2550 S Araby Drive
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Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 16, 2024 | Sold | ||
| Sold | |||
| Sep 1, 2022 | Listed by Desert Sotheby's International Realty | $649,000 | |
| Listed by Desert Sotheby's International Realty | |||
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***Significant price reduction to allow buyer room to improve the property. *** This historic rock home built by R. Lee Miller in 1929 comes to market for the first time in 45 years. Perched above Araby Cove with panoramic views of the desert, this property offers privacy and solitude. There is a detached structure used previously as the garage and detached studio casita with full bath which has been used as an artist's studio in the past. This home has two fireplaces and an original stove pipe. Look closely at the detail of the handcrafted doors, windows and shelves, ironwork on the door latches, ceiling beams and handmade fireplace tools. Look even closer and you will discover a hidden room behind a bookcase. Look closer still and you will see the original owner, Perle Martin Wheeler carved her named into a nook in 1931. These homes have a storied history (see attached articles) of which many myths and legends have endured over decades. The roof was just redone August 2022. It has historic Class 1, Landmark designation with the City of Palm Springs. It does allow short term rentals. The sister property to this is also for sale, 2501 Araby Drive (MLS#219083969). Class 1 properties in Palm Springs are eligible for Mills Act contracts (see attached). These properties are only accessible via a private road with restricted access. You must have an appointment to view them. ***It is important you do not drive to the property. You must have an appointment.***
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017