588 E Mel Avenue Palm Springs, CA ^$ 3,850,000

588 E Mel Avenue

^$ 3,850,000

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Recently Listed

588 E Mel Avenue

Palm Springs, CA, 92262

^$ 3,850,000

Studio Baths0.0

Monthly Estimate*

^$ 24,019

Listed by Wilson-Meade Commercial Real Estate

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588 E Mel Avenue, Palm Springs, CA 92262 - Image 8

588 E Mel Avenue, Palm Springs, CA 92262 - Image 9

588 E Mel Avenue, Palm Springs, CA 92262 - Image 10

588 E Mel Avenue, Palm Springs, CA 92262 - Image 11

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588 E Mel Avenue, Palm Springs, CA 92262 - Image 13

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Studio

Multi-Family Home for sale in Palm Springs, CA

for $3,850,000. This home was built in 1964 on a lot size of 0.52.

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%

Multi-Family Active

Price

^$ 3,850,000

Bedrooms

Studio

Property Type

Multi-Family

Taxes

^$ 0

Style

Lot Size

0.52

Year Built

1964

Town/City

Palm Springs

County/Region

Riverside

MLS | Web ID

219139441DA

Days on Market

111

Features

General

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Appliances Water Heater

Zoning R-2

HOA Fee 0

Garage Spaces 0

Pool Features In Ground

Security Features Gated Community

Year Built 1964

View Mountain(s)

Community Features Gated

County Riverside

New Construction false

Property Type Residential Income

Subdivision Name Not Applicable-1

Garage Y/N false

Special Listing Conditions Standard

Status Active

Directions Please do not disturb tenants. Drive by only. Schedule private tour with listing agent

City Palm Springs

Senior Community Y/N false

Open Parking Spaces 0

Number Of Units Total 20

MLS Area 332 - Central Palm Springs

Lot Size Units Square Feet

Lot Size Square Feet 22651

Carport Spaces 13

Carport Y/N true

Listing Terms Cash Cash to Existing Loan Conventional 1031 Exchange

Property Attached Y/N true

Land Lease Y/N false

Rent Control Y/N false

Standard Status Active

Year Built Source Assessor

Total Actual Rent 353664

Cap Rate 6.49

Interior

Flooring Tile Vinyl

Total Stories 1

Air Conditioning Y/N true

Heating Y/N true

Fireplace Y/N false

Total Baths 0

Exterior

Parking Features Unassigned

Total Parking 13

Lot Size Area 22651

Number of Buildings 1

Spa false

Lot Size Acres 0.52

Private Pool true

Lot Size Source Assessor

Number of Separate Water Meters 1

Number of Separate Gas Meters 1

Number of Separate Electric Meters 23

* Excluded Features

List By

Wilson-Meade Commercial Real Estate

Broker

hwilson@wilson-meade.com

Affordability Calculator

$24,019

Per Month

Monthly Principal & Interest: $24,019
Monthly Property Taxes: --
Monthly Home Insurance: --

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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.

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Nearby

Trends
Schools

Multi-family listings in Palm Springs, CA

Average List Price ^$2,485,395

Percent of Sale Price 35%

About Palm Springs, CA

46,525 Population

9% Since 2002

^$49,313 Median Income

54.63 Median Age

11% Households with Children

View more area information

Trends Information provided by ATTOM Data Solutions.

4827338 Elementary School

4827337 Middle School

Unknown High School High School

See complete school information

Pricing History

Date	Price	Price Change	Description
12/2/2025	$3,850,000		Listed Price

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588 E Mel Avenue, Palm Springs, CA, 92262 is a Multi-Family Home for sale at $3,850,000 with a lot size of 0.52. 588 E Mel Avenue is a studio with 0.0 baths and was built in 1964. The property's zip code is 92262 which is in Palm Springs, CA

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: 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.

Listing data provided courtesy of the Internet Data Exchange Program of the California Regional Multiple Listing Service, Inc..

Based on information from California Regional Multiple Listing Service, Inc. as of 12/8/2025. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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588 E Mel Avenue

Multi-Family Home for sale in Palm Springs, CA

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