Casa Serena Apartments 46595 Vargas Rd 51 Unit Apartment Building $8,400,000 ($164,706/Unit) 6.61% Cap Rate Indio, CA 92201

CBRE is pleased to exclusively present a distinguished multifamily investment opportunity at Casa Serena Apartments, 46595 Vargas Road in Indio, CA, offering a strong in-place income stream in the heart of the Coachella Valley.
This well-maintained 51-unit garden-style community provides residents with direct access to the I-10 Freeway and Highway 111 retail corridor, and proximity to the world-famous Empire Polo Grounds and Coachella Valley Music & Arts Festival. Currently generating a 6.61% cap rate with an 8.78% pro forma cap rate, the property presents an exceptional opportunity to capture up to 22% in rental upside potential by raising rents to market rates. Each unit is individually parceled with a condo map in place, offering investors multiple exit strategies.
Property Highlights
Situated on a ±106,286 SF lot, Casa Serena features ±29,376 SF of rentable space across 51 one-bedroom/one-bathroom floor plans averaging a generous 576 SF each. Select units have been brand new remodeled with dark cabinetry, granite-style countertops, luxury vinyl wood plank flooring, and new tub and shower surrounds. Open-concept island kitchens offer a breakfast bar, electric stove and range with hood, and ample cabinet storage. Each unit includes walk-in closets, double-pane windows, private individual patios, and central air and heating — all on one story with no neighbors above or below. Common areas feature an on-site laundry facility, lush mature landscaping, a beautifully maintained courtyard, and surface parking, with full-time on-site property management and maintenance staff.
Strategic Location & Connectivity
Indio sits at the crossroads of the Coachella Valley, offering residents direct I-10 Freeway access and the Highway 111 retail corridor connecting to virtually every Coachella Valley city center. Residents enjoy convenient access to the El Paseo Shopping District in Rancho Mirage — the desert’s premier luxury retail destination — as well as the boutiques, dining, and nightlife lining historic Palm Canyon Drive in Palm Springs. Palm Springs International Airport (PSP) — consistently recognized as one of the most stress-free airports in the country — is just 30 minutes away. State Routes 86 and 111 extend south toward the Salton Sea and into key trade corridors connecting the Coachella and Imperial Valleys to Mexico.
Thriving Economy & Top Employers
Indio’s economy is anchored by a dynamic mix of hospitality, gaming, government, healthcare, and retail. Top employers include Fantasy Springs Resort Casino, Spotlight 29 Casino, the City of Indio, Desert Regional Medical Center, and the College of the Desert — driving a stable, diverse employment base across the Coachella Valley. As the secondary seat of Riverside County government, Indio supports thousands of public sector jobs. Tourism adds powerful economic strength, with nearly 1.4 million annual visitors drawn to the Coachella Valley Music & Arts Festival, the Empire Polo Grounds, and the National Date Festival — sustaining a consistent and resilient tenant base year-round.
Stabilized Investment Opportunity
Casa Serena Apartments is a stable income-producing asset in the Coachella Valley, promising a strong return on investment in one of Southern California’s most rapidly growing communities. Whether you are a first-time investor seeking to enter the market, a seasoned investor looking to expand your portfolio, or considering a 1031 Exchange, this property offers exceptional stability and long-term value.