Prime Multifamily Investment 45485 Sunset Lane, Palm Desert CA 92260 FOR SALE Prime South Palm Desert Multifamily Investment (7 Units) M. Kathleen Howard Executive Vice President 760 834 3636 BRE Lic #00751479 [email protected]Robert Elliott Associate 760 834 3624 BRE Lic #01920962 [email protected]Offered $1,395,000
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Prime Multifamily Investment 45485 Sunset Lane, Palm Desert CA 92260
FOR SALEPrime South Palm DesertMultifamily Investment (7 Units)
Lushly landscaped 7 unit apartment complex, superbly located in the highly desirable South Palm Desert area and within walking distance of the upscale shopping and dining experience afforded by El Paseo Drive (the “Rodeo Drive of the Desert”).
Sunset Lane sits on a 27,000 SF curved lot that affords privacy and green space for its tenants. The property consists of one (1) single story tri-plex and one (1) two story four-plex. The unit mix includes three 3 bedroom/2 baths and four 2 bedroom/2 baths. Ground floor units have sliding glass doors to a patio and upstairs units have private balconies. All units have central air conditioning and heat, laundry rooms, open floor plans and private garages with an addition off-street parking space.
There are a total of 8 garage spaces and 8 off-street open parking spaces. The property includes a private pool area and lush landscaping.
Upside potential includes upgrading the abundant open landscaped areas, providing larger upgraded patios, fencing the backyards on Units 5 & 6, and upgrading some of the unit interiors.
Location: South Palm Desert is a most desirable area. While located on a quiet street the Sunset Lane Apartments are within easy walking distance of the upscale shops and abundant restaurants of El Paseo.
Size and Stats
• 8,672 Rentable Square Feet
• 7 Units (4) 2 bedroom / 2 bath; and (3) 3 bedroom / 2 bath
• 8 private garages (Unit #5 has a private two car garage)
• 10 additional off street, open parking spaces
• Units vary from 1,152 SF – 1,386 SF each
Value Add A new owner can increase the income by enhancing and/or providing large fenced patios; upgraded interiors; common amenities; pool furniture; etc.
Notes to Pro Forma Income and Expenses• Rental Rates have been adjusted to existing market of $1.11 psf• Property Taxes have been adjusted for sale• Some expenses have been re-bid by a well qualified, regional Multifamily management group