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Palm Springs Apartment Community

Twin Palms Drive, Palm Springs, CA 92264

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For Sale

$7,999,888

51-unit apartment community near Downtown Palm Springs.

Type:Commercial

Property size:

37,700 SF

Lot size:

2.34 Acres

Price / SF:

$212/SF

HighLights

Capital improvements exceeding $300,000 within the last year.
51‑unit apartment community with a mix of one and two‑bedroom units.
Located a short distance from Downtown Palm Springs.
Recent updates include parking lot, flooring, windows, HVAC, plumbing, and landscaping.
Located near the Palm Springs Art Museum and the Palm Springs International Airport.
Property lot totals 2.34 acres consisting of 5 buildings and multiple parking lots.

We can help!

Listing Contact

DARREN CORREA

Learn more

For Sale

$7,999,888

51-unit apartment community near Downtown Palm Springs.

Type:Commercial

Property size:

37,700 SF

Lot size:

2.34 Acres

Price / SF:

$212/SF

Added:: Aug 1, 2025
Days on Market:: 326
Last Refresh:: Apr 5 at 8:50 pm

Property Features for Twin Palms Drive

General Information

Standard status: Active
Size: 37,700 SF
Lot size: 2.34 Acres
Property subtype: Commercial

Building Details

Year Built: 1965

We can help!

Listing Contact

DARREN CORREA

Listing agent DARREN CORREA

Listing office LE INVESTMENT GROUP

Listing date Aug 1, 2025

Source Corcoran

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 LE INVESTMENT GROUP

HighLights

Capital improvements exceeding $300,000 within the last year.
51‑unit apartment community with a mix of one and two‑bedroom units.
Located a short distance from Downtown Palm Springs.
Recent updates include parking lot, flooring, windows, HVAC, plumbing, and landscaping.
Located near the Palm Springs Art Museum and the Palm Springs International Airport.
Property lot totals 2.34 acres consisting of 5 buildings and multiple parking lots.

Overview

The Twin Palms Villas, situated on a 2.34-acre lot, comprises 5 buildings with multiple parking lots. Located at Twin Palms Drive, Palm Springs, CA, the property is near Downtown Palm Springs, the Historic Tennis Club, the Palm Springs Art Museum, the Palm Springs International Airport, and various major regional employers. This 51-unit apartment community features 41 one-bedroom, one-bathroom units and 10 two-bedroom, one-bathroom units. The property has undergone quality updates, with capital improvements exceeding $300,000 within the last year. These improvements include parking lot renovation, floor replacement, window replacement, HVAC replacement, rehab expenses, landscaping expenses, and plumbing replacement.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$1.13M	$30.00
− Vacancy	−$21.5k	−$0.57
EGI	$1.11M	$29.43
− OpEx	−$499.3k	−$13.24
NOI	$610.2k	$16.19

37,700 SF · lease $30.00/SF/yr · vacancy 1.90% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$8.72M

$7.63M – $10.17M (±1% cap)

NOI $610,231 @ 7.0% cap · market cap 7.63%

Second Best

—

no second resolved use

Theoretical Best

Office A

$11.29M

$9.88M – $13.18M (±1% cap)

NOI $790,600 @ 7.0% cap · market cap 9.88%

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

Location Intelligence

Current Use by Public Records

Apartment buildings

Map

City: Palm Springs
County: Riverside
State: California
Longitude: -116.542
Latitude: 33.8

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For sale
Apartment buildings
CA
Palm Springs
92264
Twin Palms Drive

What type of property is this?

Apartment building - 51-unit apartment community near Downtown Palm Springs.

Where is this apartment building located?

The property is located at Twin Palms Drive Palm Springs, CA.

What is the asking price?

The asking price for this property is $7,999,888.

What are key features of this property?

This property features: Capital improvements exceeding $300,000 within the last year.; 51‑unit apartment community with a mix of one and two‑bedroom units.; Located a short distance from Downtown Palm Springs.