44600 San Rafael Avenue

    Palm Desert, CA 92260
    • $1,700,000
    • STATUS: Active
    • ON SITE: 59 days
    • ID#: CV17279452
    $1,700,000
    • 0
      BEDS
    • 0.52
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,775
      SQFT
    • $219
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1985
    County:

    School Ratings & Info

    Description

    Marcus & Millichap is pleased to exclusively market for sale San Rafael Apartments an 11-unit 62+ Senior Apartment Community, located in the city of Palm Desert. Built in 1985, the property is comprised two buildings on two separate parcels totaling approximately one half acre. The unit mix consist of six 1 bedroom/1 bathroom and five 2 bedrooms/1 bathroom. Construction is wood frame with stucco exterior, and Spanish tile roof. This property is located in a residential neighborhood and surrounded by single family homes and small apartment communities. San Rafael Apartments are less than a ten-minute walk and five-minute drive to famous El Paseo Drive. El Paseo Drive is Palm Desert+GGs main shopping district. The area around the street has evolved into an upscale shopping district featuring 150 boutiques, art galleries, and restaurants. El Paseo is often compared to Beverly Hills+GG Rodeo Drive due to its concentration of posh retail outlets, high end restaurants, and lush landscaping. This offering presents an investor with the opportunity to acquire a turnkey asset in a great central Palm Desert location with plenty of upside. Currently the average rental rate at the San Rafael Apartments is 25% below market which is highlighted in the Rental Survey.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-02-24T00:28:07.193. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.themarellygroup.com/homes/79559945

    44600 San Rafael Avenue Palm Desert, CA 92260

    • Price: $1,700,000
    • Status: Active
    • ID#: CV17279452
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.52
    Acres
    7,775
    SQFT
    $219
    $/SQFT
    1985
    Built
    Neighborhood:
    699 - Not Defined
    County:
    Riverside
    Area:
    699 - Not Defined
    Property Description
    Marcus & Millichap is pleased to exclusively market for sale San Rafael Apartments an 11-unit 62+ Senior Apartment Community, located in the city of Palm Desert. Built in 1985, the property is comprised two buildings on two separate parcels totaling approximately one half acre. The unit mix consist of six 1 bedroom/1 bathroom and five 2 bedrooms/1 bathroom. Construction is wood frame with stucco exterior, and Spanish tile roof. This property is located in a residential neighborhood and surrounded by single family homes and small apartment communities. San Rafael Apartments are less than a ten-minute walk and five-minute drive to famous El Paseo Drive. El Paseo Drive is Palm Desert+GGs main shopping district. The area around the street has evolved into an upscale shopping district featuring 150 boutiques, art galleries, and restaurants. El Paseo is often compared to Beverly Hills+GG Rodeo Drive due to its concentration of posh retail outlets, high end restaurants, and lush landscaping. This offering presents an investor with the opportunity to acquire a turnkey asset in a great central Palm Desert location with plenty of upside. Currently the average rental rate at the San Rafael Apartments is 25% below market which is highlighted in the Rental Survey.
    Exterior Features

    Garage Spaces 10.00 Lot Features 11-15 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 10.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Heating None Heating YN No Laundry Features Community Levels One

    Property Features

    Additional Parcels Description 627142005 Additional Parcels YN No Building Area Units Square Feet Community Features Urban Country Us Electric Expense 800.00 Elevation Units Feet Fuel Expense 800.00 Gross Income 4800.00 Gross Scheduled Income 111300.00 Insurance Expense 2750.00 Land Lease YN No Laundry YN Yes Maintenance Expense 7000.00 Net Operating Income 73726.00 New Taxes Expense 21859.00 Number Of Separate Electric Meters 0 Number Of Separate Gas Meters 0 Number Of Separate Water Meters 0 Operating Expense 36809.00 Other Expense 2000.00 Other Expense Description Contract Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Special Listing Conditions Standard Total Expenses 36809.00 Trash Expense 800.00 Vacancy Allowance Rate 5.00 Water Sewer Expense 800.00 Water Source Public Year Built Source Assessor Zoning R2

    Listing provided courtesy of Alexander Garcia of Marcus & Millichap.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-02-24T00:28:07.193. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    The Marelly Group | Realty One Group
    5256 South Mission Rd, Suite 1006
    Bonsall CA, 92003