Palm Desert Condominium Package
74380 El Camino #2, Palm Desert, CA 92260
For Sale
$6,845,000
Pending
37-unit condominium package near El Paseo shopping district.
Property Size22,200 SF
Lot Size0.25 Acres
Days on Market769
Property Features for 74380 El Camino #2
General Information
Standard status
Size
Lot size
Property subtype
Amenities
Central Heating
Building Details
Year Built
Listing Agency:
LE INVESTMENT GROUP
(909) 256-7889
Listed By:
ALBERT LE · License CA #01468313
(951) 226-5454
Source:
Corcoran
Added: Oct 3, 2024
Changed: Nov 8
Last Checked: Nov 8 at 5:53AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$359,340
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,186,800
$7.2M
Cap Rate 7%
$5,133,429
$5.1M
Cap Rate 9%
$3,992,667
$4.0M
Market Conditions
NOI Build-Up for 22,200 SF
Gross rent
$666.0K $30.00/SF
− Vacancy
−$12.7K −$0.57/SF
EGI
$653.3K $29.43/SF
− OpEx
−$294.0K −$13.24/SF
NOI
$359.3K $16.19/SF
Area
Riverside County, CA
Vacancy
1.90%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,186,800
Cap Rate 7%
$5,133,429
Cap Rate 9%
$3,992,667
Alternative Uses
Best Use
Apartment 5plus
$5.13M
$4.49M – $5.99M
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
NOI $465,552 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
$463,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Riverside County, CA
Properties on Market for Apartment buildings in Riverside County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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.
