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  4. 588 Mel Avenue, Palm Springs, CA 92262
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588 Mel Avenue
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  • MLS#: 219139441DA ( )
  • Street Address: 588 Mel Avenue
  • Viewed: 2
  • Price: $3,850,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1964
  • Bldg sqft: 0
  • Days On Market: 164
  • Additional Information
  • County: RIVERSIDE
  • City: Palm Springs
  • Zipcode: 92262
  • Subdivision: Not Applicable 1
  • Provided by: Wilson-Meade Commercial Real Estate
  • Contact: Heath Heath
  • California Regional MLS IDX
  • DMCA Notice
  • 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%
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Features
Appliances
  1. Water Heater
Association Fee
  1. 0.00
Carport Spaces
  1. 13.00
Cooling
  1. Wall/Window Unit(s)
Country
  1. US
Days On Market
  1. 54
Flooring
  1. Tile
  2. Vinyl
Garage Spaces
  1. 0.00
Heating
  1. Wall Furnace
Number Of Separate Electric Meters
  1. 23
Otherincome1
  1. 33473.00
Otherincome2
  1. 4174.00
Parcel Number
  1. 507061022
Parking Features
  1. Unassigned
Pool Features
  1. In Ground
Postalcodeplus4
  1. 4831
Security Features
  1. Gated Community
Sourcesystemkey
  1. 20251202181339610962000000:CDAR
Subdivision Name Other
  1. Not Applicable-1
Totalactualrent
  1. 353664.00
Uncovered Spaces
  1. 0.00
View
  1. Mountain(s)
Year Built
  1. 1964
Year Built Source
  1. Assessor
Zoning
  1. R-2
Equal Housing Opportunity

Based on information from California Regional Multiple Listing Service, Inc. as of Jan 30, 2026. 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. 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.
Display of MLS data is usually deemed reliable but is NOT guaranteed accurate.
Datafeed Last updated on January 30, 2026 @ 12:00 am
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