Palm Desert, CA 92260,74380 El Camino #2
Palm Desert, CA 92260,74380 El Camino #2
Palm Desert, CA 92260,74380 El Camino #2
Palm Desert, CA 92260,74380 El Camino #2
Palm Desert, CA 92260,74380 El Camino #2
Palm Desert, CA 92260,74380 El Camino #2
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$ 8,950,000
Est. payment | /mo

0.25 Acres Lot


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$ 8,950,000
Est. payment | /mo
Save

0.25 Acres Lot

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID IV24204898

HOA Y/N No

Year Built 1963

Lot Size 10,890 Sqft

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, is often considered the “Beverly Hills” of the desert community. Palm Desert is a city in the county of Riverside, California, niched in the Coachella Valley and located approximately 14 miles East of Palm Springs and 122 miles East of Los Angeles. The population is constantly growing, going from 41,155 to 48,445 inhabitants, according to censuses conducted in 2000 and 2010.

The Palm Desert neighborhood is considered upper-middle class, presenting, according to current income analyses, an above average income, 63.8% higher than the neighborhoods in America. 40.1% of the active population is employed in sales and services, from major
sales accounts to the fast food service industry while 36.5% holds managerial and office positions.

Location

State CA

County Riverside

Area 699 - Not Defined

Interior

Heating Central

Fireplace No

Laundry None

Building

Lot Description 36-40 Units/Acre

Story 1

Water Private

Others

Tax ID 625340002

Acceptable Financing Submit

Listing Terms Submit

Special Listing Condition Standard

California Regional MLS (CRMLS)
Listed by ALBERT LE • LE INVESTMENT GROUP • 909-256-7889
agent-avatar

My extensive experience in sales, a white glove customer service and my expansive network enables me to open doors for my clients on both sides of the property equation. In fact, I stay involved throughout all stages of the real estate process. I’ll guide you every step of the way, whether you’re looking to buy, sell or rent. Book your appointment today and let's OPEN a New Door!

+1(949) 413-4554

pirushahomes@gmail.com

4040 Barranca Pkwy, Irvine, CA, 92604

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74380 El Camino #2