$4,250,000
$250K PRICE DROP

73600 San Gorgonio Way Palm Desert, CA 92260

Palma Village Groves Neighborhood

Estimated payment $26,695/month

Total Views 7,163
3 Beds
3 Baths
15,503 Sq Ft
$274 Price per Sq Ft

Highlights

  • 1.04 Acre Lot
  • No HOA
  • Central Heating
  • Palm Desert High School Rated A
  • Community Pool
  • 1-minute walk to Palma Village Park

About This Home

Palm Desert Garden Apartments is a 25-unit multifamily investment property located at 73600 San Gorgonio Way, Palm Desert, CA. Situated on a 1.04-acre lot, Palm Desert Garden Apartments offers a diverse mix of studio, one-, and two-bedroom floor plans, some of which feature private patios. Additionally, the property features single-story construction, a highly desirable characteristic to prospective renters. Furthermore, Palm Desert Garden Apartments features attractive amenities such as a swimming pool, a spa, storage sheds, and ample surface parking. Palm Desert Garden Apartments is situated in an optimal Palm Desert location, within walking distance to a plethora of retail, dining, and entertainment options along the Highway 111 retail corridor. Additionally, the property benefits from its close proximity to College of The Desert, helping to attract a diverse renter pool. Furthermore, Palm Desert Garden Apartments’ location, moments away from a multitude of golf courses and parks, provides residents with convenient access to outdoor activities. The property’s desirable single-story construction and attractive Palm Desert location are primary draws for potential renters. This overall demand for well-located rental units will be a key driver in the continued growth and success at Palm Desert Garden Apartments.

Listing Agent

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 12/16/2024

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1964

Lot Details

  • 1.04 Acre Lot
  • No Common Walls
  • Level Lot

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 15,503 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 3 Bathrooms

Parking

  • 17 Open Parking Spaces
  • 17 Parking Spaces

Additional Features

  • Rain Gutters
  • Central Heating

Listing and Financial Details

  • Legal Lot and Block 9 / 6
  • Tax Tract Number 45127
  • Assessor Parcel Number 627142017
  • $11,189 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 7 Buildings
  • 25 Units

Recreation

  • Community Pool

Building Details

  • 25 Separate Electric Meters
  • 25 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $6,537
  • Fuel Expense $6,537
  • Insurance Expense $22,500
  • Maintenance Expense $12,500
  • Other Expense $45,189
  • Professional Management Expense $19,921
  • Trash Expense $6,537
  • Water Sewer Expense $6,538
  • New Taxes Expense $52,041
  • Operating Expense $178,300
  • Gross Income $418,835
  • Net Operating Income $220,112

Property Details

Home Type

Apartment

Year Built

Built in 1964

Lot Details

0

Listing Details

  • CapRate: 4.58
  • Price Per Unit: 170000
  • Professional Management Expense: 19921.00
  • Property Attached: No
  • Water Sewer Expenses: 6538.00
  • Zoning: R3
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 627142017
  • Year Built: 1964
  • Special Features: None

Interior Features

  • Stories: 1
  • Entry Location: First level
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 274.14

Exterior Features

  • Pool Features: Community
  • Pool Private: No

Garage/Parking

  • Total Parking Spaces: 17.00
  • Uncovered Spaces: 17.00

Utilities

  • Heating: Yes
  • Laundry: No
  • Heating Type: Central
  • Sewer: Public Sewer
  • Trash Expense: 6537.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Gutters, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Level with Street
  • Lot Size Sq Ft: 45302.40
  • Lot Size Acres: 1.0400

Multi Family

  • Electric Expense: 6537.00
  • Fuel Expense: 6537.00
  • Gross Income: 418835.00
  • Gross Multiplier: 11.02
  • Gross Operating Income: 388045.00
  • Gross Scheduled Income: 408468.00
  • Insurance Expense: 22500.00
  • Lot Size Area: 1.0400 Acres
  • Maintenance Expense: 12500.00
  • Net Operating Income: 220112.00
  • Number Of Separate Electric Meters: 25
  • Number Of Separate Gas Meters: 25
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 25
  • Operating Expense: 178300.00
  • Operating Expense Percent: 44.80
  • Other Expense: 45189.00
  • Other Expense Description: Misc
  • Other Income1: 10367.00
  • Other Income Description: Misc
  • Rent Control: No
  • Total Expenses: 178300.00
  • Vacancy Allowance: 20423
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 52041.00
  • Tax Block: 6
  • Tax Census Tract: 451.27
  • Tax Lot: 9
  • Tax Tract Number: 45127
  • TaxOtherAnnualAssessmentAmount: 11189.00

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
05/09/2025 05/09/25 Price Changed $4,250,000 -5.6% $274 / Sq Ft
12/16/2024 12/16/24 For Sale $4,500,000 -- $290 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC24250471

California Regional Multiple Listing Service (CRMLS)
California Riverside County Palm Desert 92260 Palma Village Groves

73600 San Gorgonio Way, Palm Desert, CA

This home is located at 73600 San Gorgonio Way, Palm Desert, CA 92260 and is currently priced at $4,250,000, approximately $274 per square foot. This property was built in 1964. 73600 San Gorgonio Way is a home located in Riverside County with nearby schools including Abraham Lincoln Elementary School, La Quinta Middle School, and Palm Desert 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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Tyler Leeson
Listing Agent
Tyler Leeson
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Marcus & Millichap RE Invest
(442) 379-0881