1380 N Indian Canyon Dr, PALM SPRINGS, 92262

Residential Income - Apartment Building For Sale


MLS® #: EV19213618MR
Active, 8 Days on Market

"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.

Essential Information

MLS® #: EV19213618MR
Price: $1,099,000
Bathrooms: 0.00
Square Footage: 4,812
Acres: 0.39
Year Built: 1946
Type: Residential Income
Sub-Type: Apartment Building
Style: Bungalow
Status: Active

Community Information

Address: 1380 N Indian Canyon Dr
Area: Palm Springs Central
County: Riverside
State: CA
Zip Code: 92262


Parking Spaces: 2
Garages: Assigned
Pool: Community


Heating: Central, Wall
Cooling: Central, Wall/Window
# of Stories: 2


Exterior: Stucco
Roof: Elastomeric, Other
Construction: Stucco

Additional Information

Date Listed: September 6th, 2019
Days on Market: 8
Zoning: R3

Listing Details

Listing Agent: Nathan Diones (01767311)
Contact Ron Parks: Phone: 760-883-8613


$/SqFt: $228
Based on information from CARETS as of September 15th, 2019 at 12:25am PDT. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. 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 or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.