1380 N Indian Canyon Dr, PALM SPRINGS, 92262

Residential Income - Apartment Building For Sale

$1,099,000

Beds
Baths
4,812Sqft
.39Acres
1946Built
8DOM
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
City: PALM SPRINGS
County: Riverside
State: CA
Zip Code: 92262

Amenities

Parking Spaces: 2
Garages: Assigned
Pool: Community

Interior

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

Exterior

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)
Listing Office: REGIONCY REAL ESTATE
Contact Ron Parks: Phone: 760-883-8613

Financials

$/SqFt: $228
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