Deepwell Apartments — Sale in Palm Springs, CA

  • Price: $6M
  • Listing type: For sale
  • Asset type: Business
  • Location: Palm Springs, CA 92264

Description

Deepwell Apartments | 30+1 Units in Palm Springs | 6.59% Cap Rate | Over 6% Cash on Cash Return CBRE, Inc., as exclusive advisor, is proud to present an exceptional opportunity to acquire Deepwell Apartments, a superbly maintained 30+1 unit multifamily community located at 1680 E Palm Canyon Drive in Palm Springs, CA. This investment offers a highly attractive 6.59% current Cap Rate and a 6.07% Cash-on-Cash return, with the property yielding $705,600 annually. The ±20,296 SF building stands on a generous ±40,946 SF lot in the prestigious Deepwell Estates, a neighborhood celebrated for its historic mid-century modern architecture and high-end residential appeal. With average residential home prices in the immediate area exceeding $1.4M (according to Zillow), the high barrier to homeownership ensures a consistent, high-quality tenant base for the property. The asset features a diverse unit mix of studios, 1B/1B, 2B/1B, and a premier 3B/2B unit, perfectly catering to the desert’s sophisticated renter demographic. PROPERTY CONDITION & UPGRADES The asset has undergone substantial recent renovations, positioning it as a “turn-key” luxury investment with a sophisticated aesthetic. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Ownership has taken a proactive approach to capital preservation, recently replacing air conditioning units and upgrading the gated exterior to ensure tenant privacy and security. These comprehensive interior and exterior improvements significantly reduce near-term CAPEX requirements, allowing a new owner to focus on yield-driven operations. Furthermore, the property offers a curated “resort-style” living experience characterized by a crystal-clear pool, contemporary desert landscaping, and unobstructed mountain views. LOCATION & MARKET OVERVIEW Deepwell Apartments is strategically positioned in a submarket showing robust signs of popula

Market Context

This commercial property in Palm Springs, CA is listed for sale at $5,995,000. It has been on the market for 12 days. Compare it against other commercial property listings for sale in Palm Springs, CA — view the full market.

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