3737 E Calle De Carlos,Palm Springs, CA 92264
Palm Springs, CA 92264
Description
We are pleased to present the opportunity to acquire 3737 E Calle De Carlos, a five-unit multifamily investment property located in the Demuth Park submarket of Palm Springs, California. Offered at $799,000, the property presents a unique value-add opportunity with four of the five units currently vacant, providing a new owner with immediate flexibility to execute their preferred investment strategy. Investors may elect to lease the available units in their current configuration, renovate and reposition the interiors, or explore converting the large studio floor plans into one-bedroom units to further enhance rental income and long-term value. Built in 1967, the property consists of approximately 3,625 square feet of rentable living area situated on an approximately 0.23-acre lot. The unit mix consists of five large studio / one-bathroom units averaging approximately 725 square feet, each featuring an open floor plan and private rear patio. Additional features include open parking and an on-site laundry room. The all-electric property is individually metered for electricity, while ownership pays water, sewer, and trash.At the current asking price, leasing the vacant units at market rents in their existing studio configuration results in a projected stabilized cap rate of approximately 6.74%, providing an attractive return without requiring substantial repositioning. For investors seeking additional upside, the combination of large floor plans, private patios, and four available units creates an opportunity to renovate and reposition the interiors or explore one-bedroom conversions, subject to buyer verification. Located in an established Palm Springs residential neighborhood, the property benefits from convenient proximity to Palm Springs International Airport, Palm Springs High School, and the retail, dining, and entertainment amenities of Downtown Palm Springs. Overall, 3737 E Calle De Carlos presents a compelling value-add opportunity with multiple paths to increased income and long-term value. With four units available for immediate repositioning, a new owner has the flexibility to lease the studios at market rents, renovate and enhance the existing units, or explore converting the large studio floor plans into one-bedroom units. The offering combines a clear path to stabilization with multiple opportunities to enhance income and create long-term value.
Details
| MLS # | CV26070291 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1967 |
| Days On Site | 195 |
| Listing Provided By | MARCUS & MILLICHAP | Gisele Pinedo |
Features
| SQ Feet | 3,800 |
|---|---|
| Story(s) | 1 |
| Units | 5 |
| Building(s) | 1 |
| Acreage | 0.23 |
Exterior
| Lot Features | Two To Five Units Acre |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Sidewalks |
|---|
Taxes
| Property | 10732 |
|---|
Area Information
| State | CA |
|---|---|
| County | Riverside |
| City | Palm Springs |
| Zip Code | 92264 |
| Area | 332 Central Palm Springs |
| Community Name | Sunrise Park (33257) |
| Listing VS Median (in Sunrise Park (33257)) | |
Price: $799,000 low | high Med: $1,037,000 sqft: 3,800 low | high Med: 4,516 $ / sqft: $210 low | high Med: $227 On site: 195 low | high Med: 210 | |
Market Activity 92264
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Learn More About This Property
| State | CA |
|---|---|
| County | Riverside |
| City | Palm Springs |
| Zip Code | 92264 |
| Area | 332 Central Palm Springs |
| Community Name | Sunrise Park (33257) |
| Listing VS Median (in Sunrise Park (33257)) | |
Price: $799,000 low | high Med: $1,037,000 sqft: 3,800 low | high Med: 4,516 $ / sqft: $210 low | high Med: $227 On site: 195 low | high Med: 210 | |