73170 Tumbleweed Lane, Palm Desert, CA 92260
$2,750,000
Property Type:
Residential Income
Bedrooms:
16
Baths:
16
Square Footage:
9,376
Status:
Closed
Current Price:
$2,750,000
List Date:
6/18/2024
Last Modified:
12/16/2024
Description
The Pines Apartments represents an extremely well-located, value-add apartment complex adjacent to El Paseo in Palm Desert, CA. The property consists of sixteen (16) 1Bedroom/1Bathroom 586 sq ft single-level apartment units, and sits on a 27,878 sq ft parcel. Property amenities include a common area laundry facility, gated community pool, private patios, air conditioning, and sixteen (16) covered surface parking spots.
The Pines Apartments offers an investor 45% upside in rents in a fantastic Palm Desert location adjacent and walking distance to El Paseo.
More Information MLS# 219112501
Listing, Location and Property Info
New Construction: No
Entry Date: 2024-06-05
Land Type: Fee
General Property Information
Total Units: 16
SqFt Source: Other
Price Per Unit: 199688
Fireplace: No
Building # of Stories: 1
Pool: Yes
Paved: Yes
Total Bedrooms: 16
Full Baths: 16
Total Baths: 16
Approx SqFt: 9376
Lot Size: 27878
Lot Size Source: Other
Year Built: 1967
Cross Streets: Tumbleweed Ln & Verba Santa Dr
Listing Info
Number of Buildings: 4
Tax Info
Tax Mello Roos: No
Property Info
View: No
Senior Community: No
Gated Community: No
Counts
# Electric Meters: 16
# Gas Meter: 16
# Water Meters: 1
Income & Expenses
Actual Total Rent $: 225792
Annual Gross Rent $: 225792
Projected Rent $: 316800
Laundry Income $: 1800
Net Operating Income $: 128964
Total Annual Operating Expenses $: 87249
Cap Rate %: 4.04
Owner Pays
Gardener: 1
Pool Service: 1
Trash Collection: 1
Water: 1
Tenant Pays
Electricity: 1
Gas: 1
Sale Type
Standard: 1
Listing Terms
1031 Exchange: 1
Parking Spaces/Information
Total Covered Spaces: 16
Total Uncovered/Assigned Spaces: 0
Disclosures
None: 1
Levels
One: 1
Foundation
Slab: 1
Flooring
Carpet: 1
Tile: 1
Cooling Type
Air Conditioning: 1
Pool Location
Community: 1
Pool Construction
In Ground: 1
Pool Description
Community: 1
Heating
Wall Furnace: 1
Rooms
Other: 1
Security Safety
Resident Manager: 1
Roofing
Composition: 1
Sewer
Assessments: 1
Water
Water District: 1
Water District Name: Coachella Valley
Parking
Detached Carport: 1
Land Lease Type
Fee Simple: 1
Listing Location and Property Info
APN: 627232007
Status: Closed
Listing Date: 2024-06-05
Original List Price: 3195000
Sold Price: $2,750,000
Current Price: $2,750,000
Street #: 73170
Street Name: Tumbleweed
Street Suffix: Lane
County: Riverside
State: CA
Zip Code: 92260
Area: 323 - Palm Desert South
Country: US
Status Change Info
Status Change Date: 2024-12-16
Pending Date: 2024-08-08
Closed Date: 2024-12-13
Closed Price: 2750000
Parking SpacesInformation
Total Carport Spaces: 16
Total Parking Spaces: 32
Property Features
Owner Pays: Gardener; Pool Service; Trash Collection; Water
Tenant Pays: Electricity; Gas
Sale Type: Standard
Listing Terms: 1031 Exchange
Disclosures: None
Levels: One
Foundation: Slab
Flooring: Carpet; Tile
Cooling Type: Air Conditioning
Pool Location: Community
Pool Construction: In Ground
Pool Description: Community
Heating: Wall Furnace
Rooms: Other
Security Safety: Resident Manager
Roofing: Composition
Sewer: Assessments
Water: Water District
Parking: Detached Carport
Land Lease Type: Fee Simple
Listing Office:
Apartment Realty Group, Inc
Listing Agent:
James V Carter
Last Updated: December - 16 - 2024
Information deemed reliable but not guaranteed.
