Monta Vista Townhomes | 40235-40255 Harris Ln
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Monta Vista Townhomes 40235-40255 Harris Ln
24 Unit Apartment Building $8,428,080 CAD ($351,170 CAD/Unit) 5.04% Cap Rate Palm Desert, CA 92211
Investment Highlights
- Ideal Opportunity to Acquire a 24-Unit Property in Palm Desert with a 5.04% Cap Rate Already In Place
- Condo Map Property with Each Unit Having its Individual APN
- Value-Add Opportunity; Approximately 21% Rental Upside Potential
- Well-Kept ±24,360 SF Property Situated on a Spacious ±143,312 SF Lot Built in 1980
- Featuring All Two-Bedroom Townhome Floor Plans | Average Unit Size of 1,015 SF Feet
- Extensively Renovated and Upgraded Property Including: New Appliances, Replace Bath Tubs/Sinks, Replace Ceiling Fans, Replace AC/Heating, New Flooring
Executive Summary
CBRE, Inc., as exclusive advisor, is proud to present an exceptional opportunity to acquire the Monta Vista Townhomes, a meticulously well kept 24-Unit multifamily property situated between Country Club Drive and Washington Street on 40235 Harris Lane in the city of Palm Desert. With each unit having its own individual parcel number, this property has ±24,360 of rentable SF and is situated on a generous ±143,312 SF lot.
Palm Desert boasts sunshine most of the year creating consistent demand for rentals due to the steady influx of residents. 40235 Harris Lane offers a central location with convenient access to public transportation and the 10 Freeway, in addition to a variety of retail centers, high-end restaurants, shops and resorts catering to diverse needs and providing excellent entertainment options for residents.
The desirable Monta Vista Townhomes feature large, open-style floor plans with upgraded fully equipped kitchens with stainless steel appliances, modern fixtures, vertical blinds, central AC/heating, washer and dryer hook-ups, private patios and a combination of stylish plank wood and carpet flooring throughout.
The property boasts a combination of desert and lush landscaping with lovely mountain views, covered carport parking, laundry facilities, private dog park, tennis court and a luxury resort style pool and spa.
The Monta Vista Townhomes are eligible for short-term rental permits located in the R-3 Zone. This is a stable income-producing asset in the Coachella Valley, promising a strong return on investment. Whether you’re a first-time investor seeking to enter the market, a seasoned investor looking to expand your portfolio, or considering a 1031 Exchange, this property offers exceptional stability and long-term value.
Palm Desert boasts sunshine most of the year creating consistent demand for rentals due to the steady influx of residents. 40235 Harris Lane offers a central location with convenient access to public transportation and the 10 Freeway, in addition to a variety of retail centers, high-end restaurants, shops and resorts catering to diverse needs and providing excellent entertainment options for residents.
The desirable Monta Vista Townhomes feature large, open-style floor plans with upgraded fully equipped kitchens with stainless steel appliances, modern fixtures, vertical blinds, central AC/heating, washer and dryer hook-ups, private patios and a combination of stylish plank wood and carpet flooring throughout.
The property boasts a combination of desert and lush landscaping with lovely mountain views, covered carport parking, laundry facilities, private dog park, tennis court and a luxury resort style pool and spa.
The Monta Vista Townhomes are eligible for short-term rental permits located in the R-3 Zone. This is a stable income-producing asset in the Coachella Valley, promising a strong return on investment. Whether you’re a first-time investor seeking to enter the market, a seasoned investor looking to expand your portfolio, or considering a 1031 Exchange, this property offers exceptional stability and long-term value.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$735,434
|
$30.19
|
| Other Income |
$52,548
|
$2.16
|
| Vacancy Loss |
$23,639
|
$0.97
|
| Effective Gross Income |
$764,343
|
$31.38
|
| Taxes |
$117,205
|
$4.81
|
| Operating Expenses |
$222,285
|
$9.12
|
| Total Expenses |
$339,490
|
$13.94
|
| Net Operating Income |
$424,852
|
$17.44
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $735,434 |
| Annual Per SF | $30.19 |
| Other Income (CAD) | |
|---|---|
| Annual | $52,548 |
| Annual Per SF | $2.16 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $23,639 |
| Annual Per SF | $0.97 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $764,343 |
| Annual Per SF | $31.38 |
| Taxes (CAD) | |
|---|---|
| Annual | $117,205 |
| Annual Per SF | $4.81 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $222,285 |
| Annual Per SF | $9.12 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $339,490 |
| Annual Per SF | $13.94 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $424,852 |
| Annual Per SF | $17.44 |
Property Facts
| Price | $8,428,080 CAD | Apartment Style | Low Rise |
| Price Per Unit | $351,170 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 3.29 AC |
| Cap Rate | 5.04% | Building Size | 24,360 SF |
| Gross Rent Multiplier | 10.7 | Average Occupancy | 87% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1980 |
| Property Subtype | Apartment | Parking Ratio | 1.97/1,000 SF |
| Price | $8,428,080 CAD |
| Price Per Unit | $351,170 CAD |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| Gross Rent Multiplier | 10.7 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 3.29 AC |
| Building Size | 24,360 SF |
| Average Occupancy | 87% |
| No. Stories | 2 |
| Year Built | 1980 |
| Parking Ratio | 1.97/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
- Washer/Dryer Hookup
- Stainless Steel Appliances
- Tub/Shower
- Dining Room
Site Amenities
- Pool
- Spa
- Tennis Court
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 24 | $2,641 CAD | 1,015 |
1 of 1
Walk Score ®
Very Walkable (72)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $7,226,391 CAD | |
| Land Assessment | $1,898,188 CAD | Annual Taxes | $117,205 CAD ($4.81 CAD/SF) |
| Improvements Assessment | $5,328,204 CAD | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,898,188 CAD
Improvements Assessment
$5,328,204 CAD
Total Assessment
$7,226,391 CAD
Annual Taxes
$117,205 CAD ($4.81 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | R-3, Palm Desert |
| R-3, Palm Desert |
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Kevin Sin -
Blake Torgerson -
CBRE, Inc.
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Monta Vista Townhomes | 40235-40255 Harris Ln
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