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588 E Mel Ave
For Sale $3,850,000
$3,850,000
- 20 Units
- Unknown Sq Ft
- 22,651 Sq Ft
- Unknown Cap Rate
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%
Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,850,000 |
| Property Type | Multi-Family |
| Usable Sqft | Unknown |
| Number of Stories | 1 stories |
| Parking Spots | 0 spots |
| Year Built | 1964 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| HOA Fees: | $0 |
| Association Name: | Unknown |
| Association Amenities: | Unknown |
| APN # | 507061022 |
| MLS # | 219139441DA |
| Property ID | 322425784 |
| Lot Sqft | 22,651 |
| Zoning | R-2 |
| Total Units | 20 |
| Days on Market | 191 |
| Original List Price | $3,850,000 |
| Applicances | Water Heater% |
| Date Updated | December 03, 2025 |
| Date Created | August 19, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | $353,664 | $0 |
| Cap Rate | 6.49% |
Listing Provided By
Heath Wilson an agent of . Lic #02080658
© 2026 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of December 03, 2025 The information being provided is 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.
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Robert Crawford
REAL ESTATE AGENT