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. For this price you are purchasing the land and the entitlements.
This is a FULLY ENTITLED 30+ Unit Rental Community with HOA & CC&Rs approved by City. Asking 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. 2 blocks from the 600 acre DISNEY COTINO PROJECT!
Permit ready in the next few weeks +/-.
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!
Listed by DEBRA HANNA, DEBRA HANNA BROKER,
Based on information from California Regional Multiple Listing Service, Inc. as of 9/30/22. 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 12:12 PM UTC, 9/30/22