1661 Calle Palo Fierro Palm Springs, CA 92264-8861

Property Details for 1661 Calle Palo Fierro

Year built

1959

Construction

WOOD

Lot size

0.74 lot acres

Property type

Hotels

APN

508-353-034

APU

508353034

Description

This exceptional 14-key boutique hotel in Palm Springs, California, presents a compelling investment opportunity. Completely renovated in 2022, the property boasts a transformative upgrade encompassing all mechanical, electrical, and plumbing systems, as well as extensive landscaping enhancements. Features include a new pool, event pool deck, and hot tub situated within two private courtyards. The hotel is situated in the prestigious Tahquitz River Estates neighborhood, surrounded by other high-end boutique hotels, ensuring strong market positioning. The 7,581 square foot property sits on a 0.74-acre lot and includes 22 parking spaces across five single-story buildings. The property operates under a Type 70 liquor license, permitting on-site alcohol service. Built in 1959, the hotel features a mid-century modern architectural style and offers studios and one-bedroom units. With an asking price of $6,500,000, a pro-forma NOI of $626,669, and a pro-forma cap rate of 9.64%, this represents a strong value-add investment. The property is zoned R2 and operates as a fee-simple ownership, unencumbered by management agreements. Current market data indicates significant revenue growth potential, with the property currently operating at 76.3% of the market RevPAR. The property's location, recent renovations, and strong market demand combine to create a compelling investment opportunity in the thriving Palm Springs hospitality sector. The property's address is 1661 S Calle Palo Fierro, Palm Springs, CA 92264. APN: 508-353-034.

Location Insight

City

Palm Springs

County

Riverside

State

California

Longitude

-116.542

Latitude

33.8024

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments