482 W Pico Road

This 5 Unit Mid-Century building is the perfect investment oportunity in Palm Springs. Not only can the building be run as a 5 unit rental, it could also be used as a vacation compound for extended family, or a "live-in" investor could rent four units and live in the fifth. Palm Springs does not allow complexes of this nature to be run as short term rentals. Each unit is upgraded, some more extensively than others. The "owners unit" (Unit #1) has 2 bedrooms and is in excellent condition with vaulted celings, gas fireplace, and original wood trim. The two front units, #4 and #5, have been remodeled with a contemporary, modern aesthetic.

The building has been well maintained and the pool was upgraded in 2018 which included new plaster, plumbing, and cement decking. In 2019 a variable speed pump was added and in 2020 a new filter. The seller lives on property which has ensured a continuity of care. The complex has a shared laundry room with stacked, full-sized washer and dryer. All appliances, AC, gas wall heaters, and utilties are in good working condition and have been updated as necessary.

The utilities are separately metered with the exception of Unit 1. This unit supplies electrictiy for the pool equipment, outdoor lighting, laundry room, and also supplies gas to the community BBQ, hot water heater, and clothes dryer. The credit for this is $90 with the renter paying for any additional costs associated with their unit. All units have their own AC (one is located in each living space and another in each bedroom), one central gas heating unit, a backyard patio, and one uncovered parking space per bedroom. All units are currently rented, although unit #1 (the two bedroom) is about to become available.

Additional Information

Neighborhood | North Palm Springs | Racquet Club West

Offstreet parking | 10 cars

GOI | Based on current rents -$57,540 | Adjusted for market rate - $61,890

Expenses | Current $23,850

RENTS
Unit #1 | 2BD 1BA | curently $900 - Will soon be offered at $1,400 with $90 utility credit
Unit #2 | 1BD 1BA | $900 (month to month)
Unit #3 | 1BD 1BA | $800 - (Seller's residence, mkt rate - $950)
Unit #4 | 1BD 1BA | $1,050 (month to month)
Unit #5 | 1BD 1BA | $1,095 (Year lease through 8/31/21)

Notes: Unit #1 is going to be vacant and seller will be marketing a year lease at $1,400 a month with a $90 credit for shared utilties.

Built | 1960

Special Features | Pool redone 2018, varialbe speed pool pump added 2019, new pool filter 2020, With full price offer seller  to buyer of $6,700 for maintenance roof resurface.

All information is considered reliable but is not guaranteed accurate. Buyer to verify.