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$8,950,000
Est. payment /mo
22,200 SqFt
UPDATED:
10/03/2024 01:42 AM
Key Details
Property Type Commercial
Sub Type Comm Ind For Sale
Listing Status Active
Purchase Type For Sale
Square Footage 22,200 sqft
Price per Sqft $403
MLS Listing ID CRIV24204898
HOA Y/N No
Year Built 1963
Lot Size 10,890 Sqft
Acres 0.25
Property Description
37 condominium units available in a community of 56 total units. 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 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
Location
State CA
County Riverside
Area Listing
Interior
Heating Other
Fireplace No
Exterior
Utilities Available Other
Building
New Construction No
Others
Tax ID 625340002
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Listed by ALBERT LE • LE INVESTMENT GROUP
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