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Listed by Tony Burton • Burton Commercial, Inc.
$3,450,000
Est. payment /mo
12,300 SqFt
Active
69180 Victoria Drive Cathedral City, CA 92234
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UPDATED:
11/24/2024 03:51 AM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 12,300 sqft
Price per Sqft $280
MLS Listing ID SW-24154487
Year Built 1981
Lot Size 0.803 Acres
Property Description
This is the nicest apartment offering in Southern California. It consists of ten 3 bedroom 2 bath condo townhomes and each unit is its own separate property and has its own address/APN. So in the future, each unit can be sold separately as a condo!! IF YOU LOOK UP THIS PROPERTY PROFILE, IT WILL SHOW TEN APARTMENT UNITS, AND TEN ASSESSORS PARCEL NUMBERS!!! Each 3 bedroom 2 bath unit is 1,230 square fee and is immaculate inside. Each unit has it's own WATER METER, electric meter, and gas meter. TENANTS ALSO PAY FOR THEIR OWN TRASH! So tenant's pay for almost all of the operating expenses except for sewer at $129 monthly. See APOD in MARKETING PACKAGE in SUPPLEMENTS for expenses. Rents are a little behind the market, but are month to month and can be brought up to market using the Just Cause procedure within California Rent Control. For actual and market rents, please see RENT ROLL and RENT COMPS within the MARKETING PACKAGE in SUPPLEMENTS. At market rents, this apartment really performs! How about $324,000 annual gross income, a 10.65 GRM, a 7.99% Cap Rate, and a 12.72% Cash on Cash Return!!! SEE SUPPLEMENTS for detail. This is truly a great buy. Apartments in this area, and of this quality are very rare. The last comparable 10 unit sale was a couple years ago at 120 W Vereda Sur in Palm Springs. It sold for $3,800,000!!! See detail in SUPPLEMENTS. Please drive by (only) and take a close look at the pictures! This is truly a luxurious resort apartment that preforms very well. WE WILL LOOK AT ALL OFFERS AND LETTERS OF INTENT. PLEASE DON'T HESITATE TO SEND OUT EITHER AND WE WILL RESPOND!! YOU CAN SIMPLY EMAIL A LETTER OF INTENT IF YOU'D LIKE AND THAT ONLY TAKES MINUTES! THANK YOU.
Location
State CA
County Riverside
Zoning R2
Interior
Heating Central
Laundry Common Area
Exterior
Parking Features Gated
Pool Community
Community Features Gutters, Sidewalks, Street Lights
Building
Lot Description 11-15 Units/Acre
Sewer Public Sewer
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