William Landesman

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Listing provided courtesy of LE INVESTMENT GROUP - MLS#IV23199341MLS Provider

495 E Twin Palms DrivePalm Springs, CA 92264

Multi-Family · 37,700 Sq. ft. | 2.34 Acres

$10,900,888 Active

Overview

Time on Site:
39 days
Visits:
1

The Twin Palms Apartments lot totals at 2.34 acres and consisting of 5 buildings and multiple parking lots. The property is located at 495 E Twin Palms Drive, Palm Springs, CA, and is conveniently located a short distance from the Downtown Palm Springs, the Historic Tennis Club, the Palm Springs Art Museum, the Palm Springs International Airport & many major regional employers. This 51-unit apartment community is composed of (42) One bedroom / One-bathroom units and (9) Two bedroom / One-bathroom units. The current ownership???s emphasis has been on quality updates which include capital improvements exceeding $250,000 within the last year. Some of these improvements include floor replacement, window replacement, HVAC replacement, rehab expenses, landscaping expenses, plumbing replacement, and numerous other quality updates.

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Facts & Features

  • Type Multi-Family
  • Sq. ft. 37,700
  • Price/Sq.ft. $289
  • Lot 2.34 Acres

General

Association/HOA
  • Common Interest: Community Apartment
Income/Expenses
  • Electric Expense: 32680.0
  • Fuel Expense: 32680.0
  • Gross Income: 1141296.0
  • Gross Scheduled Income: 1183200.0
  • Insurance Expense: 32680.0
  • Net Operating Income: 703367.0
  • Operating Expense: 437929.0
  • Trash Expense: 32680.0
  • Water Sewer Expense: 32680.0
Building Information
  • New Construction: No
  • Year Built: 1965
Location/Region
  • Country: US
  • County Or Parish: Riverside
  • MLS Area Major: 334 - South End Palm Springs
  • Subdivision Name: The Mesa (33463)
Community/Development
  • Community Features: Sidewalks,Pool
Rent/Lease Information
  • Land Lease Amount: 31.0
  • Land Lease: Yes
General Information
  • Parcel Number: 009602247
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Rent Control: Yes
  • Senior Community: No
  • Special Listing Conditions: Standard
  • Zoning: RTP

Interior

Parking Information
  • Garage: No
Building Interior
  • Building Area Total: 37700.0
  • Building Area Units: Square Feet
General Information
  • Common Walls: 2+ Common Walls,No One Above
  • Entry Level: 1
  • Entry Location: 1
  • Laundry Features: Common Area
  • Levels: One
  • Stories: 1
  • Stories Total: 1

Exterior

Parking Information
  • Parking Features: Assigned
Lot Information
  • Additional Parcels: No
  • Lot Features: Corner Lot
  • Lot Size Acres: 2.34
  • Lot Size Area: 2.34
  • Lot Size Source: Assessor
  • Lot Size Square Feet: 101930.4
  • Lot Size Units: Acres
  • Number Of Buildings: 5
  • Number Of Separate Electric Meters: 51
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Elevation Units: Feet
  • Water Source: Public
Building Exterior/Construction
  • Property Attached: Yes
General Information
  • Number Of Units Total: 51
  • Pool Features: Community,Fenced
  • Pool Private: No
  • Sewer: Public Sewer

Neighborhood

Palm Springs

Nestled at the base of the San Jacinto Mountains, the beautiful desert resort city of Palm Springs is an international destination for outdoor sport enthusiasts, Mid-Century architecture admirers, and fans of the glamour of Golden Era Hollywood. Palm Springs is located approximately 110 miles southeast of Los Angeles and 140 miles northeast of San Diego, making it an ideal distance for Southern California residents to escape for a quick getaway weekend or the perfect locale for a second home.
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Community

92264 (Palm Springs) Demographics
59
Median Age
400
Population Density (per sq. mile)
51%
College Educated
$60,318
Estimated Median Income
7,506
Estimated Total Home Owners
3,772
Estimated Total Renters
67% / 33%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

Elementary Schools
2
Public
Cahuilla Elementary
  • Grades: KG - 5
  • Enrollment: 483
4
Public
Cielo Vista Charter
  • Grades: KG - 8
  • Enrollment: 869
2
Public
Desert Learning Academy
  • Grades: KG - 12
  • Enrollment: 215
Middle Schools
4
Public
Cielo Vista Charter
  • Grades: KG - 8 /
  • Enrollment: 869
2
Public
Desert Learning Academy
  • Grades: KG - 12 /
  • Enrollment: 215
High Schools
2
Public
Desert Learning Academy
  • Grades: KG - 12 /
  • Enrollment: 215
School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

Monthly Cost

$
$ %
%
$
$
* Assumes 7.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

Market Data

Based on the last 30 days in this zip code

$1,106,116
Median Sales Price
$569
Median Price per Square Foot
139
Properties Sold
152
New on Market
62
Average Days on Market
488
Properties for Sale
Calculations provided by Reliance Network

History

Date Event Value Agent
10/25/2023Source: CRMLS Added to Database
October 25, 2023