$3,125,000
$125K PRICE DROP

2303 N Indian Canyon Dr Palm Springs, CA 92262

Racquet Club West Neighborhood

Estimated payment $19,628/month

Total Views 2,654
1 Bed
1 Bath
19,602 Sq Ft
$159 Price per Sq Ft

Highlights

  • Fireplace in Bathroom
  • No HOA
  • Laundry Room
  • Palm Springs High School Rated A-
  • Community Pool
  • Central Air

About This Home

Martinez & Associates, Inc. is proud to present Olivera Apartments, a 20-unit multifamily investment opportunity located in the heart of Palm Springs, CA.

Located at 2303 N Indian Canyon Dr in the vibrant Uptown neighborhood, this fully occupied property consists of one-bedroom, one-bath units and sits on 0.45 acres with 20 on-site parking spaces. Built in 1966, Olivera features a well-maintained two-story layout with desirable amenities including a swimming pool, shared laundry, and convenient access to nearby retail, dining, and entertainment along the North Palm Canyon corridor.

Tenants are responsible for electric and gas, while the owner covers water, trash, and common area electricity. Current rents are below market, offering significant value-add potential through interior upgrades and improved operations.

With its premier location, below-market rents, and strong tenant demand, Olivera Apartments presents an ideal opportunity for investors seeking long-term growth and stable returns in one of Southern California’s most iconic rental markets.

Full offering memorandum available upon request using the contact information listed below!

Listing Agent

Bill Melton

PAEZ REALTY COMPANY License #01342816 Listed on: 07/22/2025

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1966

Lot Details

  • 0.45 Acre Lot
  • Two or More Common Walls
  • Density is 16-20 Units/Acre

Home Design

  • Apartment
  • Entry on the 1st floor

Interior Spaces

  • 19,602 Sq Ft Home
  • 2-Story Property
  • Electric Fireplace
  • Gas Fireplace
  • Family Room with Fireplace
  • Living Room with Fireplace
  • Fireplace in Kitchen
  • Laundry Room

Bedrooms and Bathrooms

  • 1 Bedroom
  • 1 Bathroom
  • Fireplace in Bathroom

Additional Features

  • Exterior Lighting
  • Central Air

Listing and Financial Details

  • Tax Lot 0446
  • Tax Tract Number 44602
  • Assessor Parcel Number 504260022

Community Details

Overview

  • No Home Owners Association
  • 20 Units
  • 43 @ Racquet Club Subdivision

Amenities

  • Laundry Facilities

Recreation

  • Community Pool
  • Bike Trail

Building Details

  • 20 Separate Electric Meters
  • 20 Separate Gas Meters
  • 20 Separate Water Meters
  • Insurance Expense $13,000
  • Professional Management Expense $15,940
  • Operating Expense $126,082
  • Gross Income $322,320
  • Net Operating Income $196,238

Property Details

Home Type

Multi-Family

Year Built

Built in 1966

Lot Details

0

Listing Details

  • Price Per Unit: 156250
  • Professional Management Expense: 15940.00
  • Property Attached: Yes
  • Subdivision Name Other: 43 @ Racquet Club (33139)
  • View: No
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 504260022
  • Year Built: 1966
  • Special Features: None

Interior Features

  • Fireplace: Yes
  • Stories: 2
  • Entry Location: N Indian Canyon Dr
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Fireplace Features: Bath, Family Room, Kitchen, Living Room, Electric, Gas
  • Levels: Two
  • Price Per Square Foot: 159.42
  • Room Type: Kitchen

Exterior Features

  • Pool Features: Community
  • Pool Private: No

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Cooling: Central Air
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Biking, Sidewalks, Storm Drains, Street Lights

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 16-20 Units/Acre
  • Lot Size Sq Ft: 19602.00
  • Lot Size Acres: 0.4500

Multi Family

  • Gross Income: 322320.00
  • Gross Scheduled Income: 322320.00
  • Insurance Expense: 13000.00
  • Lease Term: Month To Month
  • Lot Size Area: 19602.0000 Square Feet
  • Net Operating Income: 196238.00
  • Number Of Separate Electric Meters: 20
  • Number Of Separate Gas Meters: 20
  • Number Of Separate Water Meters: 20
  • Number Of Units Total: 20
  • Operating Expense: 126082.00
  • Rent Control: No
  • Total Expenses: 126082.00

Tax Info

  • Tax Lot: 0446
  • Tax Tract Number: 044602

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/29/2025 08/29/25 Price Changed $3,125,000 -3.8% $159 / Sq Ft
07/22/2025 07/22/25 For Sale $3,250,000 -- $166 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: CV25165133

California Regional Multiple Listing Service (CRMLS)
California Riverside County Palm Springs 92262 Racquet Club West

2303 N Indian Canyon Dr, Palm Springs, CA

This home is located at 2303 N Indian Canyon Dr, Palm Springs, CA 92262 and is currently priced at $3,125,000, approximately $159 per square foot. This property was built in 1966. 2303 N Indian Canyon Dr is a home located in Riverside County with nearby schools including Katherine Finchy Elementary School, Raymond Cree Middle School, and Palm Springs High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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Listing Agent
Bill Melton
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PAEZ REALTY COMPANY
(442) 449-0453