579 Highland Dr Palm Springs, CA 92264-1054

Property Details for 579 Highland Dr

Year built

1955

Construction

TILT-UP CONCRETE

Lot size

0.47 lot acres

Property size

4,255 SF

Zone code

R2

Property type

Apartment buildings

APN

680-032-007

APU

680032007

Description

This exceptional investment opportunity presents a portfolio of three meticulously maintained apartment buildings totaling 32 units, situated on a single city block in desirable Palm Springs, CA. The portfolio comprises three separate properties located at 579, 561, and 509 South Highland Drive, all within the 92264 zip code. The properties boast a combined interior space exceeding 28,824 square feet and offer ample resident parking. Each building features a solar-heated pool and on-site laundry facilities. The 10-unit building at 579 S Highland Dr. showcases Spanish-style architecture and approximately 9,000 square feet of interior space. Units feature updated kitchens, central air conditioning, private patios, and paver tile floors. The 5-unit building at 561 S Highland Dr. offers expansive units (just under 5,000 square feet of interior space), all with one bedroom and 1.5 bathrooms, and shares the amenities of the other buildings. Finally, the 17-unit building at 509 S Highland Dr. offers over 14,824 square feet of interior space and mirrors the features of the 579 S Highland Dr. building. This portfolio offers a compelling 4.75% cap rate and a price per unit of $218,593.75, making it an attractive investment opportunity in a thriving market. The properties are classified as Class B and have historically demonstrated minimal vacancy. This is a rare chance to acquire a substantial, well-maintained multifamily portfolio in a prime Palm Springs location. The asking price for this entire portfolio is $6,995,000.