CBRE Sells Palm Desert Multifamily Property For $2.2M – 73435 San Gorgonio Way
73435 San Gorgonio Way
8,360 SF
Summary
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.
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