69180 Victoria Drive #1
Cathedral City, CA 92234
0.80 acres | #SW24154487
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.
Property Details
- Lot DescriptionElevenToFifteenUnitsAcre
- Property TypeMulti-Family
- Sewer InformationPublicSewer
- Original List Price$3,459,999
- MLS #SW24154487
- MLS #SW24154487
- CountyRiverside
- Property SubtypeApartment
- Cost3450000
- Acres0.8035
- Utility SourcePublic
- Year Built1981
- Stories2
Location
Legal
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Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Tony Burton (#HMBURTTO)
Listing Office: Burton Commercial, Inc. (#HM3066)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
