588 E Mel Avenue, Palm Springs, CA 92262

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

Price summary

  • Price:$3,850,000

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%

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Home facts

  • Year built:1964
  • Listing ID #:219139441DA
  • Added:8 day(s) ago
  • Updated:December 06, 2025 at 02:34 PM

Heating and cooling

  • Cooling:Wall Window Units
  • Heating:Wall Furnace

Structure and exterior

  • Year built:1964
  • Lot area:0.52 Acres

Finances and disclosures

  • Price:$3,850,000
Based on information from California Regional Multiple Listing Service, Inc. as of December 11, 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. The information 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. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

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