Condominium Short-Term Rental
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.
- Added:
- Oct 3, 2024
- Days on Market:
- 609
- Last Refresh:
- Jun 2 at 3:29 am
Property Features for 2-74380 El Camino
General Information
- Standard status
- Active
Listing agent ALBERT LE License #01468313 (909) 256-7889
Listing office LE INVESTMENT GROUP (909) 256-7889
Listing date Oct 3, 2024
Source Exprealty
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
- 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.
- Grandfathered to allow existing short‑term rentals (STRs) to continue operating even if location or exceeding the 20% cap.
- Seller option to sell units individually; active condos in the same community listed at $235,000–$250,000; most recent close at $250,000.
- Cap rate details provided: current cap 6.48% and pro forma long/short‑term (Airbnb/hotel project) cap rate 14.35%.
Overview
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.
Location Intelligence
Current Use by Public Records
Short term rental ...
Location Insight
- Map
- Local Demand
- City
- Palm Desert
- County
- Riverside
- State
- California
- Longitude
- -116.367544
- Latitude
- 33.720305
Nearby Similar for Sale
FAQs
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.
