Closing a 10-unit multifamily property in Palm Desert, CBRE has sold a property for $2.2 million, the first trade to occur in two decades. Located at 73435 San Gorgonio Way, the off-market deal took only 30 days to close. The property offers a prime location and the potential for a 60% rent increase, resulting in an almost 8% cap rate.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,200,000
• Units: 10
• Price Per Unit: $220,000
• Square Footage: 8,360
• Price Per Square Foot: $263
• Market: Palm Desert

Represented by Andrew Boukather and Daniel Blackwell from CBRE, the all-cash transaction attracted an investor who was enticed by the property's prime location and the potential for a significant increase in rental income. The deal marks a significant achievement in the Palm Desert market, with strong demand and the potential for future growth.