312 E Camino Monte Vista, Palm Springs, CA 92262
Property
Sold May 2023
Listing Agent: Scott Timberlake (DRE #01257645) · Listing Office: Realty Trust · Contact: (760) 327-8000 · Bought with: Scott Timberlake · Realty Trust · MLS #219091670PS · Source: CRMLS
About this property
Apartment Complex or Fully licensed boutique hotel close to the Uptown District. This Property (previous Hotel) has been closed since 2019, but fully operational. Currently licensed as a 10 room boutique hotel , with 12 rooms. Two are adjoining connecting suites. This Fee simple property sits next to the successful Descanso Hotel and is priced well with unlimited potential depending on the new owners vision. Center court swimming pool, in ground Spa and Sauna / Steam room. Most units have kitchens or kitchenettes. Could potentially be used as a compound or multi unit apartment building subject to city zoning approval. The room count for the hotel license is 10 due to the 10 parking stalls on site. Same would apply to apartment use yet all 12 units have a private bath and kitchen / kitchenette. See the attached pro forma, which includes projections based on other similar properties, in its current condition and following new owner renovations. Additional attachment for projections if operated as an Apartment building. Site plan / Room layout in Documents, as well. Alarms on property, do not go direct. Shown by appointment only please contact listing agent. Full solar, paid for no solar lease. The city of Palm Springs has a TOT Hotel rebate program over the next 10 years that could be a substantial savings estimated at $50,000 per year or more if qualified.
Listing description from the May 2023 sale, as reported to CRMLS.
Sale history