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    37043 Bankside Drive

    Cathedral City, CA 92234
    • $1,100,000
    • STATUS: Active
    • ON SITE: 39 days
    • ID#: SR21069216
    UPDATED: 66 min ago
    $1,100,000
    • 0
      BEDS
    • 0.24
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,500
      SQFT
    • $244
      $/SQFT
    Type:
    Multi-Family
    Built:
    1979
    County:

    School Ratings & Info

    Description

    This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished), for a 12 month lease. One unit is vacant and will likely be rented for $1495 by end of week ending 4/9/21. Units also can be furnished and rented to vacationers. Long term renters appreciate having a furnished unit and you can charge more rent so you always have the option to switch back to longterm. The building has an ideal layout for the combination of long term and seasonal tenants as there is a two story townhouse style unit with its own private yard!! Perfect for vacationers! This building is perched in a prime location close to downtown Palm Springs or El Paseo in Palm Desert. There are several choices for how to enjoy income from this property. With current rent, cap rate would be over 5.1%. Operating expenses listed include property taxes, gardener, pool maintenance, insurance, and management fee of 7%/mo. Upside is 15% and you have the chance to get that right away with two of the units. Don't miss out!

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-12T17:38:37.55. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/115729070
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    37043 Bankside Drive Cathedral City, CA 92234

    • Price: $1,100,000
    • Status: Active
    • Updated: 66 min ago
    • ID#: SR21069216
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.24
    Acres
    4,500
    SQFT
    $244
    $/SQFT
    1979
    Built
    Neighborhood:
    Cathedral City Cove (33611)
    County:
    Riverside
    Area:
    336 - Cathedral City South
    Property Description
    This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished), for a 12 month lease. One unit is vacant and will likely be rented for $1495 by end of week ending 4/9/21. Units also can be furnished and rented to vacationers. Long term renters appreciate having a furnished unit and you can charge more rent so you always have the option to switch back to longterm. The building has an ideal layout for the combination of long term and seasonal tenants as there is a two story townhouse style unit with its own private yard!! Perfect for vacationers! This building is perched in a prime location close to downtown Palm Springs or El Paseo in Palm Desert. There are several choices for how to enjoy income from this property. With current rent, cap rate would be over 5.1%. Operating expenses listed include property taxes, gardener, pool maintenance, insurance, and management fee of 7%/mo. Upside is 15% and you have the chance to get that right away with two of the units. Don't miss out!
    Exterior Features

    Carport Spaces 0 Lot Features 2-5 Units/Acre Number Of Separate Electric Meters 5 Open Parking Spaces 8 Parking Features Assigned Parking Total 8 Pool Features In GroundPrivate Pool Private YN Yes Property Attached YN Yes

    Interior Features

    Common Walls 1 Common Wall Cooling Central Air Cooling YN Yes

    Property Features

    Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 5.1 Common Interest Community Apartment Community Features CurbsFoothillsStorm Drain(S)Street LightsSuburbanSidewalks Electric Expense 0 Fuel Expense 0 Garage YN No Gross Income 78900 Gross Scheduled Income 78900 Insurance Expense 1000 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To Existing LoanCash To New LoanConventionalCal Vet Loan1031 ExchangeFannie MaeVa Loan Maintenance Expense 1440 Net Operating Income 56035 New Construction YN No New Taxes Expense 13860 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 5 Number Of Units Leased 4 Operating Expense 22865 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Water Sewer Expense 0 Water Source Public Zoning R302m

    Listing provided courtesy of Laurence Cook of Rodeo Realty


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-12T17:38:37.55. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
     
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    Playa Vista CA, 90094