579 Highland Drive, Palm Springs, CA 92264
  • MLS#: OC25082158 ( Apartment )
  • Street Address: 579 Highland Drive
  • Viewed: 4
  • Price: $5,995,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1955
  • Bldg sqft: 0
  • Days On Market: 12
  • Additional Information
  • County: RIVERSIDE
  • City: Palm Springs
  • Zipcode: 92264
  • Subdivision: Other (othr)
  • Provided by: Marcus & Millichap RE Invest
  • Contact: Tyler Tyler
  • California Regional MLS IDX
  • DMCA Notice
  • Description
    Highland Portfolio is a 3 property, 31 unit multifamily investment portfolio located in Palm Springs, CA. Seller financing is available on the Highland Portfolio. Situated on three neighboring parcels encompassing a combined 1.40 acres, the Highland Portfolio offers a mix of studio, one, and two bedroom floor plans. The majority of the units feature one bedroom, along with 1, studio unit and 2, two bedroom units ideally suited for singles, couples, and retirees seeking well located housing. The portfolio features attractive amenities including secure keypad entry, private patios, swimming pools, ample surface parking, and on site laundry facilities. Additionally, the properties feature exclusively single story construction, a highly desirable characteristic to prospective renters. Furthermore, the Highland Portfolio has recently undergone significant capital improvements including new plumbing, electrical, plaster, and tile as well as updated building systems including roofing, solar panels, and more. The Highland Portfolio is situated in an optimal Palm Springs location, just moments away from shops and restaurants at El Cielo Center and The Springs. The properties are within a 0.85 mile radius of Demuth Park and Sunrise Park, two sprawling community centers granting residents convenient access to a plethora of outdoor activities. Additionally, the Highland Portfolio benefits from its close proximity to Palm Springs International Airport, a major employment and economic driver for the area, with tourism being a significant part of the local economy. Furthermore, Ramon Road, situated just to the north of the Portfolio, provides easy access to Downtown Palm Springs, the heart of the city featuring a plethora of unique shops, restaurants, and entertainment options. The portfolios desirable single story construction and upgraded facilities are primary draws for potential renters. The overall demand for well maintained and amenitized rental units will be a key driver in the continued growth and success at the Highland Apartments.
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Features
Additional Parcels Description
  1. 680-042-008
  2. 680-042-009
Association Fee
  1. 0.00
Building Area Total
  1. 27267.00
Commoninterest
  1. Community Apartment
Common Walls
  1. No Common Walls
Country
  1. US
Electric Expense
  1. 10354.00
Fuel Expense
  1. 10354.00
Garage Spaces
  1. 0.00
Heating
  1. None
Insurance Expense
  1. 32000.00
Laundry Features
  1. Community
Levels
  1. One
Lot Features
  1. Level with Street
Netoperatingincome
  1. 270082.00
Newtaxesexpense
  1. 72899.00
Number Of Separate Electric Meters
  1. 31
Number Of Separate Gas Meters
  1. 31
Otherexpense
  1. 44342.00
Otherexpensedescription
  1. Misc
Parcel Number
  1. 680032007
Pool Features
  1. Community
Postalcodeplus4
  1. 1054
Professionalmanagementexpense
  1. 20102.00
Property Type
  1. Apartment
Sewer
  1. Public Sewer
Sourcesystemid
  1. CRM
Sourcesystemkey
  1. 436402693:CRM
Subdivision Name Other
  1. Other
Totalexpenses
  1. 232460.00
Trash Expense
  1. 10354.00
Uncovered Spaces
  1. 34.00
Vacancyallowance
  1. 26450
Water Sewer Expense
  1. 10355.00
Water Source
  1. Public
Year Built
  1. 1955
Year Built Source
  1. Assessor
Zoning
  1. R2