Park Street Apartments
6.35% Going-In Cap Rate
Two Side-by-Side Parcels, Ability to Get 30 Year Fixed Financing
100% Two-Bedroom Unit Mix
Laundry Hook-Ups and Private Patios
Individually Metered Gas, Electric and Individual Hot Water Heaters
Single-Story, Pitched-Roof Construction, Carport Parking
Property Description
Marcus & Millichap is pleased to present 45304 & 45352 Park Street, a rare side-by-side, two-parcel apartment offering totaling eight units in the heart of Indio, California. Constructed in 1958 and situated on a combined ±13,940-square-foot lot, the offering consists of two adjacent four-plex buildings delivered together as a single, contiguous investment. All eight units are identical two-bedroom, one-bathroom floor plans of approximately 700 square feet, single-story throughout. The buildings are single-story and pitched-roof construction. Each unit is individually metered for both gas and electricity and served by its own individual water heater. All windows throughout both buildings have been replaced, and all units have tile flooring. Select units have already been remodeled and majority have in-unit laundry hook-ups. Parking consists of carports and half the units have private patios. Indio is the largest and fastest-growing city in the Coachella Valley and eastern Riverside County, with a population of approximately 93,000 to 95,000 year-round residents and an additional seasonal population of roughly 30,000 during the winter months. Indio ranks as the No. 3 fastest-growing city in Southern California, the No. 8 fastest-growing city in California, and the No. 30 fastest-growing city in the United States — growth metrics that place it in rare company among established Southern California municipalities. Known nationally as the "City of Festivals," Indio hosts the Coachella Valley Music and Arts Festival and the Stagecoach Country Music Festival at the Empire Polo Club, drawing hundreds of thousands of attendees annually and generating one of the largest event-driven economic impacts of any city in California. Indio is ranked the No. 1 city in America for live music and the No. 2 emerging travel destination in America and welcomes nearly 1.4 million visitors each year. For an apartment owner, this festival and tourism economy translates directly into sustained employment across hospitality, food service, transportation, security, retail, and event production — the precise workforce that occupies well-located, well-maintained two-bedroom rental housing. The median household income in Indio is approximately $77,167, and the city’s population profile is notably younger and more working-family-oriented than the western Coachella Valley communities of Palm Desert, Rancho Mirage, and Palm Springs. This demographic composition produces exactly the renter household that sustains occupancy and rent growth in eight-unit, two-bedroom product.
Key Property Information
| Listing Status: | Available |
|---|---|
| Property Types: | Apartment Buildings |
| Price: | $1,695,000 |
| No. of Units: | 8 |
| Cap Rate: | 6.34% |
| Average Occupancy: | 100 |
| Year Built: | 1958 |
| Building Size: | 5,600 Sq ft |
| Lot Size: | 0.36 Acres |
| No. of Stories: | 1 |
| Opportunity Zone: | No |
| Price per unit: | $211,875 |
| Parking Spaces: | 8 |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| 2BR/1BA | 8 | 700 | 1738 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Gross income: | 166848 |
| Effective Gross income: | 159606 |
| Operating expenses: | 51895 |
| Net operating income: | 107711 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Doug McCauley | 626-695-6776 | [email protected] |
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