Cathedral City, CA 92234,37043 Bankside DR
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Cathedral City, CA 92234,37043 Bankside DR
Cathedral City, CA 92234,37043 Bankside DR
Cathedral City, CA 92234,37043 Bankside DR
Cathedral City, CA 92234,37043 Bankside DR

$950,000

Est. payment /mo

$1,100,000

13.6%
Est.Price: ?

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37043 Bankside DR Cathedral City, CA 92234

4,500 SqFt

SOLD DATE : 07/01/2021

Key Details

Sold Price $950,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Square Footage 4,500 sqft

Price per Sqft $211

Subdivision Cathedral City Cove (33611)

MLS Listing ID SR21069216

Sold Date 07/01/21

HOA Y/N No

Year Built 1979

Lot Size 10,454 Sqft

Acres 0.24

Property 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), 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!

Location

State CA

County Riverside

Area 336 - Cathedral City South

Zoning R302M

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Cooling Central Air

Fireplace No

Laundry Common Area

Exterior

Garage Assigned

Pool In Ground, Private

Community Features Curbs, Foothills, Storm Drain(s), Street Lights, Suburban, Sidewalks

Parking Type Assigned

Total Parking Spaces 8

Private Pool Yes

Building

Lot Description 2-5 Units/Acre

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 687092003

Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, Cal Vet Loan, 1031 Exchange, Fannie Mae, VA Loan

Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, Cal Vet Loan, 1031 Exchange, Fannie Mae, VA Loan

Financing Cash

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Laurence Cook • Rodeo Realty
Bought with Lee Browner • Luxury Homes in L.A.

Jacqueline Screeton

Agent | License ID: 01858560

+1(949) 395-4732

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