0.94 Acres Lot
0.94 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Deepwell Apartments
MLS Listing ID CV26071280
HOA Y/N No
Year Built 1959
Lot Size 0.940 Acres
Property Sub-Type Apartment
Property Description
This investment offers an attractive 6.59% current Cap Rate and a 6.07% Cash-on-Cash return, with the property yielding $705,600 annually. The ±20,296 SF building stands on a generous ±40,946 SF lot in the prestigious Deepwell Estates, a neighborhood celebrated for its historic mid-century modern architecture and high-end residential appeal. The asset features a diverse unit mix of studios, 1B/1B, 2B/1B, and a premier 3B/2B unit, perfectly catering to the desert's sophisticated renter demographic.
The asset has undergone substantial recent renovations, positioning it as a “turn-key” luxury investment with a sophisticated aesthetic. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Ownership has taken a proactive approach to capital preservation, recently replacing air conditioning units and upgrading the gated exterior to ensure tenant privacy and security. These comprehensive interior and exterior improvements significantly reduce near-term CAPEX requirements, allowing a new owner to focus on yield-driven operations. Furthermore, the property offers a curated “resort-style” living experience characterized by a crystal-clear pool, contemporary desert landscaping, and unobstructed mountain views.
Deepwell Apartments is strategically positioned in a submarket showing robust signs of population and rental growth. Located along the historic Palm Canyon Drive corridor, the property offers an enviable “walk score” with proximity to the Smoke Tree Shopping Center, world-class hiking trails, and the high-end boutiques and restaurants of downtown Palm Springs. With immediate access to State Route 111, the property provides seamless connectivity to the broader Coachella Valley's primary tourism and employment hubs.
Deepwell Apartments is an excellent income-producing asset in the Inland Empire and a long-term investment opportunity. All units have been remodeled with resort-like amenities, making this a perfect asset for any investor seeking a strong risk-adjusted return. The property offers unparalleled stability for any type of investor, whether it be a first-time purchaser, a seasoned institutional investor, or those seeking a high-quality 1031 Exchange asset.
Location
State CA
County Riverside
Area 332 - Central Palm Springs
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Pool Community, In Ground
Community Features Curbs, Mountainous, Sidewalks, Pool
Total Parking Spaces 29
Private Pool No
Building
Lot Description Lot Over 40000 Sqft
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 508455010
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Lease Land No
22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA