Greg Malik Real Estate
66365 7th Street
Desert Hot Springs, CA 92240

Description

Tremendous opportunity! Looking for a resort property with lots of upside potential? Then no need to look further than this historic inn & Spa, with 4 1bedroom/1bath, 6 single-units, 1 cottage & a 2 bedroom owner's Unit, just waiting for a creative investor to make their entrepreneurial dreams come true.., Recently been renovated and adapted to multifamily. All units have kitchens and made livable by the current owner. A new owner may maintain the building as a motel. Operating as apartments, could achieve over a 10% cash-on-cash Annual return with very conservative realistic underwriting. City may prefer to operate it as motel which shall generate higher revenue. Showing by accepted offer. Property is sold "As Is". Owner makes no warranty of any kinds. Some units needs TLC. All units has its own kitchen, patio. A beautiful pool room, Breeze room, extra bath/kitchen, Giant yard, cottage are bonus of this resort. Please don't go inside property.

Details

MLS#18380246
Sub-TypeResale
StatusPending - Show
Year1965
Days On Site12

Features

SQ Feet5,400
Units11
Building(s)1

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Area Information

StateCA
CountyRiverside
CityDesert Hot Springs
Zip Code92240
Area340 - Desert Hot Springs
Listing VS Median (in 92240)
Price:
$699,000
low | high
Med:
$179,900
100% of Average
SqFt:
5,400
low | high
Med:
949
100% of Average
$ / SqFt:
$129
low | high
Med:
$190
3.161172129667% of Average
On Site:
12
low | high
Med:
12
100% of Average
Listing Updated: 01/16/2019
MLS Number: 18380246
Listing Provided By:
Novin Kathy Golshani  of  Pacific Paradise Realty
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