200 Francis Dr, PALM SPRINGS, 92262

SoldResidential Income - Apartment Building For Sale

$5,500,000

Beds
Baths
33,000Sqft
2.12Acres
2007Built
65DOM
MLS® #: CV16183169MR
Sold, 65 Days on Market

The Towers is a high quality 20-unit property located in the heart of Palm Springs, California. Built in 2007 to a very high standard, the property has been impeccably maintained. These steel frame buildings are top tier in build quality, design, and location. Easily rented to tenants looking for an upscale contemporary home. The Towers was originally planned as a high end enclave of condominiums for the local professional and Los Angeles second home buyer market. When the recession hit, the sales program was terminated and the units were rented out. A condo map is, however, filed and there is an operating HOA. The opportunity exists today to launch a condo sales program. In addition to the existing 20 units, this sale also includes an adjacent undeveloped lot measuring 24,896 square feet that can serve as the site for 10 more units. The undeveloped lot is shovel ready and the existing condominium map already includes these additional units. Build out these final 10 units to increase operating income or sell them individually as condos.

Essential Information

MLS® #: CV16183169MR
Price: $5,500,000
Bathrooms: 0.00
Square Footage: 33,000
Acres: 2.12
Year Built: 2007
Type: Residential Income
Sub-Type: Apartment Building
Status: Sold

Community Information

Address: 200 Francis Dr
Area: Other
City: PALM SPRINGS
County: Riverside
State: Ca
Zip Code: 92262

Amenities

Pool: Community

Additional Information

Date Listed: August 9th, 2016
Days on Market: 65

Listing Details

Listing Agent: Alexander Garcia (01072982)
Listing Office: MARCUS & MILLICHAP
Contact Ron Parks: Phone: 760-883-8613

Financials

$/SqFt: $167
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