66585 Ironwood Drive
Desert Hot Springs, CA 92240
Sold
66585 Ironwood Drive
Desert Hot Springs, CA 92240
Sold
Let me start out by saying that this is a very pretty, very well kept triplex, in good condition inside & out. And if you do any research at all, you'll see that this is a great priced opportunity with super returns. What's astonishing here is the amount of income you can get for the money!!! MOREOVER, IF YOU DO YOUR RESEARCH, THIS IS THE LOWEST PRICED 2&1 TRIPLEX IN SOUTHERN CALIFORNIA. There isn't another triplex available (w/2&1's) for less than $500K!!! This triplex is in a great location. It's also a great location, within walking distance grocery, drug store eateries, and bus stop. Hence tenant's in this complex don't need a car! This triplex consists of three 2 bedroom 1 bath units. Also, each unit has it's own carport. As you can see from the pictures, this complex has been professionally managed and taken care of over the years, and everything is very nice, functional, and updated. Each unit has its own private fenced yard. Units have nice upgraded kitchens. Large living rooms. Tile flooring. Ceiling fans throughout. Nothing more needed to go get market rents!! The seller's are out of town, elderly, and haven't raised rents in years. But all rents are month to month and can be brought up to market rents. At market rents, we're putting out $64,620 annual gross income, a 6.96 Gross Rent Multiplier, an unheard of (not seen in decades) 12.67% Cap Rate, and an off the charts 36.10% Cash on Cash Return. When was the last time you saw returns like that? To see these returns, check out the Income/Expenses/Returns in the MARKETING PACKAGE attached. As a guide to market rents, please see rent roll and rent comps attached in MARKETING PACKAGE CONTAINED IN SUPPLEMENTS. The market is fetching $1,795 monthly for 2&1's like ours just a few blocks away. How good a buy is this? Check out the Sale Comp in MARKETING PACKAGE attached. Specifically, a triplex at 13642 La Mesa Dr. recently sold for $605,000. This comp is two 2&1's and one 1&1's. AND WE ARE THREE 2&1'S!!! AND WE CAN BE BOUGHT FOR $499,000!!! Here's a final important note. There's a clone identical triplex adjacent which is included in the pictures. This has to be bought with this offering and the purchase price for this triplex is also $450,000.
PROPERTY INFORMATION
MLS # | SW22255410 | Lot Size | 8,712 Sq. Ft. |
HOA Fees | $0/Monthly | Property Type | Triplex |
Price | $ 450,000
Price Per SqFt: $ 185 |
DOM | 741 Days |
Address | 66585 Ironwood Drive | Type | Residential Income |
City | Desert Hot Springs | Sq.Ft. | 2,432 Sq. Ft. |
Postal Code | 92240 | Garage | N/A |
County | Riverside | Year Built | 1985 |
Bed / Bath | 2 / 0 | Parking | 6 |
Built In | 1985 | Status | Closed |
Sold Date | 2023-02-22 |
INTERIOR FEATURES
Has Laundry | Yes |
Laundry Information | Electric Dryer Hookup |
Has Fireplace | No |
Fireplace Information | None |
Has Heating | Yes |
Heating Information | Wall Furnace |
EXTERIOR FEATURES
Has Pool | No |
Pool | None |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $480
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
Date | Event | Price |
02/22/2023 | Sold | $440,000 |
12/14/2022 | Listed | $450,000 |
Topfind Realty
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Listing provided courtesy of Tony Burton, Burton Commercial, Inc.. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. 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.