509 & 561 South Highland Drive
Palm Springs, CA 92264
Property Overview
Property Facts
- Price $3,415,000
- Price Per Unit $162,619
- Current CAP Rate 6.51%
- Current GIM 8.69
- Years Built 1959 & 1962
- Building Size (SF) 18,304
- Lot Size (AC) 0.93
- Address 509 & 561 South Highland Drive, Palm Springs, CA 92264
- APNs 680-042-008 & 680-042-009
- Property Type Multifamily
The Offering
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 509 & 561 South Highland Drive, 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.
