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$3,450,000

Est. payment - /mo

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12,300 SqFt

Active

69180 Victoria DR #1 Cathedral City, CA 92234

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

09/30/2024 06:33 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 12,300 sqft

Price per Sqft $280

MLS Listing ID SW24154487

HOA Y/N No

Year Built 1981

Lot Size 0.803 Acres

Property Description

This is the nicest apartment offering in Southern California.

It consists of ten 3 bedroom 2 bath condo townhomes and each unit is its own separate property and has its own address/APN. So in the future, each unit can be sold separately as a condo!! IF YOU LOOK UP THIS PROPERTY PROFILE, IT WILL SHOW TEN APARTMENT UNITS, AND TEN ASSESSORS PARCEL NUMBERS!!!

Each 3 bedroom 2 bath unit is 1,230 square fee and is immaculate inside.

Each unit has it's own WATER METER, electric meter, and gas meter. TENANTS ALSO PAY FOR THEIR OWN TRASH! So tenant's pay for almost all of the operating expenses except for sewer at $129 monthly. See APOD in MARKETING PACKAGE in SUPPLEMENTS for expenses.

Rents are a little behind the market, but are month to month and can be brought up to market using the Just Cause procedure within California Rent Control. For actual and market rents, please see RENT ROLL and RENT COMPS within the MARKETING PACKAGE in SUPPLEMENTS.

At market rents, this apartment really performs! How about $324,000 annual gross income, a 10.65 GRM, a 7.99% Cap Rate, and a 12.72% Cash on Cash Return!!! SEE SUPPLEMENTS for detail.

This is truly a great buy. Apartments in this area, and of this quality are very rare. The last comparable 10 unit sale was a couple years ago at 120 W Vereda Sur in Palm Springs. It sold for $3,800,000!!! See detail in SUPPLEMENTS.

Please drive by (only) and take a close look at the pictures! This is truly a luxurious resort apartment that preforms very well.

WE WILL LOOK AT ALL OFFERS AND LETTERS OF INTENT. PLEASE DON'T HESITATE TO SEND OUT EITHER AND WE WILL RESPOND!! YOU CAN SIMPLY EMAIL A LETTER OF INTENT IF YOU'D LIKE AND THAT ONLY TAKES MINUTES! THANK YOU.

Location

State CA

County Riverside

Area 699 - Not Defined

Zoning R2

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Heating Central

Fireplace No

Laundry Common Area

Exterior

Carport Spaces 10

Pool Community

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

Total Parking Spaces 10

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 673141001

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

Listed by Tony Burton • Burton Commercial, Inc. • 951-375-7433

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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