Active
0 Palm Drive
Desert Hot Springs CA, 92240
$9,000,000
$8.26 per sqft
Active
25 Acres
Land
Listed by Randy Smith with smithREgroup 888-281-5048
PRIVATE LENDER REO. OFFERED FOR SALE AT MARKET PRICE. 25 acre parcel with APPROVED 402 unit residential condominium community consisting of all 2BR 2BA, dual master suite 1245 SF units and two-level community center. Desert Hot Springs is the fastest growing city in the Coachella Valley and positioned to become a cornerstone of affordable, entry-level housing for the existing and growing workforce in the area. Site is within 20 minutes of all major employment centers, health care facilities and resorts in the Greater Palm Springs area. Development Permit, Conditional Use Permit and Tentative Tract Map have been approved. 175 page City of Desert Hot Springs Staff Report is available. Property previously sold in 2022 for $9,000,000. Appraisal report available. At pro-forma sale price of $250,000 per unit, land cost is 8.9%. Total project revenue is estimated at $100 million.
PW24044386
MLSⓇ ID
March 1, 2024
Listed
May 9, 2024
Updated
Map
0 Palm Drive
Desert Hot Springs CA, 92240
Exterior/Building Features
Lot Size
25 Acres
Lot Features
16-20 Units/Acre
Other Property Details
Area Name
699 - Not Defined
Garage
No
View
Yes
View Description
Mountain(s)
County
Riverside
Water Source
Other
Pool
No
Zoning
RM
Buyer Agency Compensation
2%
Listing Contact: 888-281-5048
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/9/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 5/9/2024 at 1:32 PM UTC