Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    215 Via Olivera Palm Springs, CA 92262

    View on Map
    Claim this Listing
    For Sale
    $619,000

    LAND - Palm Springs, CA

    Property size:
    5,476 SF
    Lot size:
    0.34 Acres
    Price / SF:
    $113/SF
    Added:
    Jan 24, 2026
    Days on Market:
    98
    Last Refresh:
    May 2 at 5:06 pm

    Property Features for 215 Via Olivera

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R2/C1
    Standard status
    Active
    APN
    504-270-002
    Size
    5,476 SF
    Lot size
    0.34 Acres

    We can help!

    Listing Contact
    Dean Sipe
    Dean Sipe

    Listing agent Dean Sipe License #01789257

    Listing office Berkshire Hathaway Home Services California Proper 155 S Palm Canyon Drive Suite A2, Palm Springs, CA

    Listing date Jan 24, 2026

    MLS# 26642811PS Listing URL

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Land with Approved Multifamily Plans

    This residential lot in Palm Springs, California, presents an investment opportunity with approved plans for a multifamily building. The property, consisting of three separate APNs, has completed architectural plans and an approved conditional use permit from the City of Palm Springs to build three individual units totaling 5,476 square feet. Unit One is designed as a single-level unit with approximately 1409 square feet, featuring 1 bedroom and 1.5 bathrooms. Unit Two is planned as a two-story unit with approximately 2084 square feet, including 2 bedrooms, 3 bathrooms, and an office. Unit Three is designed as a two-story unit with approximately 1983 square feet, offering 2 bedrooms and 2.5 bathrooms. The permitted plan includes a gated compound of three modern units with open floor plans and ceilings up to 11 feet high. Each unit can have fireplaces, main floor bedrooms, a private yard and spa, and 2 covered parking spaces, plus extra guest parking. The 0.34-acre lot is located minutes from downtown. The seller is open to being a junior builder partner or with vendor take-back financing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Palm Springs
    County
    Riverside
    State
    California
    Longitude
    -116.547171
    Latitude
    33.850258

    Nearby Similar for Sale

    • $980,000
      1,722 SF

      Palm Springs Retail Building

      Prime retail building in Palm Springs with high visibility.
      2739 N Palm Canyon Drive, Palm Springs, CA 92262
      View Details
    • $899,000
      2,400 SF

      Palm Springs Commercial Condominium

      2,400 sq ft commercial condominium ideal for professional services.
      181 S Civic Drive, Palm Springs, CA 92262
      View Details
    • $425,000
      1,200 SF

      Palm Springs Office Space Available

      Single-story office space with kitchen, bathroom, and front/rear exits.
      189 S Civic Drive unit: 5, Palm Springs, CA 92262
      View Details
    • $995,000
      2,128 SF

      Palm Springs Desert Retreat Duplex

      Thoughtfully designed duplex with mountain views and income potential.
      610 S Camino Real, Palm Springs, CA 92264
      View Details
    • $1,400,000
      4,150 SF

      Palm Springs Multifamily Investment Opportunity

      Six-unit apartment complex in Palm Springs' Warm Sands neighborhood.
      587 S Calle Ajo, Palm Springs, CA 92264
      View Details
    • $149,900

      Vacant Lot in Palm Springs

      Vacant lot to build your dream home in Palm Springs.
      3795 El Dorado Boulevard, Palm Springs, CA 92262
      View Details
    • $1,590,000
      3,351 SF

      Palm Springs Triplex with Pool

      High-quality triplex in North Palm Springs with immediate cash flow.
      3760 El Dorado Boulevard, Palm Springs, CA 92262
      View Details
    • $989,000

      Palm Springs Land Opportunity

      Residential land available in Palm Springs' Bella Monte Estates.
      38162 ViA Roberta, Palm Springs, CA 92264
      View Details
    • $1,688,000
      5,733 SF

      Palm Springs Multifamily Investment

      Seven-unit apartment complex in desirable Palm Springs location.
      238 S Saturmino, Palm Springs, CA 92262
      View Details
    • $3,125,000
      19,602 SF

      Palm Springs Multifamily Investment Opportunity

      20-unit apartment complex in vibrant Uptown Palm Springs.
      2303 N Indian Canyon Dr, Palm Springs, CA 92262
      View Details
    • $4,395,000
      9,300 SF

      Downtown Palm Springs Commercial Property

      Distinctive commercial property in a desirable Palm Springs location.
      383 Indian Canyon Dr, Palm Springs, CA 92262
      View Details
    • $12,475,000
      4,375 SF

      East Palm Canyon Redevelopment Opportunity

      Prime redevelopment opportunity in the East Palm Canyon Corridor.
      1201, 1243, 1269 East Palm Canyon Drive, Palm Springs, CA 92264
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot with approved plans for three separate units.
    Where is this residential land & home lot located?
    The property is located at 215 Via Olivera Palm Springs, CA.
    What is the asking price?
    The asking price for this property is $619,000.
    What are key features of this property?
    This property features: Approved Conditional Use Permit for a Multi‑Family Building with Three Separate Units; Complete Architectural Plans for Three Modern Units Totaling 5,476 sqft; Opportunity for Joint Venture Builder Partnership or Vendor Take Back Financing
    (760) 668-5386
    We can help!
    Listing Contact
    Dean Sipe
    Dean Sipe
    Real Estate License ID: 01789257
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    215 Via Olivera, Palm Springs, CA 92262

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!