508 Desert Vw Dr Palm Springs, CA 92264-1037

This exceptional investment opportunity presents a five-unit apartment building located at 508 Desert View Drive, Palm Springs, CA 92264. The property, built in 1960, boasts a total of 2,372 square feet situated on a 10,018.8 square foot lot (APN: 680-032-001). The building consists of one single-story structure with a mix of four studio units and one two-bedroom, two-bathroom unit. Currently operating at 100% occupancy with all tenants on month-to-month leases, this presents a significant opportunity for value-add investors due to below-market rents. The property features on-site laundry facilities owned by the landlord and five on-site parking spaces. All utilities are currently paid by the landlord. The asking price is $900,000, representing a price per unit of $180,000. The current Net Operating Income (NOI) is $35,550.47, resulting in a 3.95% capitalization rate (Cap Rate). Pro forma projections indicate a potential NOI of $52,479.47 and a 5.83% Cap Rate. The property is zoned R2 and is conveniently located near Palm Springs International Airport and downtown Palm Springs. This is a fee simple ownership opportunity.