Palm Drive
Desert Hot Springs, CA 92240
25.00 acres | #PW24044386
Description
SELLER FINANCING AVAILABLE! PRIVATE LENDER REO. PRICE REDUCED TO $5,000,000! 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.
Property Details
- Utility FeaturesElectricityAvailable, SewerAvailable, WaterAvailable
- Lot DescriptionSixteenToTwentyUnitsAcre
- Original List Price$9,000,000
- MLS #PW24044386
- MLS #PW24044386
- ViewMountains
- CountyRiverside
- Property TypePurchase
- Cost5000000
- Utility SourceOther
- Property SubtypeLand
- Acres25
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Randy Smith (#ZSMITRAN)
Listing Office: smithREgroup (#PB15768)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
