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$ 3,450,000
Est. payment /mo
Active
69180 Victoria DR Cathedral City, CA 92234
0.8 Acres Lot
UPDATED:
08/22/2024 09:23 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSW24154487
Originating Board California Regional MLS
Year Built 1981
Lot Size 0.803 Acres
Property Description
This is the nicest apartment offering in Southern California. It consists of ten 3 bedroom 2 bath condo townhomes and each unit is its own separate property and has its own address/APN. So in the future, each unit can be sold separately as a condo!! IF YOU LOOK UP THIS PROPERTY PROFILE, IT WILL SHOW TEN APARTMENT UNITS, AND TEN ASSESSORS PARCEL NUMBERS!!! Each 3 bedroom 2 bath unit is 1,230 square fee and is immaculate inside. Each unit has it's own WATER METER, electric meter, and gas meter. TENANTS ALSO PAY FOR THEIR OWN TRASH! So tenant's pay for almost all of the operating expenses except for sewer at $129 monthly. See APOD in MARKETING PACKAGE in SUPPLEMENTS for expenses. Rents are a little behind the market, but are month to month and can be brought up to market using the Just Cause procedure within California Rent Control. For actual and market rents, please see RENT ROLL and RENT COMPS within the MARKETING PACKAGE in SUPPLEMENTS. At market rents, this apartment really performs! How about $324,000 annual gross income, a 10.65 GRM, a 7.99% Cap Rate, and a 12.72% Cash on Cash Return!!! SEE SUPPLEMENTS for detail. This is truly a great buy. Apartments in this area, and of this quality are very rare. The last comparable 10 unit sal
Location
State CA
County Riverside
Area 699 - Not Defined
Interior
Heating Central Forced Air
Laundry Laundry Area
Exterior
Garage Spaces 10.0
Pool Community Facility
Building
Water District - Public
Others
Tax ID 673141001
Special Listing Condition Not Applicable
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Listed by Tony Burton • Burton Commercial, Inc.