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Tafoya Real Estate

tafoyarealestate@gmail.com +1(559) 765-4220

$ 3,415,000

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509 561 S Highland DR Palm Springs, CA 92264

0.93 Acres Lot

UPDATED:

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC25251506

HOA Y/N No

Year Built 1959

Lot Size 0.930 Acres

Property Sub-Type Apartment

Property Description

509 & 561 South Highland Drive is a 2-property, 21-unit multifamily investment portfolio located in Palm Springs, CA. Situated on two neighboring parcels encompassing a combined 0.93 acres, 509 & 561 South Highland Drive offer a mix of studio, one, and two-bedroom floor plans. The majority of the units feature one bedroom, along with 2, studio units and 3, two-bedroom units - ideally suited for singles, couples, and retirees seeking well-located housing. The properties feature 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, 509 & 561 South Highland Drive have recently undergone significant capital improvements including new plumbing, electrical, plaster, and tile as well as updated building systems including roofing, solar panels, and more. 509 & 561 South Highland Drive are 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 properties benefit from their 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 properties, provides easy access to Downtown Palm Springs, the heart of the city featuring a plethora of unique shops, restaurants, and entertainment options. 509 & 561 South Highland Drive's 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 properties.

Location

State CA

County Riverside

Area 699 - Not Defined

Interior

Heating None

Fireplace No

Laundry Common Area

Exterior

Pool Community

Community Features Curbs, Gutter(s), Street Lights, Sidewalks, Pool

Total Parking Spaces 23

Private Pool No

Building

Lot Description Street Level

Story 1

Entry Level One

Sewer Public Sewer

Water Public

Level or Stories One

New Construction No

Others

Senior Community No

Tax ID 680032009

Energy Description 6273.0

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Tyler Leeson Marcus & Millichap RE Invest tleeson@marcusmillichap.com

Tafoya Real Estate

Broker | License ID: 01493993

+1(559) 765-4220

Tafoya Real Estate

509 561 S Highland DR Palm Springs, CA 92264

Key Details

Location

Interior

Exterior

Building

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509 561 S Highland DR