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$3,850,000
$7,200Reward *
588 E Mel Avenue, Palm Springs, CA 92262Listing ID 219139441DA

588 E Mel Avenue, Palm Springs, CA 92262

Active
Not Applicable-1
Time on site: 358 days • Last updated: Dec 3, 2025
Property Type
Property Type
Residential Income
Property Sub Type
Property Sub Type
-
Acres
Acres
0.52
Days on Site
Days on Site
252
Cooling
Cooling
Wall/Window Unit(s)
Heating
Heating
Wall Furnace
Year Built
Year Built
1964
Parking
Parking
Unassigned

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%

Property Information

Property Details

Location

Address
588 E Mel Avenue
County
Riverside
City
Palm Springs
Zip Code
92262
Subdivision
Not Applicable-1
MLS Area
332 - Central Palm Springs

Interior Features

Heating and Cooling

Cooling
Wall/Window Unit(s)
Heating
Wall Furnace

Building

Building Information

Year Built
1964

Financial

Special Conditions
Standard
Heath Wilson • Wilson-Meade Commercial Real Estate, (760) 837-1880

Market Report for 92262

* The market data shown is based on available information from Multiple Listing Service (MLS) and/or public records. Data provided is for informational and educational purposes only and may not represent the full housing market. For more accurate information, consumers should consult a certified appraiser or licensed real estate agent.

*Average of $2,150 in rewards is calculated based on the purchase or sale of a home between $400,000 to $449,000. The median home price for all housing types is in the United States is $405,400 as of 2025 as reported by the National Association of Realtors® (NAR). The actual reward amount may vary depending on the purchase or sales price of the home. Please see the Lakeview Home Rewards program terms and conditions for more details. The National Association of Realtors® is a registered trademark of the National Association of Realtors®.

Source: California Regional MLS
California Regional MLS logo

IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

For corrections to this data please contact Brytecore MLS Support.

CDAR-d85214