426 N Hermosa Drive, Palm Springs, California 92262, Palm Springs, 92262 - 3 bed, 4 bath
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Palm Springs, California 92262
This Value-Add Residential Asset is a High-Potential Investment Opportunity, listed at $962,500—positioned slightly above the $936,083 Fair Market Value. While the main residence maintains a Condition Rating of 4 due to its original 1979 interiors, the property features a fully updated casita, a private spa, and panoramic mountain views. The fee-land ownership and direct-access two-car garage provide significant long-term security. This property is an ideal acquisition for Value-Add Investors or Owner-Occupants looking to modernize a unique, well-located Palm Springs residence.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 426 N Hermosa Drive Subject | $962,500* List Price | 3 | 4 | 2,299 | $407 | - |
A 402 N Hermosa Drive Sold | $749,000 | 3 | 3 | 1,650 | $454 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property presents a split condition; while the casita is fully updated with modern cabinetry and high-end appliances, the main residence remains in its original 1979 condition (45 years old). The primary kitchen and bathrooms are significantly dated and require a full remodel to meet modern standards, though the overall maintenance and updated guest unit keep it from a 'poor' rating.
Unlike many Palm Springs properties situated on leased land, this residence is on fee land, meaning you own the land, which provides greater long-term investment security and easier financing.
The property features a fully updated detached one-bedroom casita and one of the largest private patios in the community, offering a perfect setup for guests, a home office, or multi-generational living.
The inclusion of a rare direct-access two-car garage equipped with an EV charger adds significant value and convenience that is seldom found in comparable condominium complexes.
The main two-bedroom residence remains in its original 1979 condition, requiring a substantial additional investment to renovate and bring the space up to modern luxury standards.
With an association fee of $800 per month, the ongoing maintenance costs are relatively high, which may be a deterrent for buyers sensitive to monthly overhead.
A rare opportunity in the heart of Palm Springs, 426 North Hermosa Drive offers a truly one-of-a-kind residence within the highly sought-after Greenhouse East community. Originally held as one of only two developer units in the entire complex, this property stands apart with a level of uniqueness and potential that is seldom available. Set on fee land (you own it), the home captures breathtaking mountain views from one of the largest private patios in the community - an exceptional outdoor space designed for both relaxation and entertaining, complete with a private spa perfectly positioned to take in the stunning desert mountain backdrop. The property is thoughtfully configured with a fully updated one-bedroom, one-bathroom casita, ideal for guests, home office or a private retreat while the main two-bedroom, three-bathroom residence remains in original condition, presenting a remarkable opportunity to reimagine and elevate the space to your own vision of desert luxury. Additional highlights include a rare, direct-access two-car garage with EV charger that opens seamlessly into the home, enhancing both convenience and privacy. Greenhouse East is celebrated for its lush, meticulously maintained grounds, resort-style pool, and tennis court, all just moments from the vibrancy of downtown Palm Springs. This is more than a home, it's a distinctive canvas in one of the city's most desirable communities.
No exterior & parking available.
Grades K-5 • 0.7 mi
Grades 6-8 • 1.1 mi
Grades 9-12 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 2.0 | 82% |
| Baths | 4.0 | 2.0 | 98% |
| Square foot | 2,299 | 1,139 | 99% |
| Lot Size | - | 436 | 45% |
| Price | $962.5K | $362.0K | 94% |
| Price per sq ft | $419 | $345 | 71% |
| Built year | 1979 | 1981 | 31% |
| HOA | $800.0 | $550 | 95% |
| Days on market | 37 | 160 | 2% |
May 1, 2026
$962,500
Initial Listing
Dec 9, 2021
$885,000
Public Record
Nov 21, 2017
$505,000
Public Record