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    Land with Approved Building Plans Title is generated by Realmo AI

    215 Via Olivera, Palm Springs, CA 92262

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    Claim this Listing
    For Sale
    $599,000

    LAND - Palm Springs, CA

    Property size:
    5,476 SF
    Lot size:
    0.34 Acres
    Price / SF:
    $109/SF
    Added:
    Jan 24, 2026
    Days on Market:
    115
    Last Refresh:
    May 19 at 7:06 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.

    HighLights

    • 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
    • Three Separate Units with Private Yard, Pool, and Spa for Each
    • No HOA and Land Ownership Included
    • Located Minutes from Downtown Palm Springs

    Overview

    This residential lot presents an investment opportunity with completed plans and city approvals for a multi-family building. The approved conditional use permit allows for the construction of three separate units, totaling 5,476 square feet. The seller is open to a joint venture builder partnership or vendor take-back financing. The architectural plans have been completed, and the conditional use permit has been approved by the City of Palm Springs. Unit One is a single-level unit with one bedroom and 1.5 bathrooms, offering approximately 1409 square feet. Unit Two is a two-story unit with two bedrooms, three bathrooms, and an office, providing approximately 2084 square feet. Unit Three is a two-story unit with two bedrooms and 2.5 bathrooms, offering approximately 1983 square feet. The permitted plan includes a gated compound of three modern units featuring open floor plans with ceilings up to 11 feet high. Each unit includes fireplaces, main floor bedrooms, a private yard, a pool and spa, and two covered parking spaces, plus extra guest parking. The lot size is 0.34 acres. Located minutes from downtown, the property offers the advantage of land ownership without HOA fees.
    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

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    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot with approved plans for three 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 $599,000.
    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
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    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
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