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Listed by Tyler Leeson • Marcus & Millichap RE Invest
$ 3,950,000
Est. payment | /mo
18,304 SqFt
$ 3,950,000
Est. payment | /mo
18,304 SqFt
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 18,304 sqft
Price per Sqft $215
Subdivision Demuth Park
MLS Listing ID OC-25155892
Year Built 1962
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. 509 & 561 South Highland is available in conjunction with 579 South Highland Drive, a 10-unit multifamily property. 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 334 - Palm Springs South End
Zoning R1C
Interior
Heating None
Laundry Community
Exterior
Parking Features Gated
Pool Community
Community Features Curbs, Gutters, Sidewalks
Building
Lot Description Level with Street
Sewer Public Sewer
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Marissa Buss & Danny Lampert
Lic# 01770909 | 01834114