Listing Courtesy of: CRMLS / Burton Commercial, Inc. / Tony Burton - Contact: 951-375-7433
69180 Victoria Drive 1 Cathedral City, CA 92234
Active (36 Days)
$3,450,000
12,300
SQFT
Description
MLS #:
SW24154487
SW24154487
Lot Size
0.8 acres
0.8 acres
Type
Multifamily
Multifamily
Year Built
1981
1981
County
Riverside County
Riverside County
Listed By
Tony Burton, Burton Commercial, Inc., Contact: 951-375-7433
Source
CRMLS
Last checked Oct 11 2024 at 5:00 AM GMT+0000
CRMLS
Last checked Oct 11 2024 at 5:00 AM GMT+0000
Bathroom Details
Interior Features
- Laundry: Common Area
Heating and Cooling
- Central
Pool Information
- Community
Utility Information
- Utilities: Water Source: Public
- Sewer: Public Sewer
Stories
- 2
Additional Information: Burton Commercial, Inc. | 951-375-7433
Location
Listing Price History
Date
Event
Price
% Change
$ (+/-)
Jul 27, 2024
Price Changed
$3,450,000
0%
-9,999
Jul 27, 2024
Original Price
$3,459,999
-
-
Estimated Monthly Mortgage Payment
*Based on Fixed Interest Rate withe a 30 year term, principal and interest only
Listing price
Down payment
%
Interest rate
%Mortgage calculator estimates are provided by Better Homes and Gardens Real Estate LLC and are intended for information use only. Your payments may be higher or lower and all loans are subject to credit approval.
Disclaimer: Based on information from California Regional Multiple Listing Service, Inc. as of 2/22/23 10:28 and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable.
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.