Condominium Short-Term Rental
For Sale
$6,845,000
Pending
2-74380 El Camino, Palm Desert, CA 92260
Updated condo units built for long- and short-term occupancy with a structure that supports continued STR operations.
Property SizeContact for details
Days on Market701
Property Features for 2-74380 El Camino
General Information
Standard status
Pending
Financials
Cap Rate
14.35%
Business Included
Yes
Additional Details
Multifamily Units
37
Building Details
Tenancy
Multi
Listing Agency:
LE INVESTMENT GROUP
(909) 256-7889
Listed By:
ALBERT LE · License #01468313
(909) 256-7889
Source:
Exprealty
Added: Oct 2, 2024
Changed: Aug 20
Last Checked: Aug 30 at 11:06PM
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
Investment Insights
Based on property information with market context.
This offering presents a 37-condominium package designed for long-terms and short-term use, including Airbnb or hotel-style operation. The units are fully condo-mapped and include updated interiors and updated exteriors, with 15 units described as having high-end updates and 22 units in good condition with standard updates. The seller notes the property is grandfathered, allowing existing short-term rentals to continue operating despite exceeding the 20% cap referenced in the remarks.
Strategically positioned just steps from El Paseo Drive in Palm Desert, the property benefits from proximity to the area’s retail and dining destination. The remarks characterize El Paseo as a premier shopping and restaurant district, and the broader Palm Desert market is described as affluent with steady population growth and strong rental demand.
For investors, this package is positioned as an income opportunity with reported pro forma and current cap rate metrics in the seller’s materials. The condominium pricing is stated to be below market in the provided information, and the remarks cite additional upside potential if sold individually, with comparable active condo listings noted within the same community. The seller is willing to sell units individually or as a package, providing flexibility for investors evaluating either a consolidated portfolio or separate acquisitions.
Strategically positioned just steps from El Paseo Drive in Palm Desert, the property benefits from proximity to the area’s retail and dining destination. The remarks characterize El Paseo as a premier shopping and restaurant district, and the broader Palm Desert market is described as affluent with steady population growth and strong rental demand.
For investors, this package is positioned as an income opportunity with reported pro forma and current cap rate metrics in the seller’s materials. The condominium pricing is stated to be below market in the provided information, and the remarks cite additional upside potential if sold individually, with comparable active condo listings noted within the same community. The seller is willing to sell units individually or as a package, providing flexibility for investors evaluating either a consolidated portfolio or separate acquisitions.
Key Highlights
- 37‑condominium package deal just steps from El Paseo Drive in Palm Desert’s shopping and dining district.
- Condominium units priced at $185,000 per unit (package) with $2,105,000 listed price reduction.
- Updated interiors/exteriors: 15 units with high‑end updates and 22 units in good condition with standard updates; fully condo‑mapped.
Property Analytics
Property Profile
Current Use
Lease Details
37
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,937
Businesses Nearby
Explore this area
Business Placement
Demographics for 92260, CA
31,641
Population
21,659
Households
1.5
Avg Household Size
57
Median Age
38%
College-Educated
92%
High-School Grad
31.3 sq mi
ZIP Area
1,011
Density / Sq Mi
$72,252
Median Household Income
$41,810
Median Earnings
$1,654
Median Rent
$463,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Updated condo units built for long- and short-term occupancy with a structure that supports continued STR operations.
Where is this short term rental property located?
The property is located at 2-74380 El Camino 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: 37‑condominium package deal just steps from El Paseo Drive in Palm Desert’s shopping and dining district.; Condominium units priced at $185,000 per unit (package) with $2,105,000 listed price reduction.; Updated interiors/exteriors: 15 units with high‑end updates and 22 units in good condition with standard updates; fully condo‑mapped.
