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

Bedrooms20 Baths20.0 Sq 8,711

Monthly Estimate*

^$ 24,019

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588 E Mel Avenue, Palm Springs, CA 92262 - Image 2

588 E Mel Avenue, Palm Springs, CA 92262 - Image 3

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

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

Multi-Family Home for sale in Palm Springs, CA

for $3,850,000 with 20 bedrooms and 20 full baths. This 8,711 square foot 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

Full Bath

Property Type

Multi-Family

Taxes

^$ 0

Style

Lot Size

0.52

Year Built

1964

Town/City

Palm Springs

County/Region

Riverside

MLS | Web ID

219139441

Features

General

Living Area 8711.0

Sewer Assessments

Heating Wall Furnace

Cooling Wall/Window Unit(s) Air Conditioning

Zoning R-2

Garage Spaces 0.0

Pool Features In Ground Community

Security Features Gated Community

3/4 Baths 0

Full Baths 20

Half Baths 0

Year Built 1964

View Mountain(s)

Levels Ground

County Riverside

Property Type C

Subdivision Name Not Applicable

Status Active

City Palm Springs

School District Palm Springs Unified

Senior Community Y/N No

Zoning Description Assessor

MLS Area 332 - Palm Springs Central

Lot Size Square Feet 22651.2

Carport Spaces 13.0

Listing Terms Cash to Existing Loan Assumable Cash Conventional 1031 Exchange

Walk Score 0

Standard Status Active

Interior

Flooring Tile Vinyl

Total Stories 1

Air Conditioning Y/N Yes

Heating Y/N Yes

Fireplace Y/N No

1/4 Baths 0

Total Bathrooms 20.0

Total Baths 20

Total Bedrooms 20

Exterior

Parking Features Unassigned

Total Parking 13.0

Lot Size Area 22651.0

Spa No

Pool Y/N? Yes

Building Area Total 8711.0

Lot Size Acres 0.52

Lot Size Source Assessor

Land Lease Type Fee

* Excluded Features

List By

Heath Wilson

Listing Agent

Wilson-Meade Commercial Real Estate

Broker

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.

2741526 Elementary School

2741609 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 8,711 sqft and a lot size of 0.52. 588 E Mel Avenue has 20 bedrooms, 20.0 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 Desert Association of Realtors.

Based on information from the California Desert Association of REALTORS® as of 12/2/2025. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the California Desert Association of Realtors. Real Estate listings held by brokerage firms (licensees) other than Weichert Realtors include the name of the listing brokers.

The information being provided is for consumers' personal, non-commercial use and may not be reproduced or redistributed. Its sole purpose is to be used to identify prospective properties consumers may be interested in purchasing.

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588 E Mel Avenue

Multi-Family Home for sale in Palm Springs, CA

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