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435 E Avenida Olancha

Palm Springs, CA 92264
  • $4,695,000
  • STATUS: Active
  • ON SITE: 97 Days
  • MLS #: SR22032877
UPDATED: 27 min ago
$4,695,000
  • 0
    BEDS
  • 0.39
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1960
County:

School Ratings & Info

Listing Agent(s): Nerses Ananyan of Titus Realty, Inc. (818-786-5511)


Description

!!! PRICE REDUCTION!!! 9-unit luxury boutique hotel located in an upscale residential area 1.5 miles from down town Palm Springs. Every once in a while, an exceptional property comes along that a savvy investor will recognize as solid investment opportunity. Little Paradise Hotel consists of 9 guest rooms and the in-keeper suite. Close to 1 million dollars was spent in 2014-2015 to transform the former "Queen of Hearts to an absolute gem it is today. . In 2020, while closed due to Covid-19 restrictions, it underwent major facelift. Post Covid recovery has exceeded expectations. YTD bookings are in excess of 400K to an estimated 683K target year booking revenue***Offered at $4,695,000, *** SGI $682,500, ***NOI $357,827, ***CAP 7.62%.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-27T17:33:33.227. 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 deemed reliable but is not guaranteed accurate by the MLS or Brad Schmett Real Estate Group. Licensed in the State of California, USA.
www.bradschmett.net/homes/125973486
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435 E Avenida Olancha Palm Springs, CA 92264

  • Price: $4,695,000
  • Status: Active
  • On Site: 97 Days
  • Updated: 27 min ago
  • MLS #: SR22032877
0
Beds
0
Baths
0
½ Baths
0.39
Acres
1960
Built
Neighborhood:
Palm Springs Golf And Tennis (33475)
County:
Riverside
Area:
334 - South End Palm Springs
Property Description
!!! PRICE REDUCTION!!! 9-unit luxury boutique hotel located in an upscale residential area 1.5 miles from down town Palm Springs. Every once in a while, an exceptional property comes along that a savvy investor will recognize as solid investment opportunity. Little Paradise Hotel consists of 9 guest rooms and the in-keeper suite. Close to 1 million dollars was spent in 2014-2015 to transform the former "Queen of Hearts to an absolute gem it is today. . In 2020, while closed due to Covid-19 restrictions, it underwent major facelift. Post Covid recovery has exceeded expectations. YTD bookings are in excess of 400K to an estimated 683K target year booking revenue***Offered at $4,695,000, *** SGI $682,500, ***NOI $357,827, ***CAP 7.62%.
Exterior Features

Carport YN Yes Foundation Details Concrete Perimeter Lot Features 6-10 Units/AcreSprinkler System Number Of Separate Electric Meters 1 Open Parking Spaces 13 Other Structures Gazebo Parking Features Carport Parking Total 26 Pool Features GuniteHeatedIn GroundPrivate Pool Private YN Yes Property Attached YN Yes Roof Shingle View YN Yes

Interior Features

Common Walls 2+ Common Walls Fireplace Features Family RoomKitchen Fireplace YN Yes Flooring LaminateTile Heating Central Heating YN Yes Interior Features FurnishedLaminate CountersOpen FloorplanRecessed LightingAll Bedrooms Down

Property Features

Additional Parcels YN No Cap Rate 7.08 Common Interest None Community Features FoothillsMountainousSidewalks Contingency Buyer To Cooperate With Seller's 1031 Exchange. Electric Expense 23760 Fuel Expense 0 Garage YN Yes Gross Income 693000 Gross Scheduled Income 693000 Insurance Expense 4800 Land Lease YN No Laundry Features Common AreaOutside Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To Existing LoanCash To New Loan1031 Exchange Net Operating Income 353182 New Construction YN No Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 339817 Possession Negotiable Rent Control YN No Senior Community YN No Sewer Private Sewer Special Listing Conditions Standard Tenant Pays None Total Actual Rent 693000 Trash Expense 0 Utilities Natural Gas ConnectedSewer ConnectedSee RemarksWater Connected Water Sewer Expense 0 Water Source Public Zoning R2



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-27T17:33:33.227. 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 deemed reliable but is not guaranteed accurate by the MLS or Brad Schmett Real Estate Group. Licensed in the State of California, USA.
 
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Brad Schmett Real Estate Group
760-880-5845
La Quinta and Palm Springs CA,
Listing Agent(s): Nerses Ananyan of Titus Realty, Inc. (818-786-5511)