1680 E Palm Canyon,Palm Springs, CA 92264
Palm Springs, CA 92264
Description
We are proud to present an exceptional opportunity to acquire Deepwell Apartments, a superbly maintained 30+1 unit multifamily community located at 1680 E Palm Canyon Drive in Palm Springs, CA. This investment offers an attractive 6.59% current Cap Rate and a 6.07% Cash-on-Cash return, with the property yielding $705,600 annually. The ±20,296 SF building stands on a generous ±40,946 SF lot in the prestigious Deepwell Estates, a neighborhood celebrated for its historic mid-century modern architecture and high-end residential appeal. The asset features a diverse unit mix of studios, 1B/1B, 2B/1B, and a premier 3B/2B unit, perfectly catering to the desert’s sophisticated renter demographic. The asset has undergone substantial recent renovations, positioning it as a turn-key luxury investment with a sophisticated aesthetic. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Ownership has taken a proactive approach to capital preservation, recently replacing air conditioning units and upgrading the gated exterior to ensure tenant privacy and security. These comprehensive interior and exterior improvements significantly reduce near-term CAPEX requirements, allowing a new owner to focus on yield-driven operations. Furthermore, the property offers a curated resort-style living experience characterized by a crystal-clear pool, contemporary desert landscaping, and unobstructed mountain views. Deepwell Apartments is strategically positioned in a submarket showing robust signs of population and rental growth. Located along the historic Palm Canyon Drive corridor, the property offers an enviable walk score with proximity to the Smoke Tree Shopping Center, world-class hiking trails, and the high-end boutiques and restaurants of downtown Palm Springs. With immediate access to State Route 111, the property provides seamless connectivity to the broader Coachella Valley’s primary tourism and employment hubs. Deepwell Apartments is an excellent income-producing asset in the Inland Empire and a long-term investment opportunity. All units have been remodeled with resort-like amenities, making this a perfect asset for any investor seeking a strong risk-adjusted return. The property offers unparalleled stability for any type of investor, whether it be a first-time purchaser, a seasoned institutional investor, or those seeking a high-quality 1031 Exchange asset.
Details
| MLS # | CV26071280 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1959 |
| Days On Site | 141 |
| Listing Provided By | CB RICHARD ELLIS | Eric Chen |
Features
| SQ Feet | 20,296 |
|---|---|
| Story(s) | 2 |
| Units | 30 |
| Building(s) | 2 |
| Acreage | 0.94 |
Interior
| Cooling | Wall Window Units |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
Exterior
| Lot Features | Lot Over40000Sqft |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Curbs, Mountainous, Sidewalks, Pool |
|---|
Area Information
| State | CA |
|---|---|
| County | Riverside |
| City | Palm Springs |
| Zip Code | 92264 |
| Area | 332 Central Palm Springs |
| Community Name | Deepwell Apartments |
| Listing VS Median (in Deepwell Apartments) | |
Price: $5,995,000 low | high Med: $5,995,000 sqft: 20,296 low | high Med: 20,296 $ / sqft: $295 low | high Med: $295 On site: 141 low | high Med: 141 | |
Market Activity 92264
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Learn More About This Property
| State | CA |
|---|---|
| County | Riverside |
| City | Palm Springs |
| Zip Code | 92264 |
| Area | 332 Central Palm Springs |
| Community Name | Deepwell Apartments |
| Listing VS Median (in Deepwell Apartments) | |
Price: $5,995,000 low | high Med: $5,995,000 sqft: 20,296 low | high Med: 20,296 $ / sqft: $295 low | high Med: $295 On site: 141 low | high Med: 141 | |