Neighborhood: 322 - North Palm Desert, Other (othr)
ready to go to final map! Multifamily/condos RENTAL PROJECT! BLOCKS FROM DISNEY'S NEW COTINO PROJECT (600 acres)! Excellent Location in Palm Desert. The area is exploding with activity, new homes, planned communities, visitors, etc. Easy layout, Easy build, Excellent location. Great opportunity for a Developer/Owner. Buyer will have to pay impact fees and permit fees to receive the FINAL map.
This is a final map ready 32+ Unit Rental Community with HOA & CC&Rs approved by City.
Ask price is $3,975,000 ($124,000 per unit)
All units all 3 bedroom 2 bath, 2 car attached garage, 1340 sqft ONE STORY condos.
Current market rents for the condos are somewhere between $3700-$3800.
28+ day stay airbnb (Midterm rentals) are also extremely popular & would double the income for the units. (potentially $6,000-$7,000)
Costs including the entitlement/land will be $17,700,000 approximately (Buyer to verify costs in due diligence).
Lease 24 units as long term and 8 as short term/Airbnb (midterm rental with a minimum 28+ day stay).
Gross Operating Income = $1,700,000 - $540,000 expenses = $1,160,000 NET INCOME (pre debt service) @ a 5% CAP you are looking at an evaluation of approximately $23,000,000! Call me for more information.
** All numbers are forecasted and not guaranteed ** CREATIVE FINANCING AVAILABLE!
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