- $3.9M Price
- .52 Acres
- 65 DOM
588 E Mel Avenue
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%
Essential Information
- MLS® #219139441DA
- Price$3,850,000
- Bathrooms0.00
- Acres0.52
- Year Built1964
- TypeResidential Income
- StatusActive
Community Information
- Address588 E Mel Avenue
- Area332 - Central Palm Springs
- SubdivisionNot Applicable-1
- CityPalm Springs
- CountyRiverside
- Zip Code92262
Amenities
- Parking Spaces13
- ParkingUnassigned
- GaragesUnassigned
- ViewMountain(s)
- Has PoolYes
- PoolIn Ground
Interior
- InteriorTile, Vinyl
- AppliancesWater Heater
- HeatingWall Furnace
- CoolingWall/Window Unit(s)
- # of Stories1
Additional Information
- Date ListedAugust 19th, 2025
- Days on Market65
- ZoningR-2
Listing Details
- AgentHeath Wilson
Office
Wilson-Meade Commercial Real Estate
Heath Wilson, Wilson-Meade Commercial Real Estate.
Based on information from California Regional Multiple Listing Service, Inc. as of February 5th, 2026 at 2:15am PST. 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. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. 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.