505 S Farrell Drive G42, Palm Springs, California 92264, Palm Springs, 92264 - 2 bed, 2 bath
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Palm Springs, California 92264
This property presents a High-Potential Investment Opportunity with a List Price of $365,000—positioned slightly above the $358,622 Fair Market Value. While the unit requires a renovation due to its Poor Condition Rating, the Seven-Day Rental Zoning and Panoramic Mountain Views provide a clear path to high-yield returns. With 1,175 sqft, in-unit laundry, and three private patios, the floor plan is optimized for vacationers. This is a strategic acquisition for Buy-and-Hold Investors or Value-Add Renovators seeking a high-turnover rental asset in Palm Springs.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 505 S Farrell Drive G42 Subject | $354,900* List Price | 2 | 2 | 1,175 | $300 | - |
A 2001 E Camino Parocela L84 Sold | $345,000 | 2 | 2 | 1,175 | $294 | 0.5 mi |
B 1111 E Ramon 53 Sold | $338,000 | 2 | 2 | 1,069 | $316 | 0.9 mi |
C 2251 N Sunshine Circle Sold | $420,000 | 3 | 2 | 1,342 | $313 | 0.1 mi |
D 2700 E Mesquite Avenue E29 Sold | $295,000 | 2 | 2 | 1,175 | $251 | 0.4 mi |
E 1111 E Ramon Road 13 Sold | $355,000 | 2 | 2 | 1,069 | $332 | 0.9 mi |
F 2701 E Mesquite Avenue L54 Sold | $369,000 | 2 | 2 | 1,175 | $314 | 0.5 mi |
G 505 S Farrell Drive S115 Sold | $285,000 | 1 | 1 | 797 | $358 | 0.1 mi |
H 500 S Farrell Drive J64 Active | $325,000 List Price | 2 | 2 | 1,175 | $277 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1984 (40 years old), the property is explicitly described as being in 'original condition' and 'ready for a face-lift.' While one bathroom shows a modern renovation, the overall age of the unit and the agent's description of it needing a rehab to update original 1980s features and systems align with the poor category criteria.
The unit boasts premium views of the San Jacinto mountains and the pool area from the living room and both bedrooms, significantly increasing its aesthetic appeal and market value.
Located in a community that permits seven-day rentals, this property offers a rare and lucrative opportunity for investors seeking high-turnover vacation rental income in Palm Springs.
With 1,175 square feet, in-unit laundry, and three separate patios, the floor plan maximizes indoor-outdoor living and provides ample space for residents or guests.
The interior is in its original 1984 state and requires a full cosmetic renovation, which will necessitate additional immediate capital investment and time from the buyer.
The $507 monthly association fee adds a significant fixed expense to the ownership cost, which may impact the overall net yield for investment-focused buyers.
PRICE IMPROVED! Now it is a screaming DEAL! The View Condo you've been waiting for! Spectacular vistas of the San Jacinto Mountains overlooking the pool and spa create the perfect Palm Springs backdrop. This upper-level residence offers exceptional potential and is ready for its next chapter.Featuring two generously sized bedrooms, a spacious living area, in-unit laundry, and abundant storage throughout, the floor plan is both comfortable and functional. Multiple patios including access from both bedrooms and the living room provide seamless indoor-outdoor living, all framed by stunning mountain views.Located in Mesquite Country Club, one of Palm Springs' most sought-after communities, owners enjoy the rare advantage of 7-day minimum rentals, creating excellent income-producing potential. The current owners successfully utilized the property for both seasonal and long-term rentals. Priced with renovation in mind and positioned to sell quickly, this is a rare opportunity to create your dream desert retreat while building equity. Don't miss one of the best view opportunities currently available in Mesquite Country Club.
No exterior & parking available.
Grades K-5 • 1.2 mi
Grades 6-8 • 2.3 mi
Grades K-12 • 0.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,175 | 1,199 |
| Lot Size | - | 1,742 |
| Price | $354.9K | $445.8K |
| Price per sq ft | $302 | $351 |
| Built year | 1984 | 1980 |
| HOA | $507.0 | $587 |
| Days on market | 49 | 67 |
Jul 11, 2026
$354,900
$365,000
-3% Price Drop
Initial Listing
Jun 3, 2026
$365,000
Initial Listing
Apr 12, 2019
$270,000
Public Record
Sep 4, 2007
$250,000
Public Record
Jan 2, 2004
$187,000
Public Record
Mar 20, 2001
$142,500
Public Record