Palm Springs $7,500,000 78-Units Cap Rate 6.16% The San Jacinto Racquet Club is a 78 unit pride of ownership apartment community built in 1979 on 4 acres of land. The property consists of nine two-story residential buildings. The grounds are extensively landscaped and feature a mix of desert friendly xeriscape, seasonal flowers, green space, and rose gardens. There are two swimming pools with spas, large furnished sundecks, and multiple gas barbecue grills with grilling areas. The property offers excellent views of the surrounding mountains, boasts two tennis courts, on-site laundry facilities, and covered parking. There are 78 covered spaces, 39 open spaces, 2 handicapped spaces, and one area reserved for washing cars. There is a small free standing office near the center of the property with room to build-out a potential fitness center or covered social area. The units feature central heating and air conditioning from roof mounted heat pump systems, individual 30-40 gallon electric water heaters, private patios or balconies with a storage area (except for one-bedroom units), and large spacious floor plans. The one-bedroom units feature huge walk in closets. Kitchens are furnished with an electric range/oven with hood fan, dishwasher, and refrigerator. Cabinets are painted wood and countertops are dark stone look laminate. Flooring is vinyl in the kitchens and bathrooms, with carpeting in the living and bedroom areas. As units are being turned, ceiling fans are being installed. Residents pay for their electricity directly, and water, sewer, and trash via a resident utility billing program. The air-conditioners are gas, which is paid for by the property. Plumbing is copper. Contact listing broker Listed by: Ronald Harris Alex Garcia
Posted on: Wed, 15 Oct 2014 00:37:35 +0000
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