37-Condominiums Airbnb & Short-Term Rentals
37 Unit Apartment Building | $8,950,000 ($241,892/Unit) | 14.33% Cap Rate | Palm Desert, CA 92260
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,950,000
- Property Type
-
Multifamily
- Square Feet
- 22,200 SF
Listing Contacts
Anthony Le
Verified Profile
- Property Info
Property Overview
The offering is located at 74380 El Camino, Palm Desert, CA. The property is centrally located in Downtown Palm Desert, just steps from El Paseo Drive, Palm Desert's main shopping street. The area surrounding the property has evolved into an upscale shopping district, featuring 150 boutiques, art galleries and restaurants. El Paseo, with its concentration of luxury retail outlets, its lush landscaping and its proximity to resorts, spas, golf clubs, tennis gardens, fine dining and nightlife entertainment, is often considered the “Beverly Hills” of the desert community. Palm Desert is a city in the county of Riverside, California, niched in the Coachella Valley and located approximately 14 miles East of Palm Springs and 122 miles East of Los Angeles. The population is constantly growing, going from 41,155 to 48,445 inhabitants, according to censuses conducted in 2000 and 2010.
The Palm Desert neighborhood is considered upper-middle class, presenting, according to current income analyses, an above average income, 63.8% higher than the neighborhoods in America. 40.1% of the active population is employed in sales and services, from major
sales accounts to the fast food service industry while 36.5% holds managerial and office positions.
The Palm Desert neighborhood is considered upper-middle class, presenting, according to current income analyses, an above average income, 63.8% higher than the neighborhoods in America. 40.1% of the active population is employed in sales and services, from major
sales accounts to the fast food service industry while 36.5% holds managerial and office positions.
Property Details
- Class
- C
- Year Built
- 1963
- Stories
- 2
- Lot Size (sq. ft)
- 10,890 SF
- Units
- 37
Highlights
- Boasts an impressive ProForma CAP rate of 14.33%, reflecting potential of operating complex as a short-term Airbnb or hotel project.
- This property is grandfathered, allowing existing short-term rentals (STRs) to continue operating despite location or exceeding the 20% cap.
- Updated Units - Walking distance from renowned El Paseo Shopping District & fine dining.
- The Palm Desert area is a premier year-round destination, attracting travelers from around the world.
- Twenty Two (22) condominium units priced at $5,200,000 / $236,364/unit. & Fifteen (15) condominium units priced at $3,750,000 / $250,000/unit.
- Units are currently vacant. Property is fully condomapped. Updated Interiors / Updated Exteriors
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