CA > Palm Desert
Palm Desert, CA 92260,74380 El Camino #2
Palm Desert, CA 92260,74380 El Camino #2
Palm Desert, CA 92260,74380 El Camino #2
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Sat
22
Feb
Sun
23
Feb
Mon
24
Feb
Diego Magdaleno

Diego Magdaleno

+1(714) 376-8652
$8,325,000
Est. payment /mo
0.25 Acres Lot
Save

UPDATED:

02/21/2025 02:45 AM

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID IV24204898

HOA Y/N No

Year Built 1963

Lot Size 10,890 Sqft

Property Sub-Type Multi Family

Property Description

HUGE $625,000 PRICE REDUCTION! Seller will consider selling the condominiums individually. This is a prime investment opportunity featuring 37 condominium units within a 56-unit community in the heart of Downtown Palm Desert. The property has been fully condo-mapped and is vacant, making it ready for a new owner to maximize its potential. 15 units have received high-end updates, while 22 units are in good condition with standard updates.

Offered at $4,950,000 for 22 units ($225,000 per unit) and $3,375,000 for 15 units ($225,000 per unit), this investment boasts an impressive ProForma CAP rate of 15.50%, presenting a lucrative opportunity for short-term Airbnb or hotel operations. The property is grandfathered for short-term rentals (STRs), allowing continued operation despite location restrictions or the 20% cap.

Strategically positioned just steps from El Paseo Drive, Palm Desert's premier shopping and dining district, this property offers unmatched convenience and luxury. El Paseo is home to over 150 boutiques, art galleries, and fine dining establishments, making it the "Beverly Hills of the Desert." Palm Desert is a thriving city in Riverside County, located 14 miles east of Palm Springs and 122 miles east of Los Angeles. The population has experienced steady growth, increasing from 41,155 in 2000 to 48,445 in 2010, reflecting the area's rising demand.

Known for its affluent community, Palm Desert has an average income 63.8% higher than other U.S. neighborhoods. The workforce is diverse, with 40.1% employed in sales and services and 36.5% in managerial and office positions. With its prime location, strong rental demand, and high-income potential, this property is a rare find in the Palm Desert market. Don't miss out on this exceptional investment opportunity—contact us today!

Location

State CA

County Riverside

Area 699 - Not Defined

Interior

Heating Central

Fireplace No

Laundry None

Building

Lot Description 36-40 Units/Acre

Story 1

Water Private

Others

Tax ID 625340002

Acceptable Financing Submit

Listing Terms Submit

Special Listing Condition Standard

Read Less Info
California Regional MLS (CRMLS)
Listed by ALBERT LE • LE INVESTMENT GROUP • 909-256-7889
agent-avatar

If you are disappointed with the options available within your budget, let me know. 95% of the time, I can help "tweak" search criteria and find at least 10 properties that are tempting.

+1(714) 376-8652

diego@1visionproperties.com

GET MORE INFORMATION

Name
Phone
Message

By checking this box, I agree by electronic signature to (1) the Electronic Disclosure Consent; (2) receive recurring marketing communication from or on behalf of 1Vision Real Estate, including auto-dialed calls, texts, and prerecorded messages (consent not required to make a purchase; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for help); and (3) the Terms of Service and Privacy Policy of this website. I understand that I can call +1(714) 376-8652 to obtain direct assistance.

Go tour this home

74380 El Camino #2

QUICK SEARCH
VIEW MORE