Individually Owned Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1960
Construction
TILT-UP CONCRETE
Total area
2,372 SF
Lot
0.23 ac (10,018 SF)
Zoning code
R2
APN
680-032-001
UPID
US09-0265023
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$665k
CAP Approach
CAP
$590k
Comparable Approach
Comparable
$744k
Blend (final)
Blend
$675k
Owner & transaction history
since 2025
Last sale
$775,000
7 recorded transactions
Zoning & alternative use
R2 · Palm Springs, CA
Top alternative use upside
Auto repair, garage
$1.0M
+18.4%
Warehouse, storage
$960,000
+11.2%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 3 comparables with addresses
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$675k
Value range
$608k – $743k
±10% around blend
Estimated value / SF
$285 / SF
Confidence
Low
3 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
30
$608k
blend $675k
$743k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
2,372 SF
Lot area
0.23 ac
Year built
1960
Stories
1
APN
680-032-001
Zoning
R2
Assessed value
$636,724
Annual tax
$9,228
3
Income approach: direct capitalization
Partial preview
Income approach indication
$590k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$640k
@ 6.5% CAP return
$590k
@ 7% CAP return
$550k
4
Sales comparison
Partial preview
Sales approach indication
$1.04M
Weighted, 3 comps · low confidence
Evidence
3 found · 3 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
44.0 mi away · 2,298 SF
50.8 mi away · 3,016 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$675k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 29 sales
$365
-22%
Submarket 65 sales
$409
-30%
County 629 sales
$990
-71%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $285/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Auto Repair, Garage
Gross theoretical uplift
+18%
vs current-use indication
Warehouse, Storage
Apartment House (5+ Units) · current use
Retail Stores
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 3 sales
Market rates by use type
PDF export
Professional Plan · 30 reports
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Overview
Implied cap rate
5.70%
Implied, in-place cap rate for this apartment buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 5.70%
9.0%
NOI (est.)
$54k *
Last sale · May 2025
$775k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$952k
Move the market yield to see immediate price impact.
Value / SF
$401
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.20%5.70%6.20%
$49k
$939k
$857k
$788k
$54k
$1.04M
$952k
$875k
$60k
$1.15M
$1.05M
$963k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
3 found
Low confidence · county-verified
Closest comparable
$575k
27.1 mi · Mar 2026 · $276/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$9,228
Tax year 2024
Assessed value
$636,724
Assessed 2024
Previous assessed
$636,724
+0.0% YoY
Effective rate
1.45%
On assessed value
Assessed land
$159,181
Assessed improvement
$477,543
Applied tax rate
11.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1960
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Units
5
Total area
2,372 SF
Lot
0.23 ac (10,018 SF)
Zoning code
R2
APN
680-032-001
UPID
US09-0265023
Jurisdiction
RIVERSIDE
Zoning & alternative use
R2 · Palm Springs, CAZoning R2 · permitted uses
R2 · Palm Springs, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1960
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Units
5
Lot
0.23 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
R2
Jurisdiction
Palm Springs, CA
Recorded code
R2
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for R2 in Palm Springs, CA.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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