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37250 Bankside Dr 12 Unit Apartment Building $1,800,000 ($150,000/Unit) 4.45% Cap Rate Cathedral City, CA 92234
Investment Highlights
- Excellent Unit Mix Consisting of Spacious Single-Story Studios, 1, and 2-Bedroom Units
- Interior and Exterior Have Been Extensively Remodeled
- Great Location Near Palm Springs, Rancho Mirage, New Shops, and Restaurants
- Approximately 45% Upside in Rents
Executive Summary
Triqor Group is pleased to present Bankside Apartments, well-maintained and upgraded 12-unit apartment community located in Cathedral City, CA. The property offers an attractive unit mix consisting of spacious, single-story Studio, 1-bedroom, and 2-bedroom units. Eleven of the twelve units have been thoughtfully renovated with wood-look porcelain tile flooring, upgraded kitchens and bathrooms, stainless sinks, and dual-pane windows. The community features a sparkling swimming pool within a gated courtyard, central heating and air conditioning, an on-site laundry facility, open parking, and all-new electrical panels. Bankside Apartments presents a compelling value-add opportunity with approximately 45% upside in rental income. Through the continued implementation of market rents, a new owner has the potential to significantly increase cash flow and achieve an estimated 8.2% capitalization rate, making this an attractive investment in one of the Coachella Valley’s strongest rental markets.
Property Facts
| Price | $1,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $150,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 4.45% | Building Size | 6,680 SF |
| Gross Rent Multiplier | 11.62 | No. Stories | 1 |
| No. Units | 12 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R302M | ||
| Price | $1,800,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 4.45% |
| Gross Rent Multiplier | 11.62 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 6,680 SF |
| No. Stories | 1 |
| Year Built | 1963 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R302M |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $840.00 | 450 |
| 1+1 | 4 | $1,259 | 600 |
| 2+1 | 2 | $1,340 | 800 |
1 1
Fairly walkable
40/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 687-101-002 | Improvements Assessment | $980,693 |
| Land Assessment | $232,114 | Total Assessment | $1,212,807 |
Property Taxes
Parcel Number
687-101-002
Land Assessment
$232,114
Improvements Assessment
$980,693
Total Assessment
$1,212,807
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37250 Bankside Dr
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