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Patricia Beattie

patricia@brivio.com +1(415) 286-8292

$3,599,890

Est. payment - /mo

0.71 Acres Lot

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UPDATED:

Key Details

Property Type Commercial

Listing Status Coming Soon

Purchase Type For Sale

MLS Listing ID 219151829DA

HOA Y/N No

Year Built 1989

Lot Size 0.710 Acres

Property Description

%9.5 CAP rate proforma!it is a 10 unit x 2 bed/2 bath each hotel, previously a condominium complex , that may still be converted into a condo or a time share, as Title is still not fully converted!At approximately $210 per sq.ft the asking price is way below the replacement cost and not even including price of land and so on....Located at a perfect hide-a-way location that is away from Hwy 111 but walking distance to Target, Boomers,Trader Joe's,restaurants and service plazas, car dealerships, public transportation and one street away from Hwy 111, the main transport way of the Desert connecting all of the cities in Coachella Valley.Property is currently operationg as a hotel and is ready to be taken to the next level and be exploited to its full capacity.All 10 units , at 2 bed /2bath each , are fully furnished , throughout , and are similar but slightly different in terms of layout and furnishings. Look at the attached inventory list!Some of the rooms are on the bottom and some are on the second level .The current owner operates the property as a hotel and is a resident in the property so only 9 of the units are utilized but a buyer should be able to use all 10 units.Current operating capacity is around %30-%35 and property is only advertised on AIR B & B , with prices ranging from $300 to $900 per night depending on season and events-Coachella Valley Music festival, Stagecoach music festival , Indian Wells Tennis Tournament and many others are world-wide events and draw millions of visitors to the Desert and hotels command premium prices for those .Proforma , attached in documents , shows an AirB& B average daily rate to be $405 -since it is a 2bed/2bath.The daily rate X %57 occupancy-which is very conservative and can easily go to %80 occupancy-which is normal for the Desert ,shows the profit for the year to be $839000 . Deducting the actual expenses , supplied by the ownership, we have net income of $559879. Deducting the actual capital improvements we have $344,879 , and then if divided by asking price the CAP rate is %9.5 .there are 10 attached garages, with 4 additional covered parking spaces and 7 extra parking spots-6 regular-1 handi-capped.

Location

State CA

County Riverside

Area 336 - Cathedral City South

Interior

Heating Central, Forced Air

Inclusions see attached inventory list

Fireplace No

Laundry Common Area

Exterior

Carport Spaces 4

Community Features Gated, Park

Utilities Available Electricity Available, Phone Connected, See Remarks

Roof Type Flat,Foam

Total Parking Spaces 25

Building

Lot Description Garden, Near Park, Near Public Transit, Secluded

Others

Tax ID 681310029

Security Features Fire Sprinkler System,Security Gate,Gated Community,Key Card Entry,Resident Manager,Security Lights

Acceptable Financing Cash, Conventional, Owner May Carry

Listing Terms Cash, Conventional, Owner May Carry

Special Listing Condition Standard

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Listed by Slavyan Panayotov Windermere Real Estate #01728794

Nearby School & Business

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Patricia Beattie

+1(415) 286-8292

Broker License ID: 01405369

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67590 Jones RD Cathedral City, CA 92234

Patricia Beattie

Key Details

Location

Interior

Exterior

Building

Others

Nearby School & Business

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