623 S Grenfall Road

    Palm Springs, CA 92264
    • $1,100,000
    • STATUS: Active
    • ON SITE: 179 days
    • ID#: 19426896PS
    UPDATED: 190 min ago
    $1,100,000
    • 0
      BEDS
    • 0.3
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,300
      SQFT
    • $256
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1960
    County:

    School Ratings & Info

    Description

    Rare opportunity to own an architecturally significant property in the desirable Warm Sands community. Currently utilized as a 7 unit apartment complex, each unit is a single story floor plan, surrounded by a central and private pool, private back patios and well maintained grounds. Opportunity to continue its use as an apartment complex, or convert to boutique style short-term rental units similar to many already converted on Grenfall street; The Warm Sands neighborhood is a thriving boutique hotel and short-term rental market with soaring occupancy and increasing nightly rates. A strong long-term rental market with high demand from tenants also provide the future buyer with options to maintain a stabilized income producing asset with low vacancy rate and gradually increasing rents on renewals and turnovers. Tenants love the property and there is a waiting list of tenants always seeking the opportunity to rent at this property.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-07-24T00:32:05.99. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.kevinhillre.com/homes/91199114

    623 S Grenfall Road Palm Springs, CA 92264

    • Price: $1,100,000
    • Status: Active
    • Updated: 190 min ago
    • ID#: 19426896PS
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.3
    Acres
    4,300
    SQFT
    $256
    $/SQFT
    1960
    Built
    Neighborhood:
    Warm Sands (7100)
    County:
    Riverside
    Area:
    334 - South End Palm Springs
    Property Description
    Rare opportunity to own an architecturally significant property in the desirable Warm Sands community. Currently utilized as a 7 unit apartment complex, each unit is a single story floor plan, surrounded by a central and private pool, private back patios and well maintained grounds. Opportunity to continue its use as an apartment complex, or convert to boutique style short-term rental units similar to many already converted on Grenfall street; The Warm Sands neighborhood is a thriving boutique hotel and short-term rental market with soaring occupancy and increasing nightly rates. A strong long-term rental market with high demand from tenants also provide the future buyer with options to maintain a stabilized income producing asset with low vacancy rate and gradually increasing rents on renewals and turnovers. Tenants love the property and there is a waiting list of tenants always seeking the opportunity to rent at this property.
    Exterior Features

    Lot Size Source Assessor Lot Size Units Square Feet Parking Features Parking Space Parking YN Yes

    Interior Features

    Cooling See Remarks Cooling YN Yes Laundry Features See Remarks

    Property Features

    Cap Rate 5.40 Gross Multiplier 12.60 Gross Operating Income 87300.00 Improvements Amount 448589 Land Lease YN No Land Value 124192 Laundry YN Yes Net Operating Income 58000.00 Special Listing Conditions Standard Subdivision Name Other Warm Sands (7100) Total Expenses 0.00 Zoning R2

    Listing provided courtesy of Md Mclean of Mclean Company Rentals


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-07-24T00:32:05.99. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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