Palm Desert Condominium Package Deal

74380 El Camino #2, Palm Desert, CA 92260

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For Sale

$6,845,000

37-unit condominium package near El Paseo shopping district.

Type:Commercial

Property size:

22,200 SF

Lot size:

0.25 Acres

Price / SF:

$308/SF

HighLights

Significant price reduction of $2,105,000 on the package deal.
Units priced well below market at $185,000 each, offering a potential upside of $65,000 per unit or $2,405,000 total.
Grandfathered status allows existing short‑term rentals (STRs) to continue operating without restrictions.
Pro Forma CAP rate of 14.35% with potential for long‑term rentals, short‑term Airbnb, or hotel project.
Prime location steps from El Paseo Drive, Palm Desert's premier shopping and dining district.
Updated interiors and exteriors; 15 units with high‑end updates and 22 units in good condition.

We can help!

Listing Contact

ALBERT LE

For Sale

$6,845,000

37-unit condominium package near El Paseo shopping district.

Type:Commercial

Property size:

22,200 SF

Lot size:

0.25 Acres

Price / SF:

$308/SF

Added:: Oct 3, 2024
Days on Market:: 627
Last Refresh:: Apr 5 at 8:18 pm

Property Features for 74380 El Camino #2

General Information

Standard status: Active
Size: 22,200 SF
Lot size: 0.25 Acres
Property subtype: Commercial

Building Details

Year Built: 1963

We can help!

Listing Contact

ALBERT LE

Listing agent ALBERT LE License #01468313

Listing office LE INVESTMENT GROUP

Listing date Oct 3, 2024

Source Corcoran

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of LE INVESTMENT GROUP

HighLights

Significant price reduction of $2,105,000 on the package deal.
Units priced well below market at $185,000 each, offering a potential upside of $65,000 per unit or $2,405,000 total.
Grandfathered status allows existing short‑term rentals (STRs) to continue operating without restrictions.
Pro Forma CAP rate of 14.35% with potential for long‑term rentals, short‑term Airbnb, or hotel project.
Prime location steps from El Paseo Drive, Palm Desert's premier shopping and dining district.
Updated interiors and exteriors; 15 units with high‑end updates and 22 units in good condition.

Overview

This 37-condominium package is strategically positioned steps from El Paseo Drive, Palm Desert’s premier shopping and dining district. El Paseo is home to over 150 boutiques, art galleries, and fine dining establishments. The property is fully condo-mapped. 15 units have high-end updates, and 22 units are in good condition with standard updates. The property is grandfathered, allowing existing short-term rentals to continue operating. 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. 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. The property size is 22200 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$666.0k	$30.00
− Vacancy	−$12.7k	−$0.57
EGI	$653.3k	$29.43
− OpEx	−$294.0k	−$13.24
NOI	$359.3k	$16.19

22,200 SF · lease $30.00/SF/yr · vacancy 1.90% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$5.13M

$4.49M – $5.99M (±1% cap)

NOI $359,340 @ 7.0% cap · market cap 5.25%

Second Best

—

no second resolved use

Theoretical Best

Office A

$6.65M

$5.82M – $7.76M (±1% cap)

NOI $465,552 @ 7.0% cap · market cap 6.80%

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

Property Profile Location Intelligence

Current Use by Public Records

Palms at El Camino Hotel & Motel International Hotel and Suites Hotel & Motel

Suggested Use

Location Insight

Map
Local Demand

City: Palm Desert
County: Riverside
State: California
Longitude: -116.366
Latitude: 33.7205

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For sale
Apartment buildings
CA
Palm Desert
92260
74380 El Camino #2

What type of property is this?

Apartment building - 37-unit condominium package near El Paseo shopping district.

Where is this apartment building located?

The property is located at 74380 El Camino #2 Palm Desert, CA.

What is the asking price?

The asking price for this property is $6,845,000.

What are key features of this property?

This property features: Significant price reduction of $2,105,000 on the package deal.; Units priced well below market at $185,000 each, offering a potential upside of $65,000 per unit or $2,405,000 total.; Grandfathered status allows existing short‑term rentals (STRs) to continue operating without restrictions.