37-Condominiums Airbnb & Short-Term Rentals | 74380 El Camino
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37-Condominiums Airbnb & Short-Term Rentals 74380 El Camino
37 Unit Apartment Building $8,950,000 ($241,892/Unit) 14.33% Cap Rate Palm Desert, CA 92260
Investment Highlights
- Boasts an impressive ProForma CAP rate of 14.33%, reflecting potential of operating complex as a short-term Airbnb or hotel project.
- Updated Units - Walking distance from renowned El Paseo Shopping District & fine dining.
- 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.
- This property is grandfathered, allowing existing short-term rentals (STRs) to continue operating despite location or exceeding the 20% cap.
- The Palm Desert area is a premier year-round destination, attracting travelers from around the world.
- Units are currently vacant. Property is fully condomapped. Updated Interiors / Updated Exteriors
Executive Summary
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.
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.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $99,999 | $9.99 |
Other Income | $99,999 | $9.99 |
Vacancy Loss | $99,999 | $9.99 |
Effective Gross Income | $99,999 | $9.99 |
Taxes | $99,999 | $9.99 |
Operating Expenses | $99,999 | $9.99 |
Total Expenses | $99,999 | $9.99 |
Net Operating Income | $99,999 | $9.99 |
Financial Summary (Pro forma - 2024) Click Here to Access
Gross Rental Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Other Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Vacancy Loss | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Effective Gross Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Taxes | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Operating Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Total Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Net Operating Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Property Facts
Price | $8,950,000 | Property Subtype | Apartment |
Price Per Unit | $241,892 | Apartment Style | Low Rise |
Sale Type | Investment | Building Class | C |
Cap Rate | 14.33% | Lot Size | 0.25 AC |
Sale Conditions | Bulk/Portfolio Sale | Building Size | 22,200 SF |
Gross Rent Multiplier | 3.36 | No. Stories | 2 |
No. Units | 37 | Year Built | 1963 |
Property Type | Multifamily |
Price | $8,950,000 |
Price Per Unit | $241,892 |
Sale Type | Investment |
Cap Rate | 14.33% |
Sale Conditions | Bulk/Portfolio Sale |
Gross Rent Multiplier | 3.36 |
No. Units | 37 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.25 AC |
Building Size | 22,200 SF |
No. Stories | 2 |
Year Built | 1963 |
Unit Amenities
- Air Conditioning
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Views
- Patio
- Vinyl Flooring
Site Amenities
- Courtyard
- Laundry Facilities
- Pool
- Furnished Units Available
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
Studios | 37 | $6,000 | 600 - 650 |
Walk Score ®
Very Walkable (81)
zoning
Zoning Code | R304M (Property has a grandfathering provisions that allows existing short-term rentals (STRs) to continue operating, even if located in residential area.) |
R304M (Property has a grandfathering provisions that allows existing short-term rentals (STRs) to continue operating, even if located in residential area.) |
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37-Condominiums Airbnb & Short-Term Rentals | 74380 El Camino
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