Skip To Content

588 E Mel Avenue

Palm Springs, CA 92262
  • $3,850,000
  • STATUS: Active
  • ON SITE: 10 Days
  • MLS #: 219139441
UPDATED: 72 min ago
$3,850,000
  • 20
    BEDS
  • 0.52
    ACRES
  • 20
    BATHS
  • 0
    1/2 BATHS
  • 8,711
    SQFT
  • $442
    $/SQFT
Neighborhood:
Not Applicable
Type:
Multi-Family
Built:
1964
County:
Riverside
Area:
332 - Palm Springs Central

School Ratings & Info

School District:
Palm Springs Unified
Visit GreatSchools.org

Description

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%

Monthly Payment Calculator

©2025 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or KW Coachella Valley. Based on information from the California Desert Association of Realtors as of 2025-12-13T16:35:16.67. 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 of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

Licensed in the State of California, USA
www.kwcoachellavalley.com/homes/171040390
Print Image

588 E Mel Avenue Palm Springs, CA 92262

  • Price: $3,850,000
  • Status: Active
  • On Site: 10 Days
  • Updated: 72 min ago
  • MLS #: 219139441
20
Beds
20
Baths
0
½ Baths
0.52
Acres
8,711
SQFT
$442
$/SQFT
1964
Built
Neighborhood:
Not Applicable
County:
Riverside
Area:
332 - Palm Springs Central
School District:
Palm Springs Unified
Property Description
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%
Exterior Features

Gated Community Yes Levels Ground Parking Unassigned Total Carport Spaces 13.00 Total Covered Spaces 0.00 Total Parking Spaces 13.00 Total Uncovered Assigned Spaces 0.00 View Yes View Type Mountain(s)

Interior Features

Cooling Type Air ConditioningWall/Window Unit(s) Fireplace No Flooring TileVinyl Heating Wall Furnace Rooms Studio Total Fireplaces 1

Property Features

Elevator No Land Type Fee Simple Laundry Yes Laundry Equipment Lease Listing Terms 1031 ExchangeCash to Existing LoanCashConventionalAssumable Pool Yes Pool Construction In Ground Pool Description In Ground Pool Location Community Property Attached Detached Yes Sale Type Standard Security Safety Gated Community Senior Community No Sewer Assessments Spa Hot Tub No Tax Mello Roos Unknown Total Annual Operating Expenses Amount 132047.00 Water Heater Yes

Listing information © 2025 California Desert Association of Realtors.
Listing provided courtesy of Heath Wilson of Wilson-Meade Commercial Real Estate: (760) 837-1880.
©2025 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or KW Coachella Valley. Based on information from the California Desert Association of Realtors as of 2025-12-13T16:35:16.67. 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 of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

Licensed in the State of California, USA
 
https://bt-photos.global.ssl.fastly.net/damls/1280_boomver_1_219139441-2.jpg https://bt-photos.global.ssl.fastly.net/damls/1280_boomver_1_219139441-2.jpg https://bt-photos.global.ssl.fastly.net/damls/1280_boomver_1_219139441-2.jpg
Logo
KW Coachella Valley
39-575 Washington Street, Suite #105
Palm Desert CA, 92211