67590 Jones Rd, Cathedral City, CA 92234

This ten-unit hotel, previously a condominium complex, presents an opportunity for conversion into a condominium or timeshare. The property is located away from Highway 111, yet within walking distance of amenities such as Target, Boomers, Trader Joe's, restaurants, service plazas, car dealerships, and public transportation. Highway 111, the Coachella Valley's main transportation route, is one street away. Currently operating as a hotel, the property is ready for further development. Each of the ten units features two bedrooms and two bathrooms, and is fully furnished with slightly different layouts and furnishings. Some units are located on the ground floor, while others are on the second level. The current owner resides on the property, utilizing nine of the units, but a buyer could potentially use all ten. The current operating capacity is approximately 30-35%, with advertising exclusively on Airbnb. Nightly rates range from $300 to $900, depending on the season and events such as the Coachella Valley Music Festival, Stagecoach Music Festival, and the Indian Wells Tennis Tournament. The property includes ten attached garages, four additional covered parking spaces, and seven extra parking spots, including one handicapped space. Proforma documents indicate a potential average daily Airbnb rate of $405. Based on a conservative 57% occupancy rate, the annual profit is projected to be $839,000. After deducting actual expenses provided by the ownership, the net income is $559,879. Factoring in actual capital improvements, the net income is $344,879, resulting in a cap rate of 7.8% based on the asking price.