622 S Warm Sands Dr, Palm Springs, CA 92264

Property Description

This 6 unit apartment (mostly 2 bedroom units) is best Warm Sands buy in decade. See next street comp in Supplements (WARM SANDS SALES COMP). This 5 unit comp (mostly 1 bedrooms) sold for $150,800 per unit at a 14.62 Gross Rent Multiplier. Apply this inferior comp to this offering, computes a fair market value of $932,463. We are only asking $859,000!. Current mo to mo rents way below market (SEE RENT COMP) in Supplements. At actual rents, we are a credible 13.47 GRM, & a 5.15% cap. But plug in market rents, we come in at 10.12 GRM, a 7.48% cap, and double digit 12.72% cash on cash. Unheard of for Warm Sands. For return details, see "ACTUAL/MARKET INCOME EXPENSES AND RETURNS", in Supplements. Also, see "RENT ROLL" in Supplements. Large rooms, private yards, courtyard, large swimming pool. Palm Springs at it's best. Prospective tenant's will always be waiting list which keeps you fully performing! For aerial, see "AERIAL VIEW" in Supplements. historic Warm Sands is one of highest desired neighborhoods. Located within walking distance to all entertainment, shopping, & dining of downtown. Rarely do single family or multifamily properties come available in this highly sought prestigious area. WILL CONSIDER CARRYING A 1ST TD @ 6.5% W/ 40% DOWN OAC!