Property Details

1380 N Indian Canyon Dr
Palm Springs, CA 92264

Price
$1,099,000
GRM
9.77  
GSI
$112,080  
NOI
$73,957  
CAP Rate
6.75  
Units
8  
Price/unit
$137,375  
Square Footage
4,812  
Price/sqft
$228  
Lot Size (sqft)
16,988  
Year Built
1950  

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.


Unit Composition

QtyBedroomsBathrooms
32 Bedroom1.5 Bath
31 Bedroom1 Bath
21 Bedroom1 Bath

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