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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.

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
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)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

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.)
  • Listing ID: 32978350

  • Date on Market: 8/27/2024

  • Last Updated:

  • Address: 74380 El Camino, Palm Desert, CA 92260

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