588 E Mel Avenue, Palm Springs, CA 92262

Local realty services provided by:Better Homes and Gardens Real Estate Champions
588 E Mel Avenue,Palm Springs, CA 92262
$3,850,000
  • 20 Beds
  • 20 Baths
  • 8,711 sq. ft.
  • Multi-family
  • Active
Listed by: heath z wilson
Office: wilson-meade commercial real estate
MLS#:219139441
Source:CA_DAMLS

Price summary

  • Price:$3,850,000
  • Price per sq. ft.:$441.97

About this home

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%

Contact an agent

contact an agent

Yes, I would like more information. Please use and/or share my information with a BHGRE®  affiliated agent to contact me about my real estate needs. By clicking Send message, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a BHGRE®  affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (CENTURY 21® , Coldwell Banker® , Corcoran® , ERA® , Sotheby's International Realty® ). I acknowledge that I have read and agree to theTerms of useandPrivacy notice

Home facts

  • Year built:1964
  • Listing ID #:219139441
  • Added:72 day(s) ago
  • Updated:February 10, 2026 at 03:24 PM

Rooms and interior

  • Bedrooms:20
  • Total bathrooms:20
  • Full bathrooms:20
  • Living area:8,711 sq. ft.

Heating and cooling

  • Cooling:Air Conditioning, Wall/Window Unit(s)
  • Heating:Wall Furnace

Structure and exterior

  • Year built:1964
  • Building area:8,711 sq. ft.
  • Lot area:0.52 Acres

Utilities

  • Sewer:Assessments

Finances and disclosures

  • Price:$3,850,000
  • Price per sq. ft.:$441.97
Based on information from the California Desert Association of REALTORS® as of February 10, 2026. 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.

New listings near 588 E Mel Avenue