$2,362,000
$2,400,000
1.6%For more information regarding the value of a property, please contact us for a free consultation.
0.26 Acres Lot
SOLD DATE : 03/31/2021
Key Details
Sold Price $2,362,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Tennis Club
MLS Listing ID 219056221PS
Sold Date 03/31/21
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1930
Lot Size 0.260 Acres
Property Description
Located in the Historic Tennis Club neighborhood next to Downtown Palm Springs, The Old Ranch Inn has been successfully operating as an 8-room Boutique Hotel. Increased revenue possible with a minimal improvement cost by adding 9th room, currently used as office space. Each room is unique, all with Kitchens/Kitchenettes to serve short term and long-term (28 days or more) guests. Hotel License will be transferred at time of sale. Transient Occupancy Tax (TOT) does not have to be paid on long term occupancies. Option to lease/rent all rooms long term is extremely valuable to remain profitable while complying with current short-term Hotel operating restrictions. All units individually metered to bill back to longer term guests. Most units have views of San Jacinto mountains and pool. Property has outdoor breakfast bar, bbq and entertainment area with firepit and room to add in ground outdoor spa. Great walking neighborhood close to shopping, dining, hiking and bike paths. On-site parking for each room. Room rates have been historically below market creating a perfect opportunity to increase revenue especially with the 9th room brought into service. Investment proforma attached.
Location
State CA
County Riverside
Area 332 - Central Palm Springs
Interior
Interior Features Beamed Ceilings, Wet Bar, Track Lighting
Heating Central, Zoned
Cooling Electric
Flooring Carpet, Tile
Fireplaces Type Gas, Living Room, See Remarks
Fireplace Yes
Appliance Electric Water Heater, Microwave, Refrigerator, Water Heater
Exterior
Exterior Feature Fire Pit
Garage On Street, Side By Side, Unassigned
Pool Electric Heat, Gas Heat, In Ground, Private
Amenities Available Fire Pit, Barbecue
View Y/N Yes
View Mountain(s)
Roof Type Clay,Tar/Gravel
Parking Type On Street, Side By Side, Unassigned
Total Parking Spaces 8
Private Pool Yes
Building
Lot Description Landscaped
Story 1
Foundation Slab
Architectural Style Contemporary, Ranch, Spanish
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 513133014
Security Features Security Lights
Acceptable Financing Cash, Cash to New Loan, Conventional, Private Financing Available
Listing Terms Cash, Cash to New Loan, Conventional, Private Financing Available
Special Listing Condition Standard
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Bought with Reymond Weddle • Compass
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "