74380 El Camino Active Save Request In-Person Tour Request Virtual Tour
Palm Desert,CA 92260
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 $375
MLS Listing ID CRIV24204898
Year Built 1963
Lot Size 10,890 Sqft
Property Sub-Type Comm Ind For Sale
Property Description
HUGE $625,000 PRICE REDUCTION! Seller will consider selling the condominiums individually. This is a prime investment opportunity featuring 37 condominium units within a 56-unit community in the heart of Downtown Palm Desert. The property has been fully condo-mapped and is vacant, making it ready for a new owner to maximize its potential. 15 units have received high-end updates, while 22 units are in good condition with standard updates. Offered at $4,950,000 for 22 units ($225,000 per unit) and $3,375,000 for 15 units ($225,000 per unit), this investment boasts an impressive ProForma CAP rate of 15.50%, presenting a lucrative opportunity for short-term Airbnb or hotel operations. The property is grandfathered for short-term rentals (STRs), allowing continued operation despite location restrictions or the 20% cap. 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, incre
Location
State CA
County Riverside
Interior
Heating Other