Deepwell Apartments 1680 East Palm Canyon Drive
Palm Springs, CA 92264
For Sale
20,296 sqft
Sale Price
$5,995,000
Brochure
Property Website
Map
Multifamily For Sale
Deepwell Apartments | 30+1 Units in Palm Springs | 6.59% Cap Rate | Over 6% Cash on Cash Return
PREMIER SOUTH PALM SPRINGS MULTIFAMILY ACQUISITION: Deepwell Apartments presents a rare opportunity to acquire a stabilized, 30+1 unit community in one of Palm Springs’ most coveted residential pockets. The asset features a high-demand unit mix—comprising Studios, 1B/1B, 2B/1B, and a premier 3B/2B unit—catering to a diverse demographic of renters.
HIGH-YIELDING OPPORTUNITY WITH ATTRACTIVE PRICING: The property delivers immediate stability with a 6.59% current Cap Rate, a 6.07% Cash-on-Cash return, and a 9.70 current GRM. Offered at $193,387 per unit ($295/SF), this asset allows investors to capture the desert’s steady rental growth at a favorable entry point, driving a projected 7.93% Pro Forma Cap Rate.
RESORT-STYLE AMENITIES & ARCHITECTURAL CHARM: Leveraging Palm Springs’ global brand as a mid-century modern design capital, this gated community offers a premium resort experience with a renovated pool and panoramic mountain views. This high-end aesthetic ensures superior tenant retention and the ability to command top-of-market rents.
“TURN-KEY” ASSET WITH SUBSTANTIAL CAPITAL UPGRADES: Significantly de-risked through high-end interior and exterior renovations, units feature designer kitchens, stainless appliances, and woodgrain-look tile flooring. Proactively replaced HVAC units and new drought-tolerant landscaping minimize near-term CAPEX and maximize operational efficiency from day one.
PREMIER “DEEPWELL ESTATES” LOCATION: Located in the historic Deepwell Estates, the property offers a sophisticated lifestyle in a prestigious South Palm Springs neighborhood. Residents are within walking distance of the Smoke Tree Shopping Center and scenic hiking trails, while being just a five-minute drive from the luxury boutiques and dining of downtown.
ANCHORED BY MASSIVE REGIONAL EMPLOYERS: Strategic proximity to primary job drivers ensures a stable, year-round tenant base. Demand is fueled by major institutional employers.
Unmatched Regional Connectivity: Direct access to State Route 111 and Palm Canyon Drive provides effortless transit to the Palm Springs International Airport (PSP) and the broader I-10 corridor. This central hub is highly coveted by the region’s growing population of remote “lifestyle” professionals and essential service workers.
Get in touch
Eric Chen
Lic: 01489184
Kevin Sin
Lic: 02020968
Blake Torgerson
Lic: 01919955
CBRE, Inc., as exclusive advisor, is proud to present an exceptional opportunity to acquire Deepwell Apartments, a superbly maintained 30+1 unit multifamily community located at 1680 E Palm Canyon Drive in Palm Springs, CA.
This investment offers a highly attractive 6.59% current Cap Rate and a 6.07% Cash-on-Cash return, with the property yielding $705,600 annually. The ±20,296 SF building stands on a generous ±40,946 SF lot in the prestigious Deepwell Estates, a neighborhood celebrated for its historic mid-century modern architecture and high-end residential appeal. With average residential home prices in the immediate area exceeding $1.4M (according to Zillow), the high barrier to homeownership ensures a consistent, high-quality tenant base for the property. The asset features a diverse unit mix of studios, 1B/1B, 2B/1B, and a premier 3B/2B unit, perfectly catering to the desert’s sophisticated renter demographic.
PROPERTY CONDITION & UPGRADES
The asset has undergone substantial recent renovations, positioning it as a “turn-key” luxury investment with a sophisticated aesthetic. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Ownership has taken a proactive approach to capital preservation, recently replacing air conditioning units and upgrading the gated exterior to ensure tenant privacy and security. These comprehensive interior and exterior improvements significantly reduce near-term CAPEX requirements, allowing a new owner to focus on yield-driven operations. Furthermore, the property offers a curated “resort-style” living experience characterized by a crystal-clear pool, contemporary desert landscaping, and unobstructed mountain views.
LOCATION & MARKET OVERVIEW
Deepwell Apartments is strategically positioned in a submarket showing robust signs of population and rental growth. Located along the historic Palm Canyon Drive corridor, the property offers an enviable “walk score” with proximity to the Smoke Tree Shopping Center, world-class hiking trails, and the high-end boutiques and restaurants of downtown Palm Springs. The city’s economy is anchored by a resilient, year-round workforce in the healthcare and hospitality sectors, supported by major institutional employers such as the Desert Regional Medical Center. With immediate access to State Route 111, the property provides seamless connectivity to the broader Coachella Valley’s primary tourism and employment hubs.
ECONOMIC & REGIONAL IMPACT
The property stands to benefit from the Inland Empire’s continued economic expansion and the proximity to major regional drivers, including the new Amazon Logistics facility, the Agua Caliente Band of Cahuilla Indians, and a thriving retail base. Palm Springs’ global reputation as a mecca for architecture, international festivals like Coachella, Stagecoach, and Modernism Week, and year-round outdoor recreation ensures a permanent and affluent tenant base. This unique combination of lifestyle and industry serves to insulate the asset from broader economic volatility while driving consistent demand.
INVESTMENT PHILOSOPHY & STABILITY
Deepwell Apartments is an excellent income-producing asset in the Inland Empire and a premier long-term investment opportunity. All units have been remodeled with resort-like amenities, making this a perfect asset for any investor seeking a strong risk-adjusted return. The property offers unparalleled stability for any type of investor, whether it be a first-time purchaser, a seasoned institutional investor, or those seeking a high-quality 1031 Exchange asset.
This investment offers a highly attractive 6.59% current Cap Rate and a 6.07% Cash-on-Cash return, with the property yielding $705,600 annually. The ±20,296 SF building stands on a generous ±40,946 SF lot in the prestigious Deepwell Estates, a neighborhood celebrated for its historic mid-century modern architecture and high-end residential appeal. With average residential home prices in the immediate area exceeding $1.4M (according to Zillow), the high barrier to homeownership ensures a consistent, high-quality tenant base for the property. The asset features a diverse unit mix of studios, 1B/1B, 2B/1B, and a premier 3B/2B unit, perfectly catering to the desert’s sophisticated renter demographic.
PROPERTY CONDITION & UPGRADES
The asset has undergone substantial recent renovations, positioning it as a “turn-key” luxury investment with a sophisticated aesthetic. All units feature high-end finishes, including woodgrain-look ceramic tile flooring, designer tile in kitchens and bathrooms, and stainless steel appliances. Ownership has taken a proactive approach to capital preservation, recently replacing air conditioning units and upgrading the gated exterior to ensure tenant privacy and security. These comprehensive interior and exterior improvements significantly reduce near-term CAPEX requirements, allowing a new owner to focus on yield-driven operations. Furthermore, the property offers a curated “resort-style” living experience characterized by a crystal-clear pool, contemporary desert landscaping, and unobstructed mountain views.
LOCATION & MARKET OVERVIEW
Deepwell Apartments is strategically positioned in a submarket showing robust signs of population and rental growth. Located along the historic Palm Canyon Drive corridor, the property offers an enviable “walk score” with proximity to the Smoke Tree Shopping Center, world-class hiking trails, and the high-end boutiques and restaurants of downtown Palm Springs. The city’s economy is anchored by a resilient, year-round workforce in the healthcare and hospitality sectors, supported by major institutional employers such as the Desert Regional Medical Center. With immediate access to State Route 111, the property provides seamless connectivity to the broader Coachella Valley’s primary tourism and employment hubs.
ECONOMIC & REGIONAL IMPACT
The property stands to benefit from the Inland Empire’s continued economic expansion and the proximity to major regional drivers, including the new Amazon Logistics facility, the Agua Caliente Band of Cahuilla Indians, and a thriving retail base. Palm Springs’ global reputation as a mecca for architecture, international festivals like Coachella, Stagecoach, and Modernism Week, and year-round outdoor recreation ensures a permanent and affluent tenant base. This unique combination of lifestyle and industry serves to insulate the asset from broader economic volatility while driving consistent demand.
INVESTMENT PHILOSOPHY & STABILITY
Deepwell Apartments is an excellent income-producing asset in the Inland Empire and a premier long-term investment opportunity. All units have been remodeled with resort-like amenities, making this a perfect asset for any investor seeking a strong risk-adjusted return. The property offers unparalleled stability for any type of investor, whether it be a first-time purchaser, a seasoned institutional investor, or those seeking a high-quality 1031 Exchange asset.
Geographic Overview
The Coachella Valley, located in Riverside County’s Inland Empire, is a premier desert region spanning 640 square miles across nine distinct cities. Serving as a vital home to over 450,000 residents, the Valley is one of California’s fastest-growing areas. The City of Palm Springs, incorporated in 1938 on the ancestral lands of the Agua Caliente Band of Cahuilla Indians, stands as a historical cornerstone known for its world-class mid-century modern architecture. As a global hub for luxury tourism located 100 miles east of Los Angeles, it offers a rich cultural tapestry fueled by international festivals and a vibrant arts community.
General Economic Overview
The Coachella Valley maintains a robust network of industry clusters that drive significant investment and year-round job growth. The City of Palm Springs is committed to building strategic partnerships for sustainable economic development through initiatives that stimulate a favorable investment climate, welcome entrepreneurship, and support industry diversity. As a premier destination for innovation and wellness, Palm Springs is the city of choice in the desert: a place where diverse talents choose to work and where businesses choose to invest. The City offers a legendary brand, a stable real estate market, and a business-friendly environment that is unique to the Southern California desert.
Recreation & Entertainment
Anchored by the historic Palm Springs Aerial Tramway and the vibrant Downtown District, Palm Springs offers a premier destination for arts and leisure, all within steps of mid-century heritage sites and boutique dining. A lively culinary scene featuring world-renowned international cuisine is a constant in the city, with numerous annual events, including the signature Coachella and Stagecoach festivals (highlighting the region’s massive “festival economy”), the Palm Springs International Film Festival, and Modernism Week regularly enlivening the desert core. From the Agua Caliente Cultural Plaza to elite golf courses, the city provides an unparalleled recreational landscape for residents and visitors alike.
The Coachella Valley, located in Riverside County’s Inland Empire, is a premier desert region spanning 640 square miles across nine distinct cities. Serving as a vital home to over 450,000 residents, the Valley is one of California’s fastest-growing areas. The City of Palm Springs, incorporated in 1938 on the ancestral lands of the Agua Caliente Band of Cahuilla Indians, stands as a historical cornerstone known for its world-class mid-century modern architecture. As a global hub for luxury tourism located 100 miles east of Los Angeles, it offers a rich cultural tapestry fueled by international festivals and a vibrant arts community.
General Economic Overview
The Coachella Valley maintains a robust network of industry clusters that drive significant investment and year-round job growth. The City of Palm Springs is committed to building strategic partnerships for sustainable economic development through initiatives that stimulate a favorable investment climate, welcome entrepreneurship, and support industry diversity. As a premier destination for innovation and wellness, Palm Springs is the city of choice in the desert: a place where diverse talents choose to work and where businesses choose to invest. The City offers a legendary brand, a stable real estate market, and a business-friendly environment that is unique to the Southern California desert.
Recreation & Entertainment
Anchored by the historic Palm Springs Aerial Tramway and the vibrant Downtown District, Palm Springs offers a premier destination for arts and leisure, all within steps of mid-century heritage sites and boutique dining. A lively culinary scene featuring world-renowned international cuisine is a constant in the city, with numerous annual events, including the signature Coachella and Stagecoach festivals (highlighting the region’s massive “festival economy”), the Palm Springs International Film Festival, and Modernism Week regularly enlivening the desert core. From the Agua Caliente Cultural Plaza to elite golf courses, the city provides an unparalleled recreational landscape for residents and visitors alike.
Total Space Available
20,296 sqft
Sale Price
$5,995,000
Get in touch
Eric Chen
Lic: 01489184
Kevin Sin
Lic: 02020968
Blake Torgerson
Lic: 01919955