509 561 S Highland Drive
Palm Springs, CA, 92264 $ 3,415,000
Baths1.0 Sq 18,304 Monthly Estimate*
$ 21,305
Listed by Marcus & Millichap RE Invest
Studio for $3,415,000 with 1 full bath. This 18,304 square foot home was built in 1959 on a lot size of 0.93.
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 Drive’s 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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FeaturesGeneralSewer Public Sewer
Heating None
HOA Fee 0
Garage Spaces 0
Pool Features Community
Year Built 1959
Stories Count 1
Levels One
Property Subtype Apartment
Gross Income 392795
Community Features Curbs Gutter(s) Street Lights Sidewalks Pool
Additional Parcels Description 680032008
County Riverside
Net Operating Income 222465
Operating Expense 150789
Insurance Expense 21000
New Construction false
Property Type Residential Income
HOA false
MaintenanceExpense 16000
Garage Y/N false
Special Listing Conditions Standard
Status Pending
Directions Cross Streets of South Highland Drive & Ramon Road
City Palm Springs
Entry Location First level
Senior Community Y/N false
Open Parking Spaces 23
Number Of Units Total 21
MLS Area 699 - Not Defined
Lot Size Units Acres
Lot Size Square Feet 40510.8
Listing Terms Cash Cash to New Loan Conventional 1031 Exchange
Property Attached Y/N false
Land Lease Y/N false
Electric Expense 6270
Fuel Expense 6273
Trash Expense 6270
Water Sewer Expense 6270
Additional Parcels Y/N true
Rent Control Y/N false
Building Area Units Square Feet
Standard Status Pending
Year Built Source Assessor
Tax Lot 24
Property Sub Type Additional Apartment
Taxes 39621
Cap Rate 6.51
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InteriorTotal Stories 1
Common Walls No Common Walls
Heating Y/N false
Laundry Features Common Area
Entry Level 1
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ExteriorLot Features Street Level
Water Source Public
Total Parking 23
Lot Size Area 0.93
Number of Buildings 2
Building Area Total 18304
Lot Size Acres 0.93
Private Pool false
Lot Size Source Assessor
Number of Separate Water Meters 1
Number of Separate Gas Meters 21
Number of Separate Electric Meters 21
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* Excluded FeaturesList ByMarcus & Millichap Re InvestBroker
tleeson@marcusmillichap.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $21,305
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Palm Springs, CA
Average List Price $2,485,395
Percent of Sale Price 27%
About Palm Springs, CA 46,525 Population
9% Since 2002
$ 49,313 Median Income
54.63 Median Age
11% Households with Children
Trends Information provided by ATTOM Data Solutions.
4827338 Elementary School
4827337 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 11/20/2025 | $3,415,000 | | Listed Price |