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    1544 N Chaparral Road

    Palm Springs, CA 92262
    • $8,800,000
    • STATUS: Active
    • ON SITE: 15 days
    • MLS #: 219067341
    UPDATED: 79 min ago
    $8,800,000
    • 0
      BEDS
    • 1.67
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Commercial
    Built:
    1960
    County:

    School Ratings & Info

    Description

    Great Income Property in Downtown Palm Springs with 10 CAP! Desert Sun Resort is a 33-room hotel resort sitting on a large 1.6 acres of beautifully manicured grounds property: Two (2) large pools, jacuzzi, bar/cafe, lighted tennis court, free-standing spa studio, fitness facility, two firepits, loggia, luscious green lawn areas, and soothing water features, The Cafe (seats 50), Gift Shop, and three-room Spa are all part of the resort's amenities to enhance the guest experience and increase operating income. Currently Desert Sun Resort operates with an experienced staff (20 employees). This property has run efficiently without a ''hands-on'' owner for over 14 years. All 33 rooms were completely renovated in 2020 (11 courtyard rooms completed in 2016). There are five suites with kitchens, or kitchenettes. 170 solar panels were installed on the roof (100% paid for/no lease) in 2016. All panels are located on the rooftop of the hotel building and are still under the 20-year warranty. Desert Sun Resort has a full liquor license. The liquor license transfers with the sale of the property. The period August 2020 thru July 2021 the NOI is at $888,000 with an ADR of $214, a REVPAR of $105 and almost a 40% profit margin. When reviewing the past 48 months and removing the COVID period of March 2020 to February 2021, the property has consistently performed well yielding approximately $785,000 NOI with an ADR of approximately $200. Occupancy is averagi

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    ©2021 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Jelmberg Team | Keller Williams. Based on information from the California Desert Association of Realtors as of 2021-09-25T10:35:11.41. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

    Licensed in the State of California, USA
    www.jelmbergteam.com/homes/121286743
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    1544 N Chaparral Road Palm Springs, CA 92262

    • Price: $8,800,000
    • Status: Active
    • Updated: 79 min ago
    • MLS #: 219067341
    0
    Beds
    0
    Baths
    0
    ½ Baths
    1.67
    Acres
    1960
    Built
    Neighborhood:
    332 - Palm Springs Central
    County:
    Riverside
    Area:
    332 - Palm Springs Central
    Property Description
    Great Income Property in Downtown Palm Springs with 10 CAP! Desert Sun Resort is a 33-room hotel resort sitting on a large 1.6 acres of beautifully manicured grounds property: Two (2) large pools, jacuzzi, bar/cafe, lighted tennis court, free-standing spa studio, fitness facility, two firepits, loggia, luscious green lawn areas, and soothing water features, The Cafe (seats 50), Gift Shop, and three-room Spa are all part of the resort's amenities to enhance the guest experience and increase operating income. Currently Desert Sun Resort operates with an experienced staff (20 employees). This property has run efficiently without a ''hands-on'' owner for over 14 years. All 33 rooms were completely renovated in 2020 (11 courtyard rooms completed in 2016). There are five suites with kitchens, or kitchenettes. 170 solar panels were installed on the roof (100% paid for/no lease) in 2016. All panels are located on the rooftop of the hotel building and are still under the 20-year warranty. Desert Sun Resort has a full liquor license. The liquor license transfers with the sale of the property. The period August 2020 thru July 2021 the NOI is at $888,000 with an ADR of $214, a REVPAR of $105 and almost a 40% profit margin. When reviewing the past 48 months and removing the COVID period of March 2020 to February 2021, the property has consistently performed well yielding approximately $785,000 NOI with an ADR of approximately $200. Occupancy is averagi
    Exterior Features

    Lot Features Sprinklers in FrontSprinklers in RearSprinklers On SideSprinklers Timer Total Parking Spaces 40.00 Total Uncovered Assigned Spaces 40.00

    Interior Features

    Cooling Yes Heating Yes Heating Type Forced AirWall Furnace

    Property Features

    Asset Class Hotel/Motel Building Name Desert Sun Resort Building Status Existing Business Info Investment Property Yes Cross Streets Vista Chino And N. Indian Canyon Financing Details CashConventional Income Effective Gross 2225250.00 Income Net Profit 8880315.00 Laundry InsideLaundry Area Listing Terms CashConventional Property Sub Type Hotel-Motel Sale Type Standard Utilities Electricity Connected Water Meter On PropertyWater District

    Listing information © 2021 California Desert Association of Realtors.
    Listing provided courtesy of Scott Lyle of Compass.
    ©2021 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Jelmberg Team | Keller Williams. Based on information from the California Desert Association of Realtors as of 2021-09-25T10:35:11.41. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

    Licensed in the State of California, USA
     
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    Palm Desert CA, 92211