Palm Springs, CA 92264 588 E San Lorenzo Road
$4,195,000
15 more
Presented By: Eric Lavey with Sotheby's International Realty;
Home Details
PALM SPRINGS HOTEL: Extremely rare Palm Springs hotel opportunity with a total of 25 bedrooms - 12 units each with their own Kitchen and Laundry. Manager's Office/Lobby, community bathroom and 3 cabana locations. Eleven units are 2 bedroom and 2 bath and one is a 3/3 Penthouse. Situated in the highly desirable neighborhood connecting Central and South Palm Springs next to the recently completed Cody Place, where units sell over $1M. Just a block east of South Palm Canyon Drive, the location offers easy access to shopping, dining, entertainment, and medical facilities near historic Downtown Palm Springs. Featuring gated controlled access, ample parking, a luxurious pool and spa, koi pond, private patio/BBQ area, and an open courtyard, the property provides a perfect blend of comfort and entertainment. Modern amenities such as keyless entry, plank and carpet flooring, stainless steel appliances, and central air conditioning enhance the living experience. Besides as a hotel, there is also an ability to condo map the building and sell off as condos at a later date for a significant return. Whether you're a first-time purchaser, seasoned investor, or considering a 1031 exchange, 588 E San Lorenzo Road stands as a prime income-producing investment in the thriving Palm Springs real estate market. Current loan is assumable at rate of 4.75%.
Presented By: Eric Lavey with Sotheby's International Realty;
Interior Features for 588 E San Lorenzo Road
Bedrooms
Total Bedrooms25
Bathrooms
1/4 Baths0
3/4 Baths0
Full Baths
Half Baths
Total Baths25
Other Interior Features
LivingAreaSourceAssessor
Air Conditioning Y/NYes
Basement (Y/N)No
Electric On Property Y/NNo
Fireplace FeaturesNone
Fireplace Y/NNo
Heating Y/NYes
Street SuffixRoad
Total Stories2
General for 588 E San Lorenzo Road
Additional Parcels Y/NNo
AppliancesBarbecue, Microwave, Refrigerator, Dryer, Washer
Attached Garage No
Cap Rate4.39
Carport Spaces12.0
Carport Y/NYes
CityPalm Springs
Community FeaturesGated
CoolingCentralAir
CountyRiverside
Days on Market28
DirectionsTake I-10 E, Merge onto CA-111, Continue onto Palm Canyon, Turn Left onto E Stevens Rd, Turn Right onto N Indian Canyon Drive, Continue onto S Palm Canyon Drive, Turn Left onto E Mesquite Ave, Turn Left ont
DisclosuresCovenantsRestrictionsDisclosure
Entry LocationMain Level
Exterior FeaturesKoiPond
Garage Y/NNo
Gross Income347700.0
HOA / Comm AssnNo
HeatingCentral
Home Warranty Y/NNo
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Lot Size Square Feet31799.0
MLS Area334 - South End Palm Springs
MobileHomeRemainsYNNo
Net Operating Income228256.0
New ConstructionNo
Open Parking Spaces12.0
Pool FeaturesInGround
Private PoolNo
Property Attached Y/NNo
Property TypeResidentialIncome
Rent Control Y/NNo
Security FeaturesSecurityGate, GatedwithGuard, GatedCommunity
Senior Community Y/NNo
Spa FeaturesInGround
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Street NameSan Lorenzo
Subdivision NameTahquitz River Estates
Total Units12
ViewDesert, Mountains
View Y/NYes
Waterfront Y/NNo
Year Built2012
Year Built SourceAssessor
Exterior for 588 E San Lorenzo Road
Building Area Total12164.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot Size Acres0.73
Lot Size Area31799.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings1
Open Parking Y/NNo
Parking FeaturesAssigned
SpaYes
Total Parking24.0
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480