NOT LISTED FOR SALE

46050 Highway 74 Palm Desert, CA 92260

South Palm Desert Neighborhood
6 Beds
5 Baths
6,106 Sq Ft
0.42 Acres

Last Sold April 20, 2018

Last sale price $1,312,000 $215 Per Sq Ft

158 Days on Market

Highlights

  • In Ground Pool
  • Desert View
  • No HOA
  • Palm Desert High School Rated A
  • Corner Lot
  • Laundry Room

About This Home

As of April 2018

We present you the El Paseo Garden Apartments, a 7-Unit, income property located at 46050 Highway 74 in Palm Desert, CA. The subject property is conveniently located near great dining and shopping at El Paseo. Conveniently located close to charter schools and the living desert. The property is within short distance to the 10 Freeway as well.

Built in 1963 and 100% occupied, the property has an excellent unit mix. There are Four 2 bedroom, 2 bath units, Two 1 bedroom, 1 bath units, and One 3 Bedroom, 2 bath home. The property is not subject to rent control.The El Paseo Garden Apartments provide investors with the unique opportunity to capitalize on a current revenue stream with upside potential in current rents, in a strong rental market.

Last Agent to Sell the Property

Adam Barshay

Barshay Real Estate, Inc. License #01354021 Listed on: 10/13/2017

Last Buyer's Agent

Iric Fishbein

eXp Realty of California Inc License #01976501

eXp Realty of California Inc

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1963 | Remodeled

Lot Details

  • 0.42 Acre Lot
  • Desert faces the front of the property
  • Two or More Common Walls
  • Corner Lot
  • Paved or Partially Paved Lot
  • Level Lot
  • Density is up to 1 Unit/Acre

Home Design

  • Property Attached

Interior Spaces

  • 6,106 Sq Ft Home
  • 1-Story Property
  • Desert Views

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 5 Bathrooms

Laundry

  • Laundry Room
  • Leased Washer and Dryer

Parking

  • Parking Available
  • Private Parking
  • Driveway Level
  • Uncovered Parking
  • On-Site Parking
  • Parking Lot
  • Off-Street Parking
  • Assigned Parking

Pool

  • In Ground Pool
  • Fence Around Pool

Additional Features

  • Suburban Location
  • Forced Air Heating and Cooling System

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Tax Lot 4
  • Tax Tract Number 451
  • Assessor Parcel Number 628081004

Community Details

Overview

  • No Home Owners Association
  • 3 Buildings
  • 7 Units

Amenities

  • Laundry Facilities

Recreation

  • Community Pool

Building Details

  • 7 Leased Units
  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • Electric Expense $1,002
  • Fuel Expense $540
  • Gardener Expense $3,024
  • Insurance Expense $3,218
  • Maintenance Expense $2,250
  • Other Expense $2,967
  • Pest Control $480
  • Pool Expense $2,006
  • Professional Management Expense $4,090
  • Trash Expense $988
  • Water Sewer Expense $636
  • New Taxes Expense $16,229
  • Operating Expense $38,080
  • Gross Income $360
  • Net Operating Income $63,257

Property Details

Home Type

Multi-Family

Year Built

Built in 1963 | Remodeled

Lot Details

0

Listing Details

  • CapRate: 4.22
  • Price Per Unit: 207000
  • Professional Management Expense: 4090.00
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • Subdivision Name Other: /
  • View: Yes
  • Water Sewer Expenses: 636.00
  • Zoning: R318M
  • Property Condition: Updated/Remodeled
  • Property Type: Residential Income
  • Gardener Expense: 3024.00
  • Parcel Number: 628081004
  • Year Built: 1963
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 1
  • Entry Location: Ground
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 214.87

Exterior Features

  • View: Desert
  • Pool Expense: 2006.00
  • Pool Features: Community, In Ground, Fenced
  • Pool Private: No
  • Spa: No

Garage/Parking

  • Parking: Yes
  • Parking Features: Assigned, Asphalt, Driveway Level, Off Street, On Site, Parking Space, Private, Uncovered

Utilities

  • Utilities: Electricity Connected, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Electric: Electricity - On Property
  • Heating Type: Forced Air
  • Laundry Features: Community
  • Pest Control Expense: 480.00
  • Sewer: Public Sewer
  • Trash Expense: 988.00
  • Water Source: Public
  • Cooling: Central Air
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Sidewalks, Suburban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre, Corner Lot, Desert Front, Level with Street, Level, Paved
  • Lot Size Sq Ft: 18366.00

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Average1 Bed Area: 620 Square Feet
  • Average2 Bed Area: 880 Square Feet
  • Average3 Bed Area: 1345 Square Feet
  • Electric Expense: 1002.00
  • Fuel Expense: 540.00
  • Gross Income: 360.00
  • Gross Multiplier: 14.17
  • Gross Operating Income: 101337.00
  • Gross Scheduled Income: 104100.00
  • Insurance Expense: 3218.00
  • Laundry Equipment Own Lease: Lease
  • Laundry Income: 360.00
  • Maintenance Expense: 2250.00
  • Net Operating Income: 63257.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Units Leased: 7
  • Number Of Units Total: 7
  • Number With Dishwasher: 3
  • Number With Range: 7
  • Number With Refrigerator: 7
  • Operating Expense: 38080.00
  • Other Expense: 2967.00
  • Other Expense Description: Misc
  • Rent Control: No
  • Total Actual Rent: 8490.00
  • Total Expenses: 38080.00
  • Vacancy Allowance: 3123
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 16229.00
  • Tax Census Tract: 451.17
  • Tax Lot: 4
  • Tax Tract Number: 0451.1

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
04/20/2018 04/20/18 Sold $1,312,000 -2.7% $215 / Sq Ft
02/06/2018 02/06/18 Price Changed $1,349,000 -6.9% $221 / Sq Ft
10/13/2017 10/13/17 For Sale $1,449,000 +107.0% $237 / Sq Ft
02/05/2015 02/05/15 Sold $700,000 -2.6% $115 / Sq Ft
12/17/2014 12/17/14 Pending -- -- --
11/24/2014 11/24/14 For Sale $719,000 -- $118 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Adam Barshay

    Seller's Agent in 2018

    Adam Barshay

    Barshay Real Estate, Inc.

    (310) 937-1501

    5 Total Sales

    Adam Barshay
    Section Image
  • Iric Fishbein

    Buyer's Agent in 2018

    Iric Fishbein

    eXp Realty of California Inc

    (310) 666-7119

    20 Total Sales

    Iric Fishbein
    Section Image

  • L

    Seller's Agent in 2015

    Lisa Scheinwald

    Equity Union

    (760) 641-6661

    13 Total Sales

    Lisa Scheinwald
    Section Image

  • O

    Buyer's Agent in 2015

    Out Side Agent

    Desert Real Estate Consultants, Inc.

See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB17234933

California Regional Multiple Listing Service (CRMLS)

California Riverside County Palm Desert 92260 South Palm Desert

46050 Highway 74, Palm Desert, CA

This home is located at 46050 Highway 74, Palm Desert, CA 92260 since 13 October 2017. This property was built in 1963. 46050 Highway 74 is a home located in Riverside County with nearby schools including La Quinta Middle School, Palm Desert High School, and George Washington Charter 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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