0.25 Acres Lot
0.25 Acres Lot
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Pending
Purchase Type For Sale
MLS Listing ID IV24204898
HOA Y/N No
Year Built 1963
Lot Size 10,890 Sqft
Property Sub-Type Multi Family
Property Description
- Package deal - Condominium units are priced well below market @ just $185,000/unit. Representing $65,000 upside potential per unit or $2,405,000! -
- Seller willing to sell units individually / ProForma CAP rate of 14.35%, Long-terms, short-term Airbnb or hotel project. Current CAP 6.48% -
- This property is grandfathered, allowing existing short-term rentals (STRs) to continue operating despite location or exceeding the 20% cap. -
- Active individual condos in the same community are currently listed between $235,000 - $250,000 per unit. -
- Most recent closed condo in same community sold for $250,000 individual sale. Tremendous upside selling individually. -
- Updated Interiors / Updated Exteriors / 15-Units have high-end updates & 22-units are good condition with standard updates. Fully condo-mapped.-
37-condominium package deal. Property is strategically positioned just steps from El Paseo Drive, Palm Desert's premier shopping and dining district, this property offers unmatched convenience and luxury. El Paseo is home to over 150 boutiques, art galleries, and fine dining establishments, making it the "Beverly Hills of the Desert." Palm Desert is a thriving city in Riverside County, located 14 miles east of Palm Springs and 122 miles east of Los Angeles. The population has experienced steady growth, increasing from 41,155 in 2000 to 48,445 in 2010, reflecting the area's rising demand.
Known for its affluent community, Palm Desert has an average income 63.8% higher than other U.S. neighborhoods. The workforce is diverse, with 40.1% employed in sales and services and 36.5% in managerial and office positions. With its prime location, strong rental demand, and high-income potential, this property is a rare find in the Palm Desert market. Don't miss out on this exceptional investment opportunity—contact us today!
Location
State CA
County Riverside
Area 699 - Not Defined
Interior
Heating Central
Fireplace No
Laundry None
Building
Lot Description 36-40 Units/Acre
Story 1
Water Private
Others
Tax ID 625340002
Acceptable Financing Submit
Listing Terms Submit
Special Listing Condition Standard
NEARBY SCHOOL & BUSINESS
REVIEWS
MORTGAGE CALCULATOR
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