Address
37043 Bankside Drive Cathedral City, CA
Price
$ 1,100,000
Property Attributes
  • ID#SR21062761
  • TypeCommercial
  • CountyRIVERSIDE
  • CityCathedral City
  • AreaCathedral City North
  • Zip92234
  • StyleMulti Family
  • Year Built1979
  • Taxes13860
  • Price$ 1,100,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size10,454 SqFt
Listing Provided Courtesy Of:
Laurence Cook with Rodeo Realty.
Data Source:
CRMLS
Property Description

This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished), for a 12 month lease. One unit is vacant and will likely be rented for $1495 by end of week ending 4/9/21. Units also can be furnished and rented to vacationers. Long term renters appreciate having a furnished unit and you can charge more rent so you always have the option to switch back to longterm. The building has an ideal layout for the combination of long term and seasonal tenants as there is a two story townhouse style unit with its own private yard!! Perfect for vacationers! This building is perched in a prime location close to downtown Palm Springs or El Paseo in Palm Desert. There are several choices for how to enjoy income from this property. With current rent, cap rate would be over 5.1%. Operating expenses listed include property taxes, gardener, pool maintenance, insurance, and management fee of 7%/mo. Upside is 15% and you have the chance to get that right away with two of the units. Don't miss out!

Price History
3/27/2021 Listed $1,100,000

General Features

MLS Area 335 - Cathedral City North
Property SubType Multi Family
Property Type Commercial Sale
Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange, Fannie Mae
Total Units 5

Interior Features

Laundry Features Common Area, Outside

Exterior Features

Lot Features 0-1 Unit/Acre
Lot Size Acres 0.24
Lot Size Area 10454
Lot Size Source Assessor
Lot Size Square Feet 10454
Lot Size Units Square Feet
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 92234

Price
AVG $2.78M
$1.1M
Taxes
AVG $13,860
$13,860
Visits
AVG 32
4
Year Built
AVG 1979
1979
Walkscore
AVG 55
57
Data Provided by Walkscore ® not using MLS data

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