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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 6,845,000

Est. payment | -/mo

0.25 Acres Lot

Save

$ 6,845,000

Est. payment | -/mo

Save

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

- $2,105,000 PRICE REDUCTION!-
- 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

CRMLS Full IDX Feed (MAIN Website Search)

Listed by ALBERT LE LE INVESTMENT GROUP 909-256-7889, DRE #01468313

NEARBY SCHOOL & BUSINESS

+1(619) 302-3010

matt@homecrave.com

San Diego, CA 92124

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74380 El Camino #2 Palm Desert, CA 92260