Listed by DEBRA HANNA, DEBRA HANNA BROKER,

0 Portola

Palm Desert, CA, 92211

$3,975,000

$3,975,000
Active
Active
 - For Sale
property_type
Land
ready to go to final map! Multifamily/condos RENTAL PROJECT! BLOCKS FROM DISNEY'S NEW COTINO PROJECT (600 acres)! Excellent Location in Palm Desert. The area is exploding with activity, new homes, planned communities, visitors, etc. Easy layout, Easy build, Excellent location. Great opportunity for a Developer/Owner. Buyer will have to pay impact fees and permit fees to receive the FINAL map. This is a final map ready 32+ Unit Rental Community with HOA & CC&Rs approved by City. Ask price is $3,975,000 ($124,000 per unit) All units all 3 bedroom 2 bath, 2 car attached garage, 1340 sqft ONE STORY condos. Current market rents for the condos are somewhere between $3700-$3800. 28+ day stay airbnb (Midterm rentals) are also extremely popular & would double the income for the units. (potentially $6,000-$7,000) Costs including the entitlement/land will be $17,700,000 approximately (Buyer to verify costs in due diligence). Lease 24 units as long term and 8 as short term/Airbnb (midterm rental with a minimum 28+ day stay). Gross Operating Income = $1,700,000 - $540,000 expenses = $1,160,000 NET INCOME (pre debt service) @ a 5% CAP you are looking at an evaluation of approximately $23,000,000! Call me for more information. ** All numbers are forecasted and not guaranteed ** CREATIVE FINANCING AVAILABLE!
MLS® ID:
EV22217631
Listed:
10/6/22
Updated:
11/27/22

Exterior/Building Features

Lot Size
4.0 acres lot
Lot Details
6-10 Units/Acre

Other Property Details

Area Name
322 - North Palm Desert
HOA Amenities
Sidewalks
Garage
No
Parking
N
View
Y
County
Riverside
Water Source
Public
Pool
No
Zoning
R

Courtesy of DEBRA HANNA BROKER, DEBRA HANNA,
Listing Contact:  

Based on information from California Regional Multiple Listing Service, Inc. as of 11/27/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.  Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Data last updated 7:11 PM UTC, 11/27/22

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