37043 Bankside Drive
$950,000
—
4,500
4,500
$211
Closed 7/1/21
Description
This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished),...This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished), for a 12 month lease. One unit is vacant and will likely be rented for $1495 by end of week ending 4/9/21. Units also can be furnished and rented to vacationers. Long term renters appreciate having a furnished unit and you can charge more rent so you always have the option to switch back to longterm. The building has an ideal layout for the combination of long term and seasonal tenants as there is a two story townhouse style unit with its own private yard! Perfect for vacationers! This building is perched in a prime location close to downtown Palm Springs or El Paseo in Palm Desert. There are several choices for how to enjoy income from this property. With current rent, cap rate would be over 5.1%. Operating expenses listed include property taxes, gardener, pool maintenance, insurance, and management fee of 7%/mo. Upside is 15% and you have the chance to get that right away with two of the units. Don't miss out!
Property Details for 37043 Bankside Drive
Parking Spaces Total
8
Private PoolYes
Cooling TypeCentral
Total Units5.0
Building TypeAttached
Lot Size SourceAssessor
Living Area4500
Assessor Parcel Number687-092-003
LISTING UPDATED: 07/05/2021 04:56 AM
Property Details for 37043 Bankside Drive
Status | Closed |
---|---|
MLS # | SR21062761 |
Days on Market | 55 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1979 |
Lot Size | 0.24 AC / 10,454 SF |
County | Riverside County |
Building Information for 37043 Bankside Drive
Stories-Residences-Year Built1979Building Size-Lot Size0.24 AC / 10,454 SF
Property Information for 37043 Bankside Drive
Property History for 37043 Bankside Drive
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 37043 Bankside Drive
Taxable ValueLand$312,120Additions$676,260Total$988,380
Tax Record2024$15,091 ($1,258 / month)
Home Facts
Total Finished SqFt4,104 SqFtAbove Grade Finished SqFt4,104 SqFtStories2Lot Size10,454 SqFtStyleMulti-Family Res (5+ Units)Year Built1979ZoningR302MCountyRIVERSIDEAPN687-092-003
Schools near 37043 Bankside Drive
This home is within Palm Springs Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Charter - | K to 8 |
Rating | School | Distance |
---|---|---|
Rancho Mirage Elementary School PublicK to 5 | ||
Nellie N. Coffman Middle School Public6 to 8 | ||
Cathedral City High School Public9 to 12 | ||
Cielo Vista Charter School CharterK to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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