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588 E San Lorenzo Road

Palm Springs, CA 92264
  • $4,195,000
  • STATUS: Active
  • ON SITE: 31 Days
  • ID#: 24351718
UPDATED: 60 min ago
$4,195,000
  • 25
    BEDS
  • 0.73
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 12,164
    SQFT
  • $345
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
2012
County:

School Ratings & Info

Listing Agent(s): Eric Lavey of Sotheby's International Realty (310-724-7000) and John & Ryan Group of Sotheby's International Realty(310-724-7000)


Description

PALM SPRINGS HOTEL: Extremely rare Palm Springs hotel opportunity with a total of 25 bedrooms - 12 units each with their own Kitchen and Laundry. Manager's Office/Lobby, community bathroom and 3 cabana locations. Eleven units are 2 bedroom and 2 bath and one is a 3/3 Penthouse. Situated in the highly desirable neighborhood connecting Central and South Palm Springs next to the recently completed Cody Place, where units sell over $1M. Just a block east of South Palm Canyon Drive, the location offers easy access to shopping, dining, entertainment, and medical facilities near historic Downtown Palm Springs. Featuring gated controlled access, ample parking, a luxurious pool and spa, koi pond, private patio/BBQ area, and an open courtyard, the property provides a perfect blend of comfort and entertainment. Modern amenities such as keyless entry, plank and carpet flooring, stainless steel appliances, and central air conditioning enhance the living experience. Besides as a hotel, there is also an ability to condo map the building and sell off as condos at a later date for a significant return. Whether you're a first-time purchaser, seasoned investor, or considering a 1031 exchange, 588 E San Lorenzo Road stands as a prime income-producing investment in the thriving Palm Springs real estate market. Current loan is assumable at rate of 4.75%.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-27T11:27:26.263. 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 Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
www.kevinhillre.com/homes/146972855
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588 E San Lorenzo Road Palm Springs, CA 92264

  • Price: $4,195,000
  • Status: Active
  • On Site: 31 Days
  • Updated: 60 min ago
  • ID#: 24351718
25
Beds
0
Baths
0
½ Baths
0.73
Acres
12,164
SQFT
$345
$/SQFT
2012
Built
Neighborhood:
Tahquitz River Estates
County:
Riverside
Area:
334 - South End Palm Springs
Property Description
PALM SPRINGS HOTEL: Extremely rare Palm Springs hotel opportunity with a total of 25 bedrooms - 12 units each with their own Kitchen and Laundry. Manager's Office/Lobby, community bathroom and 3 cabana locations. Eleven units are 2 bedroom and 2 bath and one is a 3/3 Penthouse. Situated in the highly desirable neighborhood connecting Central and South Palm Springs next to the recently completed Cody Place, where units sell over $1M. Just a block east of South Palm Canyon Drive, the location offers easy access to shopping, dining, entertainment, and medical facilities near historic Downtown Palm Springs. Featuring gated controlled access, ample parking, a luxurious pool and spa, koi pond, private patio/BBQ area, and an open courtyard, the property provides a perfect blend of comfort and entertainment. Modern amenities such as keyless entry, plank and carpet flooring, stainless steel appliances, and central air conditioning enhance the living experience. Besides as a hotel, there is also an ability to condo map the building and sell off as condos at a later date for a significant return. Whether you're a first-time purchaser, seasoned investor, or considering a 1031 exchange, 588 E San Lorenzo Road stands as a prime income-producing investment in the thriving Palm Springs real estate market. Current loan is assumable at rate of 4.75%.
Exterior Features

Carport Spaces 12 Carport YN Yes Entry Location Main Level Exterior Features Koi Pond Open Parking Spaces 12 Parking Features Assigned Parking Total 24 Pool Features In Ground Spa Features In Ground Spa YN Yes View DesertMountain(s) View YN Yes

Interior Features

Appliances BarbecueMicrowaveRefrigeratorDryerWasher Cooling Central Air Cooling YN Yes Fireplace Features None Fireplace YN No Heating Central Heating YN Yes

Property Features

Association YN No Cap Rate 4.39 Community Features Gated Disclosures Covenants/Restrictions Disclosure Gross Income 347700 Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 228256 New Construction YN No Rent Control YN No Security Features Security GateGated with GuardGated Community Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 10



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-27T11:27:26.263. 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 Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
 
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Berkshire Hathaway HomeServices California Properties
25909 Pala Dr, Suite 100
Mission Viejo CA, 92691
Listing Agent(s): Eric Lavey of Sotheby's International Realty (310-724-7000) and John & Ryan Group of Sotheby's International Realty(310-724-7000)