588 E Mel Avenue
Palm Springs
92262
$3,850,000
Residential Income
baths: 0.0
built: 1964
- Status:
- Active
- Prop. Type:
- Residential Income
- MLS® Num:
- 219139441DA
- Year Built:
- 1964
- Photos (13)
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Wilson Meade Commercial is pleased to exclusively present the opportunity to acquire the Hermosa Palms, a 20-unit multi-family asset in Palm Springs.This charming, single-story property is comprised of studio units arranged around a central pool, and is located in close proximity to Palm Springs' renowned shopping and dining district.The preferred location, coupled with the highly desirable studio mix, has contributed to the property's historically low vacancy rate.The units have been meticulously maintained, with most remodeled to include tile/vinyl flooring and modern fixtures. Each unit features a kitchen, walk-in closet, full bathroom, and LED lighting throughout.The Hermosa Palms offers new ownership a well-positioned, turnkey investment with strong historical performance and continued upside potential through rent growth.*Ask about the assumable 3.45% interest rate financing!CAP Rate - 6.49% | GRM - 10.89 | Cash Flow - 7.59%
- Property Attached:
- Yes
- Lot Area:
- 22,651 sq. ft.
- Bathrooms:
- 0.0 (Full:-, Half:-)
- Year built:
- 1964 (Age: 61)
- General Listing Location:
- Palm Springs, 332 - Central Palm Springs
- County Or Parish:
- Riverside
- Cap Rate %:
- 6.49
- Rent Control:
- No
- Total Actual Rent:
- $353,664
- Association Fee:
- $0
- Land Lease:
- No
- Please do not disturb tenants. Drive by only. Schedule private tour with listing agent
- Floor
- Type
- Size
- Other
- -
- Sound Studio
- Measurements not available
- -
- View:
- Mountain(s)
- Appliances:
- Water Heater
- Number of Buildings:
- 1
- # of Electric Meters:
- 23
- # of Gas Meters:
- 1
- # of Water Meters:
- 1
- Community Features:
- Gated
- Senior Community:
- No
- Pool Features:
- In Ground
- Private Pool:
- Yes
- Security Features:
- Gated Community
- Subdivision Name:
- Not Applicable-1
- Num Stories:
- 1
- New Constr.:
- No
- Flooring:
- Tile, Vinyl
- # Units:
- 20
- Heating:
- Wall Furnace
- Fireplace:
- No
- Cooling:
- Wall/Window Unit(s)
- Spa:
- No
- Garage Spaces:
- 0
- Uncovered Spaces:
- 0
- Carport Spaces:
- 13
- Total Parking Spaces:
- 13
- Parking Features:
- Unassigned
- Special Listing Conditions:
- Standard
- Parcel Number:
- 507061022
- Zoning:
- R-2
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Listed by Wilson-Meade Commercial Real Estate
Data was last updated December 2, 2025 at 08:40 PM (UTC)
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- 7606780403
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Based on information from California Regional Multiple Listing Service, Inc. as of December 2, 2025 at 08:40 PM (UTC) 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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