Casa Serena Apartments 46595 Vargas Road
Indio, CA 92201
For Sale
29,376 sqft
Sale Price
$8,400,000
Brochure
Property Website
Map
Multifamily For Sale - Available July 2026
Casa Serena Apartments | 51 Units in Indio | 6.61% Cap Rate
Well-maintained 51-unit, one-story, garden-style community in a prime Indio rental location.
Turnkey investment opportunity with brand new remodeled units featuring modern dark cabinetry, granite-style countertops, luxury vinyl wood plank flooring, and new tub and shower surrounds.
Unit mix consist of all one-bedroom/one-bathroom floor plans, averaging a 576 SF per unit.
Attractively priced at just $164,706 per unit and $286 per square foot.
Offered at a 6.61% current cap rate and an 8.78% pro forma cap rate and an opportunity to capture up to 22% rental upside potential by raising rents to market rates.
Positioned on a generous ±106,286 SF lot with ±29,376 SF of rentable space.
Units feature open-concept island kitchens with breakfast bar, central air and heating, walk-in closets, electric stove with range, double-pane windows with vertical blinds and private patios.
Property highlights include lush mature landscaping, a beautifully maintained courtyard, on-site laundry, surface parking, and full-time on-site property management and maintenance.
Direct access to the I-10 Freeway and Highway 111 retail corridor places residents minutes from major employment, retail, and entertainment destinations across the Coachella Valley.
Get in touch
Eric Chen
Lic: 01489184
Blake Torgerson
Lic: 01919955
CBRE is pleased to exclusively present a distinguished multifamily investment opportunity at Casa Serena Apartments, 46595 Vargas Road in Indio, CA, offering a strong in-place income stream in the heart of the Coachella Valley.
This well-maintained 51-unit garden-style community provides residents with direct access to the I-10 Freeway and Highway 111 retail corridor, and proximity to the world-famous Empire Polo Grounds and Coachella Valley Music & Arts Festival. Currently generating a 6.61% cap rate with an 8.78% pro forma cap rate, the property presents an exceptional opportunity to capture up to 22% in rental upside potential by raising rents to market rates.
Property Highlights
Situated on a ±106,286 SF lot, Casa Serena features ±29,376 SF of rentable space across 51 one-bedroom/one-bathroom floor plans averaging a generous 576 SF each. Select units have been brand new remodeled with dark cabinetry, granite-style countertops, luxury vinyl wood plank flooring, and new tub and shower surrounds. Open-concept island kitchens offer a breakfast bar, electric stove and range with hood, and ample cabinet storage. Each unit includes walk-in closets, double-pane windows, private individual patios, and central air and heating — all on one story with no neighbors above or below. Common areas feature an on-site laundry facility, lush mature landscaping, a beautifully maintained courtyard, and surface parking, with full-time on-site property management and maintenance staff.
Strategic Location & Connectivity
IIndio sits at the crossroads of the Coachella Valley, offering residents direct I-10 Freeway access and the Highway 111 retail corridor connecting to virtually every Coachella Valley city center. Residents enjoy convenient access to the El Paseo Shopping District in Rancho Mirage — the desert’s premier luxury retail destination — as well as the boutiques, dining, and nightlife lining historic Palm Canyon Drive in Palm Springs. Palm Springs International Airport (PSP) — consistently recognized as one of the most stress-free airports in the country — is just 30 minutes away. State Routes 86 and 111 extend south toward the Salton Sea and into key trade corridors connecting the Coachella and Imperial Valleys to Mexico.
Thriving Economy & Top Employers
Indio’s economy is anchored by a dynamic mix of hospitality, gaming, government, healthcare, and retail. Top employers include Fantasy Springs Resort Casino, Spotlight 29 Casino, the City of Indio, Desert Regional Medical Center, and the College of the Desert — driving a stable, diverse employment base across the Coachella Valley. As the secondary seat of Riverside County government, Indio supports thousands of public sector jobs. Tourism adds powerful economic strength, with nearly 1.4 million annual visitors drawn to the Coachella Valley Music & Arts Festival, the Empire Polo Grounds, and the National Date Festival — sustaining a consistent and resilient tenant base year-round.
Stabilized Investment Opportunity
Casa Serena Apartments is a stable income-producing asset in the Coachella Valley, promising a strong return on investment in one of Southern California’s most rapidly growing communities. Whether you are a first-time investor seeking to enter the market, a seasoned investor looking to expand your portfolio, or considering a 1031 Exchange, this property offers exceptional stability and long-term value.
This well-maintained 51-unit garden-style community provides residents with direct access to the I-10 Freeway and Highway 111 retail corridor, and proximity to the world-famous Empire Polo Grounds and Coachella Valley Music & Arts Festival. Currently generating a 6.61% cap rate with an 8.78% pro forma cap rate, the property presents an exceptional opportunity to capture up to 22% in rental upside potential by raising rents to market rates.
Property Highlights
Situated on a ±106,286 SF lot, Casa Serena features ±29,376 SF of rentable space across 51 one-bedroom/one-bathroom floor plans averaging a generous 576 SF each. Select units have been brand new remodeled with dark cabinetry, granite-style countertops, luxury vinyl wood plank flooring, and new tub and shower surrounds. Open-concept island kitchens offer a breakfast bar, electric stove and range with hood, and ample cabinet storage. Each unit includes walk-in closets, double-pane windows, private individual patios, and central air and heating — all on one story with no neighbors above or below. Common areas feature an on-site laundry facility, lush mature landscaping, a beautifully maintained courtyard, and surface parking, with full-time on-site property management and maintenance staff.
Strategic Location & Connectivity
IIndio sits at the crossroads of the Coachella Valley, offering residents direct I-10 Freeway access and the Highway 111 retail corridor connecting to virtually every Coachella Valley city center. Residents enjoy convenient access to the El Paseo Shopping District in Rancho Mirage — the desert’s premier luxury retail destination — as well as the boutiques, dining, and nightlife lining historic Palm Canyon Drive in Palm Springs. Palm Springs International Airport (PSP) — consistently recognized as one of the most stress-free airports in the country — is just 30 minutes away. State Routes 86 and 111 extend south toward the Salton Sea and into key trade corridors connecting the Coachella and Imperial Valleys to Mexico.
Thriving Economy & Top Employers
Indio’s economy is anchored by a dynamic mix of hospitality, gaming, government, healthcare, and retail. Top employers include Fantasy Springs Resort Casino, Spotlight 29 Casino, the City of Indio, Desert Regional Medical Center, and the College of the Desert — driving a stable, diverse employment base across the Coachella Valley. As the secondary seat of Riverside County government, Indio supports thousands of public sector jobs. Tourism adds powerful economic strength, with nearly 1.4 million annual visitors drawn to the Coachella Valley Music & Arts Festival, the Empire Polo Grounds, and the National Date Festival — sustaining a consistent and resilient tenant base year-round.
Stabilized Investment Opportunity
Casa Serena Apartments is a stable income-producing asset in the Coachella Valley, promising a strong return on investment in one of Southern California’s most rapidly growing communities. Whether you are a first-time investor seeking to enter the market, a seasoned investor looking to expand your portfolio, or considering a 1031 Exchange, this property offers exceptional stability and long-term value.
Strategic Economic Drivers: The Coachella Valley’s Largest Hub
Indio’s strategic position as the largest and fastest-growing city in the Coachella Valley provides unparalleled regional access across Riverside County via the Interstate 10 corridor. As the primary gateway to the east valley, the city serves as a critical link between the Southern California coast and the greater Inland Empire, solidifying its role as a major regional commerce and hospitality hub. Furthermore, the area is poised for sustained economic uplift as the undisputed "#1" destination for large-scale tourism in the region, driven by its world-famous reputation and its status as the most populous city in the valley. This geographic dominance ensures a steady flow of regional traffic and high-capacity demand for modern accommodations.
Global Festival Impact and Year-Round Tourism
Known worldwide as the "City of Festivals," Indio’s economy is anchored by its status as a global entertainment powerhouse. The city hosts the Coachella Valley Music and Arts Festival and the Stagecoach Country Music Festival, which together generate a massive global economic impact and attract hundreds of thousands of high-spending visitors annually. This international draw guarantees an influx of high-ADR demand from spectators, production staff, media, and corporate sponsors throughout the peak festival season. Beyond these marquee events, the city’s demographics reflect a rapidly expanding permanent population, providing a resilient base of local demand that complements the massive surge in international tourism and seasonal festival-driven revenue.
Local Demand Generators: Retail, Recreation, and Polo Grounds
Indio’s local economy is bolstered by high-volume retail centers and premier recreational attractions. The city is home to the Empire Polo Club and Eldorado Polo Club, world-renowned venues that serve as the epicenter for both professional polo and the aforementioned global festivals. This leisure draw is complemented by a robust selection of shopping sites and regional power centers that capture significant retail trade activity from across the Coachella Valley. The property further benefits from Indio’s extensive "recreation and entertainment" infrastructure, including championship golf courses and proximity to the Joshua Tree National Park entrance, which attracts millions of outdoor enthusiasts annually. This powerful combination of festival fame, desert recreation, and retail appeal ensures deep, year-round market demand.
Indio’s strategic position as the largest and fastest-growing city in the Coachella Valley provides unparalleled regional access across Riverside County via the Interstate 10 corridor. As the primary gateway to the east valley, the city serves as a critical link between the Southern California coast and the greater Inland Empire, solidifying its role as a major regional commerce and hospitality hub. Furthermore, the area is poised for sustained economic uplift as the undisputed "#1" destination for large-scale tourism in the region, driven by its world-famous reputation and its status as the most populous city in the valley. This geographic dominance ensures a steady flow of regional traffic and high-capacity demand for modern accommodations.
Global Festival Impact and Year-Round Tourism
Known worldwide as the "City of Festivals," Indio’s economy is anchored by its status as a global entertainment powerhouse. The city hosts the Coachella Valley Music and Arts Festival and the Stagecoach Country Music Festival, which together generate a massive global economic impact and attract hundreds of thousands of high-spending visitors annually. This international draw guarantees an influx of high-ADR demand from spectators, production staff, media, and corporate sponsors throughout the peak festival season. Beyond these marquee events, the city’s demographics reflect a rapidly expanding permanent population, providing a resilient base of local demand that complements the massive surge in international tourism and seasonal festival-driven revenue.
Local Demand Generators: Retail, Recreation, and Polo Grounds
Indio’s local economy is bolstered by high-volume retail centers and premier recreational attractions. The city is home to the Empire Polo Club and Eldorado Polo Club, world-renowned venues that serve as the epicenter for both professional polo and the aforementioned global festivals. This leisure draw is complemented by a robust selection of shopping sites and regional power centers that capture significant retail trade activity from across the Coachella Valley. The property further benefits from Indio’s extensive "recreation and entertainment" infrastructure, including championship golf courses and proximity to the Joshua Tree National Park entrance, which attracts millions of outdoor enthusiasts annually. This powerful combination of festival fame, desert recreation, and retail appeal ensures deep, year-round market demand.
Total Space Available
29,376 sqft
Sale Price
$8,400,000
Amenity
The Shops at Palm Desert
Retail
12.3 miles
15 min.
/drive
Downtown Palm Springs
Retail
26 miles
30 min.
/drive
Place
Cabazon Outlets
Retail
41.3 miles
45 min.
/drive
Airport
Palm Springs International Airport
21.5 miles
25 min.
/drive
Ontario International Airport
90.8 miles
120 min.
/drive
San Diego International Airport
152 miles
200 min.
/drive
Highway
10 Freeway
1.7 miles
5 min.
/drive
Get in touch
Eric Chen
Lic: 01489184
Blake Torgerson
Lic: 01919955