Active
69180 Victoria DR Unit: 1
CATHEDRAL CITY CA, 92234
$3,450,000
$280.49 per sqft
Active
3 Beds
2 Baths
12,300 sqft
Multi-family
Built in 1981
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 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.
SW24154487MR
MLSⓇ ID
July 27, 2024
Listed
October 2, 2024
Updated
Map
69180 Victoria DR Unit: 1
CATHEDRAL CITY CA, 92234
Interior Features
Total Stories
2
Bedrooms
3
Total Bathrooms
2
Laundry Description
Laundry Area
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.8 Acres
Sewer
Public Sewer
Other Property Details
Area Name
Cathedral City South
Days on Market
26
Garage
No
Parking Total
10
View
No
County
Riverside
Water Source
Public
Pool
No
Zoning
R2
Listing History
Date | Event | Price |
---|---|---|
7/27/2024 | Price change | $3,450,000 -1% |
Listed by Tony Burton with Burton Commercial, Inc.
Listing Contact: 951-375-7433
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Chase Owens | CA DRE# 02019767 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 10/2/2024