37043 Bankside Dr
Cathedral City, CA 92234

$950,000

Last Sold Price

—

Beds

—

Baths

4,500 Sq. Ft.

$211 / Sq. Ft.

4,500

Sq. Ft.

$211

per Sq. Ft.

Closed 7/1/21

37043 Bankside Drive Cathedral City, CA 92234 - Photo 1 of 1

Description

This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished),...This property is positioned in an ideal location to take advantage of both the long term and seasonal rental markets! Demand for long term rent in the high desert is booming and seasonal renters can bring a huge influx of income during the prime times of the year. 4 of the 5 units are currently rented by long term tenants with month to month agreements. All units completely renovated last year, one of them in 2021. Two of tenants are planning to move out soon so the rent can be increased to $1500-$1600(unfurnished), for a 12 month lease. One unit is vacant and will likely be rented for $1495 by end of week ending 4/9/21. Units also can be furnished and rented to vacationers. Long term renters appreciate having a furnished unit and you can charge more rent so you always have the option to switch back to longterm. The building has an ideal layout for the combination of long term and seasonal tenants as there is a two story townhouse style unit with its own private yard! Perfect for vacationers! This building is perched in a prime location close to downtown Palm Springs or El Paseo in Palm Desert. There are several choices for how to enjoy income from this property. With current rent, cap rate would be over 5.1%. Operating expenses listed include property taxes, gardener, pool maintenance, insurance, and management fee of 7%/mo. Upside is 15% and you have the chance to get that right away with two of the units. Don't miss out!

Listed by Laurence Cook • DRE #02070820 • Brokerage DRE #00951359 • Rodeo Realty

Property Details for 37043 Bankside Drive

Parking Spaces Total

Private Pool

Yes

Cooling Type

Central

Total Units

5.0

Building Type

Attached

Lot Size Source

Assessor

Living Area

4500

Assessor Parcel Number

687-092-003

LISTING UPDATED: 07/05/2021 04:56 AM

Property Details for 37043 Bankside Drive

Status	Closed
MLS #	SR21062761
Days on Market	55
Taxes	-
HOA Fees	-
Condo/Co-op Fees	-
Compass Type	Multi Family
MLS Type	Residential Income
Year Built	1979
Lot Size	0.24 AC / 10,454 SF
County	Riverside County

Location

Listing Courtesy of Rodeo Realty, Laurence Cook, DRE #02070820

Sold By Luxury Homes in L.A., Lee Browner, DRE #00523273

Add your commute

Building Information for 37043 Bankside Drive

Stories-Residences-Year Built1979Building Size-Lot Size0.24 AC / 10,454 SF

Payment Calculator

$5,860 per month

30 year fixed, 6.15% Interest

Principal and Interest

$4,630

Property Taxes

$1,230

HOA Dues

The Payment Calculator is for illustrative purposes only.

Property Information for 37043 Bankside Drive

Income / Expense / Tax Details

Income Details

Gross Income: $78,900
Gross Scheduled Income: $78,900

Net Operating Income: $56,035
Laundry Income: $1,200
Gross Multiplier: 13.94
Cap Rate: 5.1
Current Financing: None
Financing: Cash

Expense Details

Operating Expense: $22,865
New Taxes Expense: $13,860

Expense Year: $2,020
Gardener Expense: $1,200
Fuel Expense: $0
Electric Expense: $0
Insurance Expense: $1,000
Maintenance Expense: $2,640
Professional Management Expense: $5,523
Trash Expense: $0
Water Sewer Expense: $0
Total Expenses: $22,865

Tax / Assessment Info

Tax Annual Amount: $13,860
Tax Tract Number: 5

Tax Census Tract: 450.00
Tax Lot: 195

Community / Development

Community Features: Curbs, Foothills, Sidewalks, Storm Drains, Street Lights, Suburban
Investment Property: Yes

Property / Structure Info

Interior Features

Laundry: Yes
Laundry Features: Community, Outside

Cooling: Central Air

Exterior Features

Pool Features: Private, In Ground
Pool Description: In Ground, Private

Land/Lot Info

Sign on Property: No
Lot Features: 0-1 Unit/Acre

Land Use: Multi-Family
Number Of Units: 5
Land Lease: No
Land Lease Type: Fee
Sewer: Public Sewer
Water Source: Public

Parking Info

Garage Spaces: 0
Parking: Yes

Parking Garage: Assigned
Uncovered Spaces: 8
Open Other Spaces Total: 8
Parking Garage Spaces: 0
Carport Spaces: 0
Parking Features: Assigned

Property / Structure Info

Builders Tract Name: Cathedral City Cove
Builders Tract Code: Cathedral City Cove (33611)

Building Status: Existing

Unit Information

Unit 1

Unit Type Units Total: 5
Unit Type Beds Total: 2

Unit Type Baths Total: 2
Unit Type Furnished: Unfurnished
Unit Type Garage Spaces: 0
Unit Type Garage Attached: No
Unit Type Actual Rent: $1,295
Unit Type Total Rent: $78,900
Unit Type Pro Forma: 78900
Unit Type Area: 900
Unit Type Area Units: Square Feet
Unit Type Type: 1

Unit Information

Number Of Units Leased: 4
Rent Controlled: No

Number Of Buildings: 1
Number Of Separate Electric Meters: 5
Number Of Separate Gas Meters: 5
Number Of Separate Water Meters: 5

Property History for 37043 Bankside Drive

Date	Event & Source	Price	Appreciation
Jul 1, 2021	Price Change CLAW #SR21069216CN	$1,100,000	—
Jul 1, 2021	Sold CRMLS #SR21069216	$950,000	—
Jul 1, 2021	Sold CRMLS #SR21062761	$950,000	—
Jul 1, 2021	Sold CLAW #SR21069216CN	$950,000	—
Jun 24, 2021	Sold (Public Record) Public Record #1465580123	$950,000	+8.2% / yr
May 28, 2021	Pending CLAW #SR21069216CN		—
May 28, 2021	Pending CRMLS #SR21069216		—
May 28, 2021	Accepting Backup Offers CLAW #SR21069216CN		—
May 28, 2021	Accepting Backup Offers CRMLS #SR21069216		—
Apr 5, 2021	Pending CLAW #SR21069216CN		—
Apr 5, 2021	Pending CRMLS #SR21069216		—
Apr 2, 2021	Listed (Active) CLAW #SR21069216CN	$1,100,000	—
Apr 2, 2021	Listed (Active) CRMLS #SR21069216	$1,100,000	—
Mar 26, 2021	Listed (Active) CRMLS #SR21062761	$1,100,000	—
Jul 3, 2018	Sold CRMLS #AR17216244	$750,000	—
Jul 3, 2018	Sold CRMLS #AR17216032	$750,000	—
Jul 3, 2018	Sold SDMLS #AR17216032	$750,000	—
Jul 3, 2018	Sold CLAW #AR17216032MR	$750,000	—
Jun 27, 2018	Sold (Public Record) Public Record #625368166	$750,000	+8.4% / yr
Apr 28, 2018	Pending CLAW #AR17216032MR		—
Apr 28, 2018	Pending CRMLS #AR17216032		—
Apr 6, 2018	Price Change CRMLS #AR17216244	$775,000	—
Apr 6, 2018	Price Change CRMLS #AR17216032	$775,000	—
Mar 3, 2018	Price Change CRMLS #AR17216244	$789,000	—
Mar 3, 2018	Price Change CRMLS #AR17216032	$789,000	—
Sep 19, 2017	Listed (Active) CLAW #AR17216032MR	$699,000	—
Sep 19, 2017	Listed (Active) CRMLS #AR17216032	$699,000	—
Sep 19, 2017	Listed (Active) CRMLS #AR17216244	$699,000	—
Sep 19, 2017	Listed (Active) SDMLS #AR17216032	$699,000	—
Sep 21, 2015	Sold GPSMLS #15942829		—
Sep 20, 2015	Listed (Active) GPSMLS #15942829	$600,000	—
Sep 18, 2015	Sold CRMLS #15942829PS	$600,000	—
Sep 18, 2015	Sold SDMLS #15942829PS	$600,000	—
Sep 18, 2015	Sold CARETS #15942829PS	$600,000	—
Sep 15, 2015	Sold (Public Record) Public Record #556172507	$600,000	+14.4% / yr
Sep 10, 2015	Pending CARETS #15942829PS		—
Sep 10, 2015	Pending CRMLS #15942829PS		—
Sep 7, 2015	Listed (Active) SDMLS #15942829PS	$600,000	—
Sep 7, 2015	Listed (Active) CRMLS #15942829PS	$600,000	—
Sep 7, 2015	Listed (Active) CARETS #15942829PS	$600,000	—
May 9, 2014	Sold GPSMLS #214006113	$499,000	—
May 9, 2014	Sold CRMLS #214006113DA	$499,000	—
May 2, 2014	Sold (Public Record) Public Record #414671402	$499,000	-0.2% / yr
May 1, 2014	Pending CRMLS #214006113DA		—
May 1, 2014	Pending GPSMLS #214006113		—
Feb 20, 2014	Listed (Active) CRMLS #214006113DA	$499,000	—
Feb 20, 2014	Listed (Active) GPSMLS #214006113	$499,000	—
Dec 3, 2003	Sold (Public Record) Public Record #125098361	$510,000	—

Date	Event & Source	Price
07/01/2021	Price Change CLAW #SR21069216CN	$1,100,000
07/01/2021	Sold CRMLS #SR21069216	$950,000
07/01/2021	Sold CRMLS #SR21062761	$950,000
07/01/2021	Sold CLAW #SR21069216CN	$950,000
06/24/2021	Sold (Public Record) Public Record #1465580123	$950,000 +8.2% / yr
05/28/2021	Pending CLAW #SR21069216CN	—
05/28/2021	Pending CRMLS #SR21069216	—
05/28/2021	Accepting Backup Offers CLAW #SR21069216CN	—
05/28/2021	Accepting Backup Offers CRMLS #SR21069216	—
04/05/2021	Pending CLAW #SR21069216CN	—
04/05/2021	Pending CRMLS #SR21069216	—
04/02/2021	Listed (Active) CLAW #SR21069216CN	$1,100,000
04/02/2021	Listed (Active) CRMLS #SR21069216	$1,100,000
03/26/2021	Listed (Active) CRMLS #SR21062761	$1,100,000
07/03/2018	Sold CRMLS #AR17216244	$750,000
07/03/2018	Sold CRMLS #AR17216032	$750,000
07/03/2018	Sold SDMLS #AR17216032	$750,000
07/03/2018	Sold CLAW #AR17216032MR	$750,000
06/27/2018	Sold (Public Record) Public Record #625368166	$750,000 +8.4% / yr
04/28/2018	Pending CLAW #AR17216032MR	—
04/28/2018	Pending CRMLS #AR17216032	—
04/06/2018	Price Change CRMLS #AR17216244	$775,000
04/06/2018	Price Change CRMLS #AR17216032	$775,000
03/03/2018	Price Change CRMLS #AR17216244	$789,000
03/03/2018	Price Change CRMLS #AR17216032	$789,000
09/19/2017	Listed (Active) CLAW #AR17216032MR	$699,000
09/19/2017	Listed (Active) CRMLS #AR17216032	$699,000
09/19/2017	Listed (Active) CRMLS #AR17216244	$699,000
09/19/2017	Listed (Active) SDMLS #AR17216032	$699,000
09/21/2015	Sold GPSMLS #15942829	—
09/20/2015	Listed (Active) GPSMLS #15942829	$600,000
09/18/2015	Sold CRMLS #15942829PS	$600,000
09/18/2015	Sold SDMLS #15942829PS	$600,000
09/18/2015	Sold CARETS #15942829PS	$600,000
09/15/2015	Sold (Public Record) Public Record #556172507	$600,000 +14.4% / yr
09/10/2015	Pending CARETS #15942829PS	—
09/10/2015	Pending CRMLS #15942829PS	—
09/07/2015	Listed (Active) SDMLS #15942829PS	$600,000
09/07/2015	Listed (Active) CRMLS #15942829PS	$600,000
09/07/2015	Listed (Active) CARETS #15942829PS	$600,000
05/09/2014	Sold GPSMLS #214006113	$499,000
05/09/2014	Sold CRMLS #214006113DA	$499,000
05/02/2014	Sold (Public Record) Public Record #414671402	$499,000 -0.2% / yr
05/01/2014	Pending CRMLS #214006113DA	—
05/01/2014	Pending GPSMLS #214006113	—
02/20/2014	Listed (Active) CRMLS #214006113DA	$499,000
02/20/2014	Listed (Active) GPSMLS #214006113	$499,000
12/03/2003	Sold (Public Record) Public Record #125098361	$510,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 37043 Bankside Drive

Taxable ValueLand$318,362Additions$689,785Total$1,008,147

Tax Record2025$14,764 ($1,230 / month)

Home Facts

Total Finished SqFt4,104 SqFtAbove Grade Finished SqFt4,104 SqFtStories2Lot Size10,454 SqFtStyleMulti-Family Res (5+ Units)Year Built1979ZoningR302MCountyRIVERSIDEAPN687-092-003

Schools near 37043 Bankside Drive

This home is within Palm Springs Unified School District.


Rating	School	Type	Grades	Distance
7/10	Rancho Mirage Elementary School	Public - Serves this home	K to 5	3.9 mi
4/10	Nellie N. Coffman Middle School	Public - Serves this home	6 to 8	1.7 mi
5/10	Cathedral City High School	Public - Serves this home	9 to 12	2.0 mi
6/10	Cielo Vista Charter School	Charter - Choice school	K to 8	2.9 mi
2/10	Mt. San Jacinto High School	Public - Choice school	9 to 12	3.1 mi
4/10	Desert Learning Academy	Public - Choice school	K to 12	3.9 mi


Rating	School	Distance
7/10	Rancho Mirage Elementary School PublicK to 5 Serves this home	3.9 mi
4/10	Nellie N. Coffman Middle School Public6 to 8 Serves this home	1.7 mi
5/10	Cathedral City High School Public9 to 12 Serves this home	2.0 mi
6/10	Cielo Vista Charter School CharterK to 8 Choice school	2.9 mi
2/10	Mt. San Jacinto High School Public9 to 12 Choice school	3.1 mi
4/10	Desert Learning Academy PublicK to 12 Choice school	3.9 mi

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Listing Courtesy of Rodeo Realty, Laurence Cook, DRE #02070820

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

37043 Bankside DrCathedral City, CA 92234

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37043 Bankside Dr
Cathedral City, CA 92234