Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    68548 Grove St Cathedral City, CA 92234

    Sponsored
    For Sale
    Contact for pricing

    19-unit apartment building, prime location.

    Property size:
    19,868 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 19-unit apartment building presents a compelling investment opportunity in Cathedral City, CA. Currently under construction, with an estimated completion date of Q4 2025/Q1 2026, this three-story building boasts 19,868 square feet of net rentable space situated on a 32,250 square foot lot. Its prime downtown location offers easy access to Highway 111/East Palm Canyon Drive, placing it within close proximity to the recently opened Agua Caliente Casino and a burgeoning retail corridor featuring new Starbucks, Chipotle, Farmer Boys, and Circle K locations. This pedestrian-oriented development benefits from its placement within a Qualified Opportunity Zone, potentially offering significant tax advantages for eligible investors. Beyond the rental income generated by the 19 apartment units, there's additional income potential from storage or garage rentals. The property's strategic location and the ongoing development in Cathedral City make this a truly unique investment opportunity. The building is a single structure, offering efficient management and potential for strong returns. Buyer to verify tax savings within the Opportunity Zone.

    Property Features for 68548 Grove St

    General Information

    Property type
    Multifamily properties
    Square Feet
    19,868 SF

    Building Details

    Buildings
    1
    Stories
    3
    Units
    19

    HighLights

    • 19‑unit multifamily apartment building under construction, estimated completion Q4 2025/Q1 2026.
    • Prime Cathedral City location near Hwy 111/East Palm Canyon Drive.
    • Near Agua Caliente Casino and new retail (Starbucks, Chipotle, etc.).
    • Located in an Opportunity Zone, offering potential tax advantages.
    • Potential for extra income from storage/garage rentals.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Gym & Fitness Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cathedral City
    County
    Riverside
    State
    California
    Longitude
    -116.466353
    Latitude
    33.7794122

    Nearby Similar for Sale

    • $4,199,970
      16,500 SF

      Cathedral City Hotel Opportunity

      10-unit hotel near Highway 111 with development potential.
      67590 Jones Rd, Cathedral City, CA 92234
      View Details
    • New
      $565,000
      1,508 SF

      Upgraded Mid-Century Style Duplex

      Upgraded duplex with permitted ADU in Cathedral City Cove.
      68286 Grandview Ave, Cathedral City, CA 92234
      View Details
    • $249,000
      0.05 Acres

      Turnkey RV Resort Opportunity

      Premium lot with luxury RV in sought-after resort community.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $189,000
      0.05 Acres

      Golf Course Lot with RV

      Expanded lot with mountain and golf course views included RV.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • New
      $119,000
      Pending

      Premium Corner Lot with RV

      Corner lot with RV, golf course view, and amenities.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $89,000
      0.05 Acres

      Cathedral City Land For Sale

      RV-compliant land in Cathedral City, ready for upcoming season.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $330,000
      0.05 Acres

      Immaculate Mobile Suite on Corner Lot

      Turnkey 2021 DRV Mobile Suite with premium outdoor upgrades.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $129,000
      0.05 Acres

      Upgraded Lot with Bunkhouse

      Enhanced lot with bunkhouse, turf, gazebo, and greenbelt.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $99,000
      0.05 Acres

      Corner Lot with Refurbished RV

      Turn-key corner lot with modern RV near pools.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $174,000
      0.05 Acres

      Golf Course View Lot

      Lot with golf course views, gazebo, and high-end furniture.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $84,000
      0.05 Acres

      Upgraded Lot in Cathedral City

      Upgraded lot near clubhouse, pickleball courts, desert-scaped, fruit trees.
      69411 Ramon Rd, Cathedral City, CA 92234
      View Details
    • $829,000
      1,806 SF

      Mid-Century Modern Multi-Unit Property

      Three-unit property with pool, valley, and mountain views.
      39091 Paradise Way, Cathedral City, CA 92234
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 19-unit apartment building, prime location.
    Where is this multifamily property located?
    The property is located at 68548 Grove St Cathedral City, CA.
    What are key features of this property?
    This property features: 19-unit multifamily apartment building under construction, estimated completion Q4 2025/Q1 2026.; Prime Cathedral City location near Hwy 111/East Palm Canyon Drive.; Near Agua Caliente Casino and new retail (Starbucks, Chipotle, etc.).
    Request Owner's contact information
    68548 Grove St Cathedral City, CA 92234
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    68548 Grove St
    Cathedral City, CA 92234
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    68548 Grove St Cathedral City, CA 92234
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.