74316 Alessandro Drive Drive
Palm Desert, CA 92260

Description

Always Leased! Current CAP at 5.3%. Great opportunity to own a income producing property. These units are in a great location being only 3 blocks to El Paseo & 2 blocks to grocery shopping and multiple restaurants. High school, middle & elementary schools are within walking distance. Property consists of 2 buildings with 4 units: each unit has 2 bedrooms & 1 bath. 100% occupied. Rents are currently below market value: 2 units are at $1,100. 1 at $1,150 & 1 at $1,200 monthly. Market rents should command +/-$1,250 monthly or more. Proforma NOI = $45,293.00 - Market rents to produce a CAP rate of 6.0% or higher. All units have central HVAC, ceiling fans, washer/dryer hook-ups and small back patios. Zoning allows for upward expansion of the property up to three (3) stories. Buyer to verify square footage, zoning, utilities and financials. PLEASE DO NOT DISTURB TENANTS - Leases and showing available upon accepted Purchase & Sale Agreement. Income Statement and Marketing brochure attached.

Details

MLS#218028618DA
Sub-TypeResale
StatusActive
Year1960
Days On Site109

Features

Units4
Building(s)1

Market Activity 92260

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Area Information

StateCA
CountyRiverside
CityPalm Desert
Zip Code92260
Area322 - North Palm Desert
Listing VS Median (in 92260)
Price:
$759,000
low | high
Med:
$340,000
100% of Average
On Site:
109
low | high
Med:
99
100% of Average
Listing Updated: 04/23/2019
MLS Number: 218028618DA
Listing Provided By:
Dick Baxley  of  Baxley Properties Inc
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