Active

0 Palm Drive

Desert Hot Springs CA, 92240

$5,000,000


$4.59 per sqft

Active

25 Acres

Land

Listed by Randy Smith with smithREgroup 562-547-8256

SELLER FINANCING AVAILABLE! PRIVATE LENDER REO. PRICE REDUCED TO $5,000,000! 25 acre parcel with APPROVED 402 unit residential condominium community consisting of all 2BR 2BA, dual master suite 1245 SF units and two-level community center. Desert Hot Springs is the fastest growing city in the Coachella Valley and positioned to become a cornerstone of affordable, entry-level housing for the existing and growing workforce in the area. Site is within 20 minutes of all major employment centers, health care facilities and resorts in the Greater Palm Springs area. Development Permit, Conditional Use Permit and Tentative Tract Map have been approved. 175 page City of Desert Hot Springs Staff Report is available. Property previously sold in 2022 for $9,000,000. Appraisal report available. At pro-forma sale price of $250,000 per unit, land cost is 8.9%. Total project revenue is estimated at $100 million.

PW24044386

MLS ID

March 4, 2024

Listed

October 17, 2024

Updated

Map

0 Palm Drive
Desert Hot Springs CA, 92240

Exterior/Building Features

Lot Size

25 Acres


Lot Features

16-20 Units/Acre

Other Property Details

Area Name

699 - Not Defined


Days on Market

208


Garage

No


View

Yes


View Description

Mountain(s)


County

Riverside


Water Source

Other


Pool

No


Zoning

RM

Listing History

Date

Event

Price

8/15/2024

Price change

$5,000,000

-17%

5/14/2024

Price change

$6,000,000

-34%

Listing Contact: 888-281-5048 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/17/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

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Data last updated on 10/17/2024 at 10:21 AM UTC

 

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