73625-73665 Fred Waring Dr
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73625-73665 Fred Waring Dr
9 Unit Apartment Building $3,100,000 ($344,444/Unit) Palm Desert, CA 92260
Virtual Tour
Investment Highlights
- Own a prime nine-unit apartment asset of three triplexes for cash or cash-to-an-existing loan at 73625-73665 Fred Waring Drive.
- Largest apartments in the area, with a simple mix of two-bed, two-bath units, each with cathedral ceilings, private patio, garage, and carport.
- Built in 1986 and renovated in 2020, with all new roofs in 2024, Jeannie Niles Real Estate has expertly maintained this property.
- Ideal location, walkable to the Palm Desert Civic Park, McCallum Theatre, and College of the Desert, which enrolls about 12,500 students per year.
- Many retailers are a short drive away via State Route 111, including Trader Joe's, Best Buy, Target, Old Navy, Walmart Supercenter, and many more.
Executive Summary
Embark on the opportunity to be the proud owner of 73625-73665 Fred Waring Drive, an 11,916-square-foot multifamily structure spanning three triplexes at full occupancy in Palm Desert, California. This apartment complex comprises a straightforward unit mix of nine 1,325-square-foot two-bed, two-bath units. The large units sport cathedral ceilings, a private patio or yard area, a one-car garage, and a carport. The remarkable properties were built in 1986 and renovated in 2020, with new roofs completed in 2024. This exceptional community has been well maintained for the past eight years by Jeannie Niles Real Estate Investment.
73625-73665 Fred Waring Drive is an ideally located multifamily property in the heart of Palm Desert, California. Situated just across from the sprawling Palm Desert Civic Park, this apartment complex provides tenants with immediate access to lush green spaces, recreational facilities, and walking paths. Only two blocks away from the College of the Desert, this location attracts both students and professionals. A short three-minute drive leads to The Shops at Palm Desert, featuring prominent retailers such as Macy's, Barnes & Noble, Dick's Sporting Goods, and a variety of dining options. This prime location presents a unique opportunity to invest in a highly desirable and well-connected Palm Desert community.
73625-73665 Fred Waring Drive is an ideally located multifamily property in the heart of Palm Desert, California. Situated just across from the sprawling Palm Desert Civic Park, this apartment complex provides tenants with immediate access to lush green spaces, recreational facilities, and walking paths. Only two blocks away from the College of the Desert, this location attracts both students and professionals. A short three-minute drive leads to The Shops at Palm Desert, featuring prominent retailers such as Macy's, Barnes & Noble, Dick's Sporting Goods, and a variety of dining options. This prime location presents a unique opportunity to invest in a highly desirable and well-connected Palm Desert community.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$202,956
|
$17.03
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$202,956
|
$17.03
|
| Taxes |
$37,200
|
$3.12
|
| Operating Expenses |
$60,886
|
$5.11
|
| Total Expenses |
$98,086
|
$8.23
|
| Net Operating Income |
$104,870
|
$8.80
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $202,956 |
| Annual Per SF | $17.03 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $202,956 |
| Annual Per SF | $17.03 |
| Taxes | |
|---|---|
| Annual | $37,200 |
| Annual Per SF | $3.12 |
| Operating Expenses | |
|---|---|
| Annual | $60,886 |
| Annual Per SF | $5.11 |
| Total Expenses | |
|---|---|
| Annual | $98,086 |
| Annual Per SF | $8.23 |
| Net Operating Income | |
|---|---|
| Annual | $104,870 |
| Annual Per SF | $8.80 |
Property Facts
| Price | $3,100,000 | Building Class | C |
| Price Per Unit | $344,444 | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 11,916 SF |
| No. Units | 9 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1986/2020 |
| Apartment Style | Garden |
| Price | $3,100,000 |
| Price Per Unit | $344,444 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 11,916 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1986/2020 |
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Ceiling Fans
- Tile Floors
- Kitchen
- Vaulted Ceiling
- Walk-In Closets
- Yard
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 9 | $2,350 | 1,325 |
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About Palm Springs
Palm Springs is one of the most easterly regions of the Inland Empire, bisected by Interstate 10 connecting Los Angeles to Phoenix. The result is a vibrant community that appeals to a diverse population, including many recent transplants from coastal southern California who are drawn to the area’s dynamic lifestyle. The new population dwells alongside a well-established retiree population.
Palm Springs became an increasingly popular destination throughout the pandemic, growing beyond its prior reputation of a resort town. The region is home to several prominent employers and retailers like the State of California and Amazon Fresh.
A growing population and increasingly affluent population have made Palm Springs a popular market for potential investors, leading to notable price premium over Inland Empire averages.
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Real Italian Deli | Deli | $$$ | 12 min walk |
| Little Bar | - | - | 15 min walk |
| Cucina Pasta | Pasta | $$ | 15 min walk |
| Tanpopo Japanese Restaurant | Japanese | $$ | 15 min walk |
| Randy's Cafe | Cafe | $ | 15 min walk |
| Mimmo's Italian Restaurant & Bar | Italian | $$$ | 15 min walk |
| California Fish Grill | - | - | 17 min walk |
| Which Wich Superior Sandwiches | Fast Food | $$$ | 17 min walk |
| Starbucks | Cafe | $ | 17 min walk |
Retail |
||
|---|---|---|
| The YMCA | Fitness | 12 min walk |
| Saks Off 5th | Off-Price | 17 min walk |
| Lululemon | Unisex Apparel | 17 min walk |
| Pottery Barn | Home Accessories | 17 min walk |
| Sephora | Health & Beauty Aids | 17 min walk |
| Kate Spade | Accessory | 17 min walk |
| Apple | Consumer Electronics | 17 min walk |
| Tiffany & Co. | Jewelry/Watches | 19 min walk |
| New Balance | Shoes | 19 min walk |
| Gucci | Other Retail | 19 min walk |
Hotels |
|
|---|---|
| Autograph Collection |
150 rooms
4 min drive
|
| SpringHill Suites |
107 rooms
4 min drive
|
| Holiday Inn Express |
129 rooms
4 min drive
|
| Hilton Garden Inn |
120 rooms
6 min drive
|
zoning
| Zoning Code | R2SP |
| R2SP |
Sale Advisor
Sale Advisor
Jeannie Niles, Owner-Broker
(760) 574-8456
Contact
I began my real estate career unintentionally while a junior at University of San Diego in 1977. My buying and selling experience since really shows how, with a little planning and strategy, a real estate investment program can change your life. I quickly realized that I liked the analytical side of real estate investment. As an investor I never ever compete with clients. A good opportunity is offered to my clients first. If they make the mistake of turning it down I will then buy it for my own portfolio. I will also never recommend a property to a client that I would not purchase for my own account. Throughout my career, I have provided many different types of real estate services, including counseling, planning, and 1031 tax deferred exchanges (I won Exchanger of the Year Nationally in 1993), as well as buying and selling both on my account as well as my clients.
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73625-73665 Fred Waring Dr
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