Desert Hot Springs, CA 92240,66338 2nd ST

$125,000

Est. payment /mo

$129,900

3.8%
Est.Price: ?

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66338 2nd ST Desert Hot Springs, CA 92240

6,534 Sqft Lot

SOLD DATE : 01/23/2016

Key Details

Sold Price $125,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

MLS Listing ID IG15230622

Sold Date 01/23/16

HOA Y/N No

Year Built 1942

Lot Size 6,534 Sqft

Property Description

Recently refurbished and painted. Returns on this investment are very good: Cap Rate = 8.06%, & Cash-On-Cash = 14.2% with an upside! Definitely worth taking a good look! Photos show the exteriors and interiors of the house (unit A), unit B and C (1 bedroom apartments) . Tenants are long term and all are month to month. Rents at $1,250 (400, 450, & 400) are under market. Should be at least $550 ea. for the house and $475 for the 1 bdrm units or $1,500/mo. If raised, the Cap Rate would be 10.43 and the Cash-On-Cash return would be a whopping 23.38%! So, there is a realistic and quick upside available. Both my Cash Flow Analysis and full Set Up Sheet are available - just ask. All units are on separate electric Meters. This area is durable and a solid working class neighborhood in a very stable rental market. Rental demand is very good, as the number of units available is limited but the surrounding upper income areas (Palm Springs, 29 Palms, Rancho, etc.) are growing at a good pace. Thus, this area enjoys low vacancy rates. A recent rent survey shows an average 1.2% vacancy rate. These units are close to downtown shopping, freeways & community amenities as it is near the center of town. House was built in 1942, duplex was built in 1961, buyer to verify.

Location

State CA

County Riverside

Area 340 - Desert Hot Springs

Interior

Cooling Wall/Window Unit(s)

Fireplace No

Exterior

Garage Unassigned

Pool None

Community Features Curbs, Street Lights

Utilities Available Sewer Connected

Roof Type Asphalt

Total Parking Spaces 4

Private Pool No

Building

Lot Description Level

Story 1

Entry Level One

Water Public

Level or Stories One

Others

Tax ID 639242035

Acceptable Financing Cash to New Loan, Submit

Listing Terms Cash to New Loan, Submit

Financing Cash to New Loan

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Stephen Rogers • Realty ONE Group Champions
Bought with Stephen Rogers • Realty ONE Group Champions

Marine Hajibekian

Agent | License ID: 01953014

+1(323) 333-2844

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