500 S Farrell Drive S118, Palm Springs, California 92264, Palm Springs, 92264 - 2 bed, 2 bath
ACTIVE$339,000
500 S Farrell Drive S118, Palm Springs, California 92264
2Beds
2Baths
1,175Sqft
0.03Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Investment Potential: The property allows short-term rentals with a 7-day minimum, presenting a strong income-generating opportunity for investors.
Top Cons:
Substantial Monthly HOA Fees: The $507 monthly association fee is a significant recurring expense that impacts overall ownership costs and potential investment returns.
Compared to the nearby listings
Price:$339.0K vs avg $439.4K ($-100,450)21%
Size:1,175 sqft vs avg 1,307 sqft38%
Price/sqft:$289 vs avg $33822%
More Insights
Built in 1984 (41 years old).
Condition: Despite being built in 1984, the property has undergone significant updates, including a recently renovated kitchen with white shaker cabinets, stainless steel appliances, and modern countertops, as well as updated bathrooms with contemporary vanities and fixtures. The presence of a brand new AC unit further enhances its condition, ensuring major systems are functional and within expected lifespan. The overall aesthetic is move-in ready with no immediate renovations required, aligning with a 'Good' condition score.
Year Built
1984
Close
-
List price
$339K
Original List price
$339K
Price/Sqft
$289
HOA
$507
Days on market
-
Sold On
-
MLS number
219123002DA
Home ConditionGood
Features
Good View: Mountain(s)
Patio
ViewMountain(s)
About this home
Enjoy mountain views and resort-style living in a quiet, peaceful setting at 500 S Farrell #S118 in Palm Springs! Turnkey, Furnished and brand new AC unit! Just minutes from top shopping, dining, and entertainment, this home offers the best of both worlds. Relax by the sparkling pool, play a game of tennis, and enjoy the low-maintenance lifestyle with an HOA that covers basic cable, WIFI, trash, landscaping, and more. With a 7-day minimum for short-term rentals, it's also a great investment opportunity. Don't miss this serene retreat in a prime location!
Nearby schools
4/10
Cahuilla Elementary School
Public,•K-5•1.3mi
4/10
Raymond Cree Middle School
Public,•6-8•2.3mi
4/10
Desert Learning Academy
Public,•K-12•0.2mi
6/10
Palm Springs High School
Public,•9-12•0.3mi
Condition Rating
Good
Despite being built in 1984, the property has undergone significant updates, including a recently renovated kitchen with white shaker cabinets, stainless steel appliances, and modern countertops, as well as updated bathrooms with contemporary vanities and fixtures. The presence of a brand new AC unit further enhances its condition, ensuring major systems are functional and within expected lifespan. The overall aesthetic is move-in ready with no immediate renovations required, aligning with a 'Good' condition score.
Pros & Cons
Pros
Investment Potential: The property allows short-term rentals with a 7-day minimum, presenting a strong income-generating opportunity for investors.
Comprehensive HOA & Resort Amenities: A robust HOA covers essential services (cable, WIFI, trash, landscaping) and provides access to resort-style amenities like a sparkling pool and tennis courts, ensuring a low-maintenance lifestyle.
Prime Palm Springs Location: Strategically located minutes from top shopping, dining, and entertainment, enhancing desirability for residents and renters.
Turnkey & Furnished: Offered fully furnished and ready for immediate occupancy or rental, minimizing initial setup costs and effort for the buyer.
Recent AC Upgrade: The inclusion of a brand new AC unit provides modern comfort and reduces immediate maintenance concerns, especially crucial in the Palm Springs climate.
Cons
Substantial Monthly HOA Fees: The $507 monthly association fee is a significant recurring expense that impacts overall ownership costs and potential investment returns.
Age of Construction: Built in 1984, the 40-year-old building may present potential for aging infrastructure or require updates to non-mentioned interior components in the future.
Limited Private Outdoor Space: As a condominium with a small lot size (0.03 acres), the property likely offers minimal to no private outdoor living area, which may not appeal to all buyers.