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74380 El Camino , #2

Palm Desert, CA 92260
  • $8,950,000
  • STATUS: Active
  • ON SITE: 39 Days
  • MLS #: IV24204898
UPDATED: 119 min ago
$8,950,000
  • 0
    BEDS
  • 0.25
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1963
County:

School Ratings & Info

Listing Agent(s): Albert Le of LE INVESTMENT GROUP (909-256-7889)


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 ExteriorsThe 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 majorsales accounts to the fast food service industry while 36.5% holds managerial and office positions.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-11T00:27:07.947. 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/156246098
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74380 El Camino , #2 Palm Desert, CA 92260

  • Price: $8,950,000
  • Status: Active
  • On Site: 39 Days
  • Updated: 119 min ago
  • MLS #: IV24204898
0
Beds
0
Baths
0
½ Baths
0.25
Acres
1963
Built
Neighborhood:
699 - Not Defined
County:
Riverside
Area:
699 - Not Defined
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 ExteriorsThe 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 majorsales accounts to the fast food service industry while 36.5% holds managerial and office positions.
Exterior Features

Entry Level 1 Lot Features 36-40 Units/Acre

Interior Features

Heating Central Heating YN Yes

Property Features

Additional Parcels YN Yes Cap Rate 14.33 Common Interest Condominium Gross Scheduled Income 2664000 Laundry Features None Listing Agreement Exclusive Right To Sell Listing Terms Submit Net Operating Income 1282607 Number Of Units Leased 37 Operating Expense 739000 Property Sub Type Multi Family Special Listing Conditions Standard Vacancy Allowance 532800 Water Source Private



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-11T00:27:07.947. 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
78010 Main St. Suite 207
La Quinta CA, 92253
Listing Agent(s): Albert Le of LE INVESTMENT GROUP (909-256-7889)