$6,845,000

74380 El Camino 2, Palm Desert, CA 92260

  • 22,200 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1963
  • Property Lot Size Icon0.25acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $308/sqft
  • Property List Date Icon Listed 1 year ago

Property Description

- $2,105,000 PRICE REDUCTION!- - Package deal - Condominium units are priced well below market @ just $185,000/unit. Representing $65,000 upside potential per unit or $2,405,000! - - Seller willing to sell units individually / ProForma CAP rate of 14.35%, Long-terms, short-term Airbnb or hotel project. Current CAP 6.48% - - This property is grandfathered, allowing existing short-term rentals (STRs) to continue operating despite location or exceeding the 20% cap. - - Active individual condos in the same community are currently listed between $235,000 - $250,000 per unit. - - Most recent closed condo in same community sold for $250,000 individual sale. Tremendous upside selling individually. - - Updated Interiors / Updated Exteriors / 15-Units have high-end updates & 22-units are good condition with standard updates. Fully condo-mapped.- 37-condominium package deal. Property is 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, increasing from 41,155 in 2000 to 48,445 in 2010, reflecting the area's rising demand. Known for its affluent community, Palm Desert has an average income 63.8% higher than other U.S. neighborhoods. The workforce is diverse, with 40.1% employed in sales and services and 36.5% in managerial and office positions. With its prime location, strong rental demand, and high-income potential, this property is a rare find in the Palm Desert market. Don’t miss out on this exceptional investment opportunity—contact us today!

Listing Status:
Pending
Date Added:
October 2, 2024 at 05:00AM
Listing Office:
LE INVESTMENT GROUP : 909-256-7889
Listing Agent:
ALBERT LE : 909-256-7889
MLS ID:
IV24204898
  • Laundry: None
  • Heating: Central
  • General: 1
  • Originating MLS: CRMLS
  • County: Riverside
  • Zoning: 625340002
  • Water: Private
  • Source: CRMLS

This listing courtesy of ALBERT LE, LE INVESTMENT GROUP

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

G

George Washington Charter School

45768 Portola Ave, Palm Desert, CA, 92260

Grades KG-5

0.41 miles away

P

Palm Desert Charter Middle School

74200 Rutledge Way, Palm Desert, CA, 92260

Grades 6-8

0.96 miles away

P

Palm Desert High School

74910 Aztec Rd, Palm Desert, CA, 92260

Grades 9-12

0.96 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.