28555 Paseo RealCathedral City, CA 92234

Property Details for 28555 Paseo Real

Property type

Other commercial real estate

Property subtype

Other mixed-use properties

Description

This exceptional investment opportunity presents the acquisition of a leasehold interest in two prestigious California country clubs: Desert Princess and Cathedral Canyon. The offering includes fee title rights to 56.81 acres within Desert Princess, generating a 15.04% share of master ground lease revenue. This provides a stable income stream, complemented by approximately 2,000 individual condo subleases, ranging from $80 to $200 monthly. The property boasts a current NOI of $2,053,219 and a pro-forma NOI of $2,774,297, resulting in a current cap rate of 4.56% and a pro-forma cap rate of 6.17%. The ground lease, managed by the Bureau of Indian Affairs, extends until September 15, 2061, offering long-term security. The investment's value is further enhanced by the potential to renegotiate subleases for higher fees and the option to sell the fee simple interest land. The property includes various commercial components such as a Hyatt Vacation Club, a business park, and an Extra Space Storage facility. This Class B, value-add investment presents a unique opportunity for significant returns. Located in Cathedral City, CA, this 377.81-acre (Desert Princess) and 450.50-acre (Cathedral Canyon) property offers a compelling blend of established income and future upside potential. The property is privately owned.

Location Insight

City

Cathedral City

County

Riverside

State

California

Latitude

33.794

Longitude

-116.467

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