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66338 2nd ST Desert Hot Springs, CA 92240
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Key Details
Sold Price $125,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID IG15230622
Sold Date 01/23/16
HOA Y/N No
Year Built 1942
Lot Size 6,534 Sqft
Property Description
Recently refurbished and painted. Returns on this investment are very good: Cap Rate = 8.06%, & Cash-On-Cash = 14.2% with an upside! Definitely worth taking a good look! Photos show the exteriors and interiors of the house (unit A), unit B and C (1 bedroom apartments) . Tenants are long term and all are month to month. Rents at $1,250 (400, 450, & 400) are under market. Should be at least $550 ea. for the house and $475 for the 1 bdrm units or $1,500/mo. If raised, the Cap Rate would be 10.43 and the Cash-On-Cash return would be a whopping 23.38%! So, there is a realistic and quick upside available. Both my Cash Flow Analysis and full Set Up Sheet are available - just ask. All units are on separate electric Meters. This area is durable and a solid working class neighborhood in a very stable rental market. Rental demand is very good, as the number of units available is limited but the surrounding upper income areas (Palm Springs, 29 Palms, Rancho, etc.) are growing at a good pace. Thus, this area enjoys low vacancy rates. A recent rent survey shows an average 1.2% vacancy rate. These units are close to downtown shopping, freeways & community amenities as it is near the center of town. House was built in 1942, duplex was built in 1961, buyer to verify.
Location
State CA
County Riverside
Area 340 - Desert Hot Springs
Interior
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Unassigned
Pool None
Community Features Curbs, Street Lights
Utilities Available Sewer Connected
Roof Type Asphalt
Total Parking Spaces 4
Private Pool No
Building
Lot Description Level
Story 1
Entry Level One
Water Public
Level or Stories One
Others
Tax ID 639242035
Acceptable Financing Cash to New Loan, Submit
Listing Terms Cash to New Loan, Submit
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Stephen Rogers • Realty ONE Group Champions