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$3,850,000

  • For Sale
  • Active
  • Multi-Family
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Wilson Meade Commercial is pleased to exclusively present the opportunity to acquire the Hermosa Palms, a 20-unit multi-family asset in Palm Springs.This charming, single-story property is comprised of studio units arranged around a central pool, and is located in close proximity to Palm Springs' renowned shopping and dining district.The preferred location, coupled with the highly desirable studio mix, has contributed to the property's historically low vacancy rate.The units have been meticulously maintained, with most remodeled to include tile/vinyl flooring and modern fixtures. Each unit features a kitchen, walk-in closet, full bathroom, and LED lighting throughout.The Hermosa Palms offers new ownership a well-positioned, turnkey investment with strong historical performance and continued upside potential through rent growth.*Ask about the assumable 3.45% interest rate financing!CAP Rate - 6.49% | GRM - 10.89 | Cash Flow - 7.59%

Full Property Details for 588 Mel Ave

General

  • Price: $3,850,000
  • Status: Active
  • Type: Multi-Family
  • Source: Desert_Area_Palm_Springs
  • MLS ID: 219139441
  • Updated: 12/2/2025
  • Added to Site: 154 day(s) ago

Interior

  • Number of Fireplaces: 1
  • Flooring: Tile, Vinyl

Rooms

Bathrooms

  • Total Bathrooms: 20
  • Full Bathrooms: 20

Other Rooms

  • Laundry: Lease

Additional Information

  • Pool: Yes
  • Pool Description: In Ground, In Ground, Community
  • Security/Safety: Gated Community

Parking

  • Total Spaces: 13

Location

  • Area: 332 - Palm Springs Central
  • County: Riverside
  • Subdivision: Not Applicable
  • Cross Streets: E Mel Ave & N Via Miraleste

School Information

  • School District: Palm Springs Unified

Community

  • Gated community: Yes

Heating & Cooling

  • Cooling Type: Air Conditioning, Wall/Window Unit(s)
  • Heating Type: Wall Furnace

Utilities

  • Sewer: Assessments

Structural Information

  • Sub-Flooring: Tile, Vinyl
  • Year Built: 1964
  • Year Built Source: Assessor

Lot Features

  • Property View: Yes
  • Lot Size Source: Assessor
  • Zoning: R-2

Financial Considerations

  • Price Per Unit: 192500
  • Terms: 1031 Exchange, Cash to Existing Loan, Cash, Conventional, Assumable

Disclosures and Reports

  • APN: 507061022

Listed by Wilson-Meade Commercial Real Estate, Heath Z Wilson

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Listing agent

— 588 Mel Ave —

  • Heath Z Wilson

    Wilson-Meade Commercial Real Estate

Get Pre-Approved Today

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Schools serving 588 Mel Ave

School District:Palm Springs Unified School District
NameGradesDistance
Katherine Finchy Elementary School
777 East Tachevah Drive, Palm Springs, CA 92262
K-50.3 mi
Raymond Cree Middle School
1011 East Vista Chino, Palm Springs, CA 92262
6-80.4 mi
Palm Springs High School
2401 East Baristo Road, Palm Springs, CA 92262
9-122 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 588 Mel Ave Get Price Alerts and Save Property

Date
Details
Price
Change
Source
8/19/2025
Listed
$3,850,000
165.52%
MLS
6/25/2018
Sold
$1,450,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 588 Mel Ave

Year
Property Taxes
Change
Tax Assessment
Change
2025
$24,983
-2%
$1,666,526
2%
2024
$25,525
-2%
$1,634,604
2%
2023
$25,927
—
$1,603,814
2%
2022
$25,990
2%
$1,573,346
3%
2021
$25,548
4%
$1,524,206
1%
2020
$24,671
1%
$1,508,578
2%
2019
$24,381
144%
$1,478,999
361%
2018
$9,995
1%
$320,879
2%
2017
$9,923
2%
$314,588
2%
2016
$9,764
7%
$308,421
2%
2015
$9,116
7%
$303,790
2%
2014
$8,558
6%
$297,841
—
2013
$8,047
—
$296,497
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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*These costs are estimates, and the interest rates assume exceptional credit standing.

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Listed by Wilson-Meade Commercial Real Estate, Heath Z Wilson

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588 Mel Avenue, Palm Springs, CA 92262 (MLS# 219139441) is a Multi-Family property with 20 units containing 0 bedrooms and 20 full bathrooms. 588 Mel Avenue is currently listed for $3,850,000 and was received on August 19, 2025. Want to learn more about 588 Mel Avenue? Do you have questions about finding other Multi-Family real estate for sale in Palm Springs? You can browse all Palm Springs real estate or contact a Coldwell Banker agent to request more information.

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