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. 

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Data last updated 10/2/2024

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