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509 561 S Highland Drive

Palm Springs, CA 92264
  • $3,415,000
  • STATUS: Active
  • ON SITE: 33 Days
  • ID#: OC25251506
UPDATED: 48 min ago
$3,415,000
  • 0
    BEDS
  • 0.93
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1959
County:

School Ratings & Info

Listing Agent(s): Tyler Leeson of Marcus & Millichap RE Invest (949-419-3200)


Description

509 & 561 South Highland Drive is a 2-property, 21-unit multifamily investment portfolio located in Palm Springs, CA. Situated on two neighboring parcels encompassing a combined 0.93 acres, 509 & 561 South Highland Drive offer a mix of studio, one, and two-bedroom floor plans. The majority of the units feature one bedroom, along with 2, studio units and 3, two-bedroom units - ideally suited for singles, couples, and retirees seeking well-located housing. The properties feature attractive amenities including secure keypad entry, private patios, swimming pools, ample surface parking, and on-site laundry facilities. Additionally, the properties feature exclusively single-story construction, a highly desirable characteristic to prospective renters. Furthermore, 509 & 561 South Highland Drive have recently undergone significant capital improvements including new plumbing, electrical, plaster, and tile as well as updated building systems including roofing, solar panels, and more. 509 & 561 South Highland Drive are situated in an optimal Palm Springs location, just moments away from shops and restaurants at El Cielo Center and The Springs. The properties are within a 0.85-mile radius of Demuth Park and Sunrise Park, two sprawling community centers granting residents convenient access to a plethora of outdoor activities. Additionally, the properties benefit from their close proximity to Palm Springs International Airport, a major employment and economic driver for the area, with tourism being a significant part of the local economy. Furthermore, Ramon Road, situated just to the north of the properties, provides easy access to Downtown Palm Springs, the heart of the city featuring a plethora of unique shops, restaurants, and entertainment options. 509 & 561 South Highland Drives desirable single-story construction and upgraded facilities are primary draws for potential renters. The overall demand for well-maintained and amenitized rental units will be a key driver in the continued growth and success at the properties.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2025-12-04T17:35:10.073. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Robyn Graham & Associates | Independent Broker Network. Licensed in the State of California, USA.
www.robynicenhowerproperties.com/homes/169446946
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509 561 S Highland Drive Palm Springs, CA 92264

  • Price: $3,415,000
  • Status: Active
  • On Site: 33 Days
  • Updated: 48 min ago
  • ID#: OC25251506
0
Beds
0
Baths
0
½ Baths
0.93
Acres
1959
Built
Neighborhood:
699 - Not Defined
County:
Riverside
Area:
699 - Not Defined
Property Description
509 & 561 South Highland Drive is a 2-property, 21-unit multifamily investment portfolio located in Palm Springs, CA. Situated on two neighboring parcels encompassing a combined 0.93 acres, 509 & 561 South Highland Drive offer a mix of studio, one, and two-bedroom floor plans. The majority of the units feature one bedroom, along with 2, studio units and 3, two-bedroom units - ideally suited for singles, couples, and retirees seeking well-located housing. The properties feature attractive amenities including secure keypad entry, private patios, swimming pools, ample surface parking, and on-site laundry facilities. Additionally, the properties feature exclusively single-story construction, a highly desirable characteristic to prospective renters. Furthermore, 509 & 561 South Highland Drive have recently undergone significant capital improvements including new plumbing, electrical, plaster, and tile as well as updated building systems including roofing, solar panels, and more. 509 & 561 South Highland Drive are situated in an optimal Palm Springs location, just moments away from shops and restaurants at El Cielo Center and The Springs. The properties are within a 0.85-mile radius of Demuth Park and Sunrise Park, two sprawling community centers granting residents convenient access to a plethora of outdoor activities. Additionally, the properties benefit from their close proximity to Palm Springs International Airport, a major employment and economic driver for the area, with tourism being a significant part of the local economy. Furthermore, Ramon Road, situated just to the north of the properties, provides easy access to Downtown Palm Springs, the heart of the city featuring a plethora of unique shops, restaurants, and entertainment options. 509 & 561 South Highland Drives desirable single-story construction and upgraded facilities are primary draws for potential renters. The overall demand for well-maintained and amenitized rental units will be a key driver in the continued growth and success at the properties.
Exterior Features

Entry Level 1 Entry Location First level Lot Features Street Level Number Of Separate Electric Meters 21 Open Parking Spaces 23 Parking Total 23 Pool Features Community Pool Private YN No Property Attached YN No

Interior Features

Common Walls No Common Walls Heating None Heating YN No

Property Features

Additional Parcels YN Yes Association Fee 0 Association YN No Cap Rate 6.51 Common Interest Community Apartment Community Features CurbsGutter(s)Street LightsSidewalksPool Electric Expense 6270 Fuel Expense 6273 Garage YN No Gross Income 392795 Gross Scheduled Income 390807 Insurance Expense 21000 Land Lease YN No Laundry Features Common Area Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New LoanConventional1031 Exchange Maintenance Expense 16000 Net Operating Income 222465 New Construction YN No New Taxes Expense 39621 Number Of Separate Gas Meters 21 Number Of Separate Water Meters 1 Operating Expense 150789 Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 6270 Vacancy Allowance 19540 Vacancy Allowance Rate 3 Water Sewer Expense 6270 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2025-12-04T17:35:10.073. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Robyn Graham & Associates | Independent Broker Network. Licensed in the State of California, USA.
 
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Robyn Graham & Associates | Independent Broker Network
1148 N. Chinowth Suite A
Visalia CA, 93291
Listing Agent(s): Tyler Leeson of Marcus & Millichap RE Invest (949-419-3200)