Multifamily
509 & 561 South Highland Drive
509 & 561 South Highland Drive, Palm Springs, CA 92264
Listing Price: $3,415,000
Investment Overview
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 509 & 561 South Highland Drive, a 2-property, 21-unit multifamily investment portfolio located in Palm Springs, CA.
Situated on two neighboring parcels encompassing a combined 0.93 acres, 509 & 561 South Highland Drive offer a mix of studio, one, and two-bedroom floor plans. The majority of the units feature one bedroom, along with 2, studio units and 3, two-bedroom units - ideally suited for singles, couples, and retirees seeking well-located housing. The properties feature attractive amenities including secure keypad entry, private patios, swimming pools, ample surface parking, and on-site laundry facilities. Additionally, the properties feature exclusively single-story construction, a highly desirable characteristic to prospective renters. Furthermore, 509 & 561 South Highland Drive have recently undergone significant capital improvements including new plumbing, electrical, plaster, and tile as well as updated building systems including roofing, solar panels, and more.
509 & 561 South Highland Drive are situated in an optimal Palm Springs location, just moments away from shops and restaurants at El Cielo Center and The Springs. The properties are within a 0.85-mile radius of Demuth Park and Sunrise Park, two sprawling community centers granting residents convenient access to a plethora of outdoor activities. Additionally, the properties benefit from their close proximity to Palm Springs International Airport, a major employment and economic driver for the area, with tourism being a significant part of the local economy. Furthermore, Ramon Road, situated just to the north of the properties, provides easy access to Downtown Palm Springs, the heart of the city featuring a plethora of unique shops, restaurants, and entertainment options.
509 & 561 South Highland Drive’s desirable single-story construction and upgraded facilities are primary draws for potential renters. The overall demand for well-maintained and amenitized rental units will be a key driver in the continued growth and success at the properties.
509 & 561 South Highland Drive
Investment Highlights
- 21 Single-Story Units with a Desirable Mix of Studio, One, & Two-Bedroom Floor Plans
- 2 Adjacent Parcels Provide Ease of Management & Economies of Scale, Minimizing Expense Costs
- Ample Surface Parking a Highly Desirable Amenity for Renters
- Desirable Amenity Package Including Private Patios, On-Site Laundry Facilities, & Secure Keypad Entry
- Updated Swimming Pools at Each Building with New Plumbing, Electrical, Plaster, Tile, & Solar Heating
- Updated Building Systems with New Copper (509) or PEX Plumbing (561), Windows, HVACs, Roofs, Solar, & More
- Optimal Palm Springs Location Placing Residents In Close Proximity of Major Retailers, Parks, & Schools
- Easy Access to Area Amenities Including the Airport, Downtown, & a Plethora of Golf Courses
Listing Price: $3,415,000
Investment Highlights
- 21 Single-Story Units with a Desirable Mix of Studio, One, & Two-Bedroom Floor Plans
- 2 Adjacent Parcels Provide Ease of Management & Economies of Scale, Minimizing Expense Costs
- Ample Surface Parking a Highly Desirable Amenity for Renters
- Desirable Amenity Package Including Private Patios, On-Site Laundry Facilities, & Secure Keypad Entry
- Updated Swimming Pools at Each Building with New Plumbing, Electrical, Plaster, Tile, & Solar Heating
- Updated Building Systems with New Copper (509) or PEX Plumbing (561), Windows, HVACs, Roofs, Solar, & More
- Optimal Palm Springs Location Placing Residents In Close Proximity of Major Retailers, Parks, & Schools
- Easy Access to Area Amenities Including the Airport, Downtown, & a Plethora of Golf Courses
Investment Overview
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 509 & 561 South Highland Drive, a 2-property, 21-unit multifamily investment portfolio located in Palm Springs, CA. Situated on two neighboring parcels encompassing a combined 0.93 acres, 509 & 561 South Highland Drive offer a mix of studio, one, and two-bedroom floor plans. The majority of the units feature one bedroom, along with 2, studio units and 3, two-bedroom units - ideally suited for singles, couples, and retirees seeking well-located housing. The properties feature attractive amenities including secure keypad entry, private patios, swimming pools, ample surface parking, and on-site laundry facilities. Additionally, the properties feature exclusively single-story construction, a highly desirable characteristic to prospective renters. Furthermore, 509 & 561 South Highland Drive have recently undergone significant capital improvements including new plumbing, electrical, plaster, and tile as well as updated building systems including roofing, solar panels, and more. 509 & 561 South Highland Drive are situated in an optimal Palm Springs location, just moments away from shops and restaurants at El Cielo Center and The Springs. The properties are within a 0.85-mile radius of Demuth Park and Sunrise Park, two sprawling community centers granting residents convenient access to a plethora of outdoor activities. Additionally, the properties benefit from their close proximity to Palm Springs International Airport, a major employment and economic driver for the area, with tourism being a significant part of the local economy. Furthermore, Ramon Road, situated just to the north of the properties, provides easy access to Downtown Palm Springs, the heart of the city featuring a plethora of unique shops, restaurants, and entertainment options. 509 & 561 South Highland Drive’s desirable single-story construction and upgraded facilities are primary draws for potential renters. The overall demand for well-maintained and amenitized rental units will be a key driver in the continued growth and success at the properties.
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