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Palm Dr - 402 Unit Condo Project-SELLER FINANCING
25 Acres of Residential Land Offered at $5,000,000 in Desert Hot Springs, CA 92240
Investment Highlights
- Prime 402 Unit Approved Condominium Development Site
- 100% 2BR 2BA - Dual Master Suite 1245 SF units with 2-level Community Center
- High Demand Entry-Level Housing
- SELLER FINANCING AVAILBLE
Executive Summary
Property Facts
| Price | $5,000,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Conditions | REO Sale | Total Lot Size | 25.00 AC |
| No. Lots | 1 | Cross Streets | 15th |
| Price | $5,000,000 |
| Sale Type | Investment |
| Sale Conditions | REO Sale |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 25.00 AC |
| Cross Streets | 15th |
1 Lot Available
Lot
| Price | $5,000,000 | Lot Size | 25.00 AC |
| Price Per AC | $200,000 |
| Price | $5,000,000 |
| Price Per AC | $200,000 |
| Lot Size | 25.00 AC |
Vacant Land residential development site with Palm Drive frontage. 4 contiguous parcels of 5, 5, 10 and 5 acres totaling 25 acres.
Description
SELLER FINANCING AVAILABLE! PRIVATE LENDER REO. PRICE REDUCED TO $5,000,000. 25 acre parcel with APPROVED 402 unit residential condominium community consisting of all 2BR 2BA, dual master suite 1245 SF units and two-level community center. Desert Hot Springs is the fastest growing city in the Coachella Valley and positioned to become a cornerstone of affordable, entry-level housing for the existing and growing workforce in the area. Site is within 20 minutes of all major employment centers, health care facilities and resorts in the Greater Palm Springs area. Development Permit, Conditional Use Permit and Tentative Tract Map have been approved. 175 page City of Desert Hot Springs Staff Report is available. Property previously sold in 2022 for $9,000,000. Appraisal report available. At pro-forma sale price of $250,000 per unit, land cost is 8.9%. Total project revenue is estimated at $100 million.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $9,198,034 | Total Assessment | $9,198,034 |
PROPERTY TAXES
zoning
| Zoning Code | RH (3 of 4 parcels zoned R-H (residential High Density). Parcel fronting Palm Drive zoned MU-C (Mixed Use). CUP on this parcel has already been approved) |
| RH (3 of 4 parcels zoned R-H (residential High Density). Parcel fronting Palm Drive zoned MU-C (Mixed Use). CUP on this parcel has already been approved) |
Presented by
smithREgroup
Palm Dr - 402 Unit Condo Project-SELLER FINANCING
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