1380 N Indian Canyon Drive

    Palm Springs, CA 92262
    • $1,099,000
    • STATUS: Active Under Contract
    • ON SITE: 46 days
    • ID#: EV19213618
    Under Contract
    UPDATED: 30 min ago
    $1,099,000
    • 0
      BEDS
    • 0.39
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,812
      SQFT
    • $228
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1946
    County:

    School Ratings & Info

    Description

    "La Casa'' is located in central Palm Springs and was originally built as a hotel in 1946, then converted to 8 apartments. La Casa holds R3 zoning and is surrounded by 5 boutique hotels. Conversion back to hotel is likely or continue as apartments. Attractive unit mix between (2) studios, (3) 1 bedrooms and (3) large 2 bedroom units. This property offers value upside, passive income with light management duties and great tax benefits for the new owner. Brand new roof over 90% of the building. Very large attractive units, each with private yards and 2 with large balconies overlooking the sparkling pool. Opportunity to additionally sub-meter the gas to lean out the expenses for a higher return. On site common laundry room can generate additional income as well. Proforma income is $112,080 Year 9.77 GRM and 6.75% cap rate, only 3 of 8 units are strategically rented in the event a purchaser wants to convert back to boutique hotel quickly. This is Fee Simple land, no land lease.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-23T09:32:59.647. 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 deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Masters. Licensed in the State of California, USA.
    www.bestlahomefinder.com/homes/98734169

    1380 N Indian Canyon Drive Palm Springs, CA 92262

    • Price: $1,099,000
    • Status: Active Under Contract
    • Updated: 30 min ago
    • ID#: EV19213618
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.39
    Acres
    4,812
    SQFT
    $228
    $/SQFT
    1946
    Built
    Neighborhood:
    Vista Las Palmas (33273)
    County:
    Riverside
    Area:
    332 - Central Palm Springs
    Property Description
    "La Casa'' is located in central Palm Springs and was originally built as a hotel in 1946, then converted to 8 apartments. La Casa holds R3 zoning and is surrounded by 5 boutique hotels. Conversion back to hotel is likely or continue as apartments. Attractive unit mix between (2) studios, (3) 1 bedrooms and (3) large 2 bedroom units. This property offers value upside, passive income with light management duties and great tax benefits for the new owner. Brand new roof over 90% of the building. Very large attractive units, each with private yards and 2 with large balconies overlooking the sparkling pool. Opportunity to additionally sub-meter the gas to lean out the expenses for a higher return. On site common laundry room can generate additional income as well. Proforma income is $112,080 Year 9.77 GRM and 6.75% cap rate, only 3 of 8 units are strategically rented in the event a purchaser wants to convert back to boutique hotel quickly. This is Fee Simple land, no land lease.
    Exterior Features

    Architectural Style Bungalow Carport Spaces 2.00 Construction Materials Stucco Garage Spaces 0.00 Lot Features 2-5 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Features Assigned Parking Total 2.00 Parking YN Yes Pool Features Community Pool Private YN No Property Attached YN Yes Roof ElastomericSee Remarks

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling Central AirWall/Window Unit(S) Cooling YN Yes Heating CentralWall Furnace Heating YN Yes Interior Features Balcony Laundry Features Common Area Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 6.75 Community Features Suburban Country Us Electric Expense 2400.00 Elevation Units Feet Fuel Expense 1800.00 Gardener Expense 2280.00 Gross Income 9190.00 Gross Multiplier 9.77 Gross Operating Income 108718.00 Gross Scheduled Income 112080.00 Insurance Expense 2400.00 Land Lease YN No Laundry YN Yes Maintenance Expense 2400.00 Net Operating Income 73957.00 New Construction YN No New Taxes Expense 14000.00 Number Of Separate Electric Meters 5 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Number Of Units Leased 3 Operating Expense 34761.00 Operating Expense Percent 31.00 Professional Management Expense 4693.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Vista Las Palmas (33273) Tenant Pays All UtilitiesCable TvElectricityGas Total Actual Rent 9190.00 Total Expenses 34761.00 Trash Expense 1308.00 Vacancy Allowance 3362 Vacancy Allowance Rate 3.00 Water Sewer Expense 1800.00 Water Source Public Year Built Source Assessor Zoning R3

    Listing provided courtesy of Nathan Diones of Regioncy Real Estate


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-23T09:32:59.647. 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 deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Masters. Licensed in the State of California, USA.
     
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