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37043 Bankside Drive, Cathedral City, CA 92234
$950,000
37043 Bankside Drive, Cathedral City, CA 92234View this property at 37043 Bankside Drive, Cathedral City, CA 92234
37043 Bankside DriveCathedral CityCA92234
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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!
Full Property Details
Full Property Details for 37043 Bankside Dr
General
- Sold For: $950,000
- Status: Closed
- Type: Multi-Family
- MLS ID: SR21069216
- Added to Site: 1, 135 day(s) ago
Rooms
Other Rooms
- Laundry: Community
Additional Information
- Pool Description: Private, In-Ground
Parking
- Parking Features: Assigned
- Parking: Assigned
Location
- Area: 336 - Cathedral City South
- County: Riverside
- Development Name: 336 - Cathedral City South
- Driving Directions: Take the 10 to Gene Autry to 111 East. Turn right on Bankside Dr.
Heating & Cooling
- Cooling Type: Central Air
Utilities
- Sewer: Public Sewer
- Water: Public
- # Water Meters: 5
- # Gas Meters: 5
- # Electric Meters: 5
Structural Information
- Square Feet: 4,500
- Year Built: 1979
Unit Information
Unit 1
- Number of Units: 5
- Total Bathrooms: 2
- Bedrooms: 2
Lot Features
- Lot Size (Acres): 0.24
- Lot Size Source: Assessor
- Zoning: R302M
- Lot Description: 2-5 Units/Acre
Financial Considerations
- Price Per Sq. Ft.: $211.11
Listed by Rodeo Realty, Laurence Cook
Sold by Luxury Homes in L.A., Lee Browner
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Schools
Schools serving 37043 Bankside Dr
School District:Palm Springs Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
42985 Indian Trl, Rancho Mirage, CA 92270 | K-5 | 3.9 mi | |
34603 Plumley Rd, Cathedral Cty, CA 92234 | 6-8 | 1.7 mi | |
69250 Dinah Shore Dr, Cathedral Cty, CA 92234 | 9-12 | 2.1 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 37043 Bankside Dr
Date
Details
Price
Change
Source
7/01/2021
Sold
$950,000
-13.64%
MLS
4/02/2021
Listed
$1,100,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
37043 Bankside Drive, Cathedral City, CA 92234 (MLS# SR21069216) is a Multi-Family property that was sold at $950,000 on July 01, 2021. Want to learn more about 37043 Bankside Drive? Do you have questions about finding other Multi-Family real estate for sale in Cathedral City South? You can browse all Cathedral City South real estate or contact a Coldwell Banker agent to request more information.