83300 58th AVE, Thermal, CA 92274 - MLS#219120051DA

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Matt O'Brien

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

$ 9,650,000

Est. payment | -/mo

59.03 Acres Lot

Save

$ 9,650,000

Est. payment | -/mo

Save

59.03 Acres Lot

Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

Subdivision Vista Santa Rosa

MLS Listing ID 219120051DA

HOA Y/N Yes

Lot Size 59.030 Acres

Property Description

The subject property is located in the County of Riverside (COR) Vista Santa Rosa Community. The COR General Plan Foundation Policy overlay is Community Development (CDO), meaning land use may be low to high density residential among the many uses allowed under this zone classification. The property is also in the City of La Quinta Sphere of Influence (SOI), meaning the development could be entitled through the COR and the annexed into the City of La Quinta in the future. Sewer is at Jackson St.The property was originally developed as a Coachella Valley based nursery by a wholesale nursery company that distributed its products to Big Box stores in Southern California. Original greenhouse improvement costs ($15 MM) excluding the land, far exceeds the current asking price. The property has a 500 gallon per minute irrigation well & pump station with storage tanks for the nursery irrigation system. County of Riverside permitted Cannabis Hemp cultivation for CBD oil production is the most recent agriculture activity at the Nursery facility. Approximately 14 acres of greenhouse is being leased to third parties cultivating Hemp. Rental per acre per month is $8,000 per month. Current General Manager with knowledge base and notoriety in the CBD hemp cultivation industry, willing to work for new ownership, to manage rental income activity moving forward.The property is located in an Opportunity Zone, which offers a tax shelter advantage to a new owner. Opportunity Zones offer tax benefits to investors who elect to temporarily defer tax on capital gains if they timely invest those gain amounts in a Qualified Zone property.

Location

State CA

County Riverside

Area 316 - Thermal

Zoning A-1

Interior

Inclusions All Greenhouse Buildings, structures & attached equipment included

Fireplace No

Exterior

Fence Barbed Wire, Chain Link

Utilities Available Electricity Available, Electricity Connected

View Y/N Yes

View Mountain(s)

Building

Lot Description Agricultural, Flat

Sewer Unknown

Water Well

Others

Senior Community No

Tax ID 764170008

Acceptable Financing Cash to New Loan

Listing Terms Cash to New Loan

Special Listing Condition Standard

Listed by Robert Castro Arris Properties

+1(619) 302-3010

matt@homecrave.com

San Diego, CA, 92124

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83300 58th AVE Thermal, CA 92274