69180 Victoria DR #1 Cathedral City, CA 92234
UPDATED:
09/30/2024 06:33 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SW24154487
HOA Y/N No
Year Built 1981
Lot Size 0.803 Acres
Property Description
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 sale was a couple years ago at 120 W Vereda Sur in Palm Springs. It sold for $3,800,000!!! See detail in SUPPLEMENTS.
Please drive by (only) and take a close look at the pictures! This is truly a luxurious resort apartment that preforms very well.
WE WILL LOOK AT ALL OFFERS AND LETTERS OF INTENT. PLEASE DON'T HESITATE TO SEND OUT EITHER AND WE WILL RESPOND!! YOU CAN SIMPLY EMAIL A LETTER OF INTENT IF YOU'D LIKE AND THAT ONLY TAKES MINUTES! THANK YOU.
Location
State CA
County Riverside
Area 699 - Not Defined
Zoning R2
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Central
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 10
Pool Community
Community Features Gutter(s), Street Lights, Sidewalks, Pool
Total Parking Spaces 10
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 673141001
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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