MLS® ID: 218028618DA
74316 Alessandro Drive
Palm Desert, California, 92260 $759,000
Always Leased! Current CAP at 5.3%. Great opportunity to own a income producing property. These units are in a great location being only 3 blocks to El Paseo & 2 blocks to grocery shopping and multiple restaurants. High school, middle & elementary schools are within walking distance. Property consists of 2 buildings with 4 units: each unit has 2 bedrooms & 1 bath. 100% occupied. Rents are currently below market value: 2 units are at $1,100. 1 at $1,150 & 1 at $1,200 monthly. Market rents should command +/-$1,250 monthly or more. Proforma NOI = $45,293.00 - Market rents to produce a CAP rate of 6.0% or higher. All units have central HVAC, ceiling fans, washer/dryer hook-ups and small back patios. Zoning allows for upward expansion of the property up to three (3) stories. Buyer to verify square footage, zoning, utilities and financials. PLEASE DO NOT DISTURB TENANTS - Leases and showing available upon accepted Purchase & Sale Agreement. Income Statement and Marketing brochure attached.