220 S Patencio Road, Palm Springs, CA 92262
Property · 2 recorded sales since 2015
Sold March 2021
Listing Agent: Sandra Quinn (DRE #01391280) · Listing Office: Berkshire Hathaway HomeServices California Properties · Contact: (760) 323-5000 · Bought with: Reymond Weddle · Compass · MLS #219056221PS · Source: CRMLS
About this property
Located in the Historic Tennis Club neighborhood next to Downtown Palm Springs, The Old Ranch Inn has been successfully operating as an 8-room Boutique Hotel. Increased revenue possible with a minimal improvement cost by adding 9th room, currently used as office space. Each room is unique, all with Kitchens/Kitchenettes to serve short term and long-term (28 days or more) guests. Hotel License will be transferred at time of sale. Transient Occupancy Tax (TOT) does not have to be paid on long term occupancies. Option to lease/rent all rooms long term is extremely valuable to remain profitable while complying with current short-term Hotel operating restrictions. All units individually metered to bill back to longer term guests. Most units have views of San Jacinto mountains and pool. Property has outdoor breakfast bar, bbq and entertainment area with firepit and room to add in ground outdoor spa. Great walking neighborhood close to shopping, dining, hiking and bike paths. On-site parking for each room. Room rates have been historically below market creating a perfect opportunity to increase revenue especially with the 9th room brought into service. Investment proforma attached.
Listing description from the March 2021 sale, as reported to CRMLS.
Sale history