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%
$6,431,860
Cap Rate 7%
$4,594,186
Cap Rate 9%
$3,573,256
Alternative Uses
Best Use
Apartment 5plus
$4.59M
$4.02M – $5.36M
NOI $321,593 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.95M
$5.21M – $6.94M
NOI $416,648 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
905
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Construction is underway, with completion estimated for Q1 2026 in downtown Cathedral City.
Where is this apartment building located?
The property is located at 68550 Grove ST Cathedral City, CA.
What is the asking price?
The asking price for this property is $10,950,000.
What are key features of this property?
This property features: 19 multifamily units under construction; estimated completion in Q1 2026; Located within a Qualified Opportunity Zone; Downtown Cathedral City location off Hwy. 111/East Palm Canyon Drive
