74380 El Camino - Apartments FOR SALE


Palm Desert, CA 92260- Outlying Palm Springs
$6,845,000 USD
714-423-3819
74380 El Camino, Palm Desert, CA for Sale
$6,845,000 USD
Apartments - FOR SALE
1/25
null | 14.35% Cap Rate

74380 El Camino
Palm Desert, CA 92260
Outlying Palm Springs


HIGHLIGHTS

  • 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.
  • Package deal - Condominium units are priced well below market @ just $185,000/unit. Representing $65,000 upside potential per unit or $2,405,000
  • Updated Interiors / Updated Exteriors / 15-Units have high-end updates & 22-units are good condition with standard updates. Fully condo-mapped.

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$6,845,000 USD

PRICE/SF

$308 USD /SF

# OF UNITS

37

PRICE/UNIT

$185,000

CAP RATE

14.35%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

$2,105,000 PRICE REDUCTION

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

10,890 SF

ZONING

R304M

APN/PARCEL ID

625-340-002,625-340-004,625-340-006,625-340-007,625-340-008,625-340-009,625-340-010,625-340-011,625-340-012,625-340-013,625-340-014,625-340-015,625-340-016,625-340-017,625-340-018,625-340-021,625-340-022,625-340-023,625-340-024,625-340-025,625-340-026,625-340-027,625-340-028,625-340-029,625-340-031,625-350-003,625-350-004,625-350-005,625-350-006,625-350-007,625-350-009,625-350-010,625-350-011,625-350-012,625-350-015,625-350-017,625-350-021

ASK ABOUT THIS PROPERTY

Anthony LeLe Investment GroupMore Info
714-423-3819

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Anthony LeLe Investment GroupMore Info
714-423-3819

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.