Seller's Agent in 2021
Laurence Cook
Rodeo Realty
(818) 564-6176
1 in this area
52 Total Sales
37043 Bankside Dr Cathedral City, CA 92234
Downtown Cathedral City Neighborhood
2
Beds
2
Baths
4,500
Sq Ft
10,454
Sq Ft Lot
Highlights
- In Ground Pool
- No HOA
- Foothills
- 0.24 Acre Lot
- Laundry Room
- Central Air
About This Home
As of July 2021This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished), for a 12 month lease. One unit is vacant and will likely be rented for $1495 by end of week ending 4/9/21. Units also can be furnished and rented to vacationers. Long term renters appreciate having a furnished unit and you can charge more rent so you always have the option to switch back to longterm. The building has an ideal layout for the combination of long term and seasonal tenants as there is a two story townhouse style unit with its own private yard!! Perfect for vacationers! This building is perched in a prime location close to downtown Palm Springs or El Paseo in Palm Desert. There are several choices for how to enjoy income from this property. With current rent, cap rate would be over 5.1%. Operating expenses listed include property taxes, gardener, pool maintenance, insurance, and management fee of 7%/mo. Upside is 15% and you have the chance to get that right away with two of the units. Don't miss out!
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1979
Lot Details
- 10,454 Sq Ft Lot
- 1 Common Wall
- Density is 2-5 Units/Acre
Home Design
- 4,500 Sq Ft Home
- Apartment
Bedrooms and Bathrooms
- 2 Bedrooms
- 2 Bathrooms
Parking
- 8 Open Parking Spaces
- 8 Parking Spaces
- Parking Available
- Assigned Parking
Outdoor Features
- In Ground Pool
- Exterior Lighting
Additional Features
- Laundry Room
- Suburban Location
- Central Air
Listing and Financial Details
- Tax Lot 195
- Tax Tract Number 5
- Assessor Parcel Number 687092003
Community Details
Overview
- No Home Owners Association
- 5 Units
- Cathedral City Cove Subdivision
- Foothills
Amenities
- Laundry Facilities
Building Details
- 4 Leased Units
- 5 Separate Electric Meters
- 5 Separate Gas Meters
- 5 Separate Water Meters
- Gardener Expense $1,200
- Insurance Expense $1,000
- Maintenance Expense $1,440
- Professional Management Expense $5,523
- New Taxes Expense $13,860
- Operating Expense $22,865
- Gross Income $78,900
- Net Operating Income $56,035
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/01/2021 07/01/21 | Sold | $950,000 | -13.6% | $211 / Sq Ft |
| 05/28/2021 05/28/21 | Pending | -- | -- | -- |
| 04/13/2021 04/13/21 | For Sale | $1,100,000 | 0.0% | $244 / Sq Ft |
| 04/05/2021 04/05/21 | Pending | -- | -- | -- |
| 04/02/2021 04/02/21 | For Sale | $1,100,000 | +46.7% | $244 / Sq Ft |
| 07/03/2018 07/03/18 | Sold | $750,000 | -3.2% | $170 / Sq Ft |
| 04/28/2018 04/28/18 | Pending | -- | -- | -- |
| 04/06/2018 04/06/18 | Price Changed | $775,000 | -1.8% | $176 / Sq Ft |
| 03/03/2018 03/03/18 | Price Changed | $789,000 | 0.0% | $179 / Sq Ft |
| 03/03/2018 03/03/18 | For Sale | $789,000 | +5.2% | $179 / Sq Ft |
| 11/02/2017 11/02/17 | Off Market | $750,000 | -- | -- |
| 11/01/2017 11/01/17 | For Sale | $699,000 | -6.8% | $159 / Sq Ft |
| 10/04/2017 10/04/17 | Off Market | $750,000 | -- | -- |
| 09/19/2017 09/19/17 | For Sale | $699,000 | +16.5% | $159 / Sq Ft |
| 09/18/2015 09/18/15 | Sold | $600,000 | 0.0% | -- |
| 09/10/2015 09/10/15 | Pending | -- | -- | -- |
| 09/07/2015 09/07/15 | For Sale | $600,000 | +20.2% | -- |
| 05/09/2014 05/09/14 | Sold | $499,000 | 0.0% | $113 / Sq Ft |
| 05/01/2014 05/01/14 | Pending | -- | -- | -- |
| 02/07/2014 02/07/14 | For Sale | $499,000 | -- | $113 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Laurence Cook
-
J
Seller's Agent in 2018
Judi Paniagua
Century 21 Village Realty
-
L
Buyer's Agent in 2018
Latasha O'Keith
Lamarc Realty
-
Phil Pappalardo
P
Seller's Agent in 2015
Phil Pappalardo
Phil Pappalardo Broker
(760) 799-2010
7 Total Sales
-
N
Buyer's Agent in 2015
NonMember AgentDefault
NonMember OfficeDefault
-
D
Seller's Agent in 2014
Doug Fischer
Coldwell Banker Realty
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR21069216
APN: 687-092-003
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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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