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Twin Palms Apartments 495 Twin Palms Dr 51 Unit Apartment Building $7,999,888 ($156,861/Unit) Palm Springs, CA 92264
Investment Highlights
- ProForma CAP rate of 8.50%. The Pro Forma CAP rate is achieved with all units being at a market rental rate.
- ProForma GRM of 7.15, with a current GRM of 7.76
- Tenants pay for electric and gas through Ratio Utility Billing System (RUBS)
- Recent Capital Improvements exceeding $300,000 within the last year.
- Located near the heart of Downtown Palms Springs.
Executive Summary
The Twin Palms Villas lot totals at 2.34 acres and consisting of 5 buildings and multiple parking lots. The property is located at 495 E Twin Palms Drive, Palm Springs, CA, and is conveniently located a short distance from the Downtown Palm Springs, the Historic Tennis Club, the Palm Springs Art Museum, the Palm Springs International Airport & many major regional employers. This 51 unit apartment community is composed of (41)One bedroom / One bathroom units and (10) Two bedroom /One bathroom units. The current ownership’s emphasis has been on quality updates which include capital improvements exceeding $300,000 within the last year. Some of these improvements include parking lot re-done, floor replacement, window replacement, HVAC replacement, rehab expenses, landscaping expenses, plumbing replacement, and numerous other quality updates.
Financial Summary (Pro Forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $7,999,888 | Apartment Style | Garden |
| Price Per Unit | $156,861 | Building Class | B |
| Sale Type | Investment | Lot Size | 2.91 AC |
| Gross Rent Multiplier | 7.76 | Building Size | 37,700 SF |
| No. Units | 51 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2001 |
| Property Subtype | Apartment | Parking Ratio | 1.35/1,000 SF |
| Zoning | RTP | ||
| Price | $7,999,888 |
| Price Per Unit | $156,861 |
| Sale Type | Investment |
| Gross Rent Multiplier | 7.76 |
| No. Units | 51 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.91 AC |
| Building Size | 37,700 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1965/2001 |
| Parking Ratio | 1.35/1,000 SF |
| Zoning | RTP |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Refrigerator
- Range
- Wi-Fi
- Double Pane Windows
- Patio
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Pool
- Property Manager on Site
- Spa
- Grill
- Walking/Biking Trails
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 41 | - | 548 |
| 2+1 | 10 | - | 728 |
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Property Taxes
| Parcel Number | 009-602-247 | Improvements Assessment | $6,710,580 |
| Land Assessment | $2,444,940 | Total Assessment | $9,155,520 |
Property Taxes
Parcel Number
009-602-247
Land Assessment
$2,444,940
Improvements Assessment
$6,710,580
Total Assessment
$9,155,520
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Twin Palms Apartments | 495 Twin Palms Dr
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