44
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$4,417,715
Est. payment /mo
16,500 SqFt
New
67590 Jones RD Cathedral City, CA 92234
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Key Details
Property Type Commercial
Sub Type Hotel/Motel
Listing Status Active
Purchase Type For Sale
Square Footage 16,500 sqft
Price per Sqft $267
MLS Listing ID 219134169
HOA Y/N No
Year Built 1989
Lot Size 0.710 Acres
Property Sub-Type Hotel/Motel
Property Description
it is a 10 unit x 2 bed/2 bath each hotel, previously a condominium complex , that may still be converted into a condo or a time share, as Title is still not fully converted!
Located at a perfect hide-a-way location that is away from Hwy 111 but walking distance to Target, Boomers,Trader Joe's,restaurants and service plazas, car dealerships, public transportation and one street away from Hwy 111, the main transport way of the Desert connecting all of the cities in Coachella Valley.
Property is currently operationg as a hotel and is ready to be taken to the next level and be exploited to its full capacity.
All 10 units , at 2 bed /2bath each , are fully furnished , throughout , and are similar but slightly different in terms of layout and furnishings. Look at the attached inventory list!
Some of the rooms are on the bottom and some are on the second level .
The current owner operates the property as a hotel and is a resident in the property so only 9 of the units are utilized but a buyer should be able to use all 10 units.Current operating capacity is around %30-%35 and property is only advertised on AIR B & B , with prices ranging from $300 to $900 per night depending on season and events-Coachella Valley Music festival, Stagecoach music festival , Indian Wells Tennis Tournament and many others are world-wide events and draw millions of visitors to the Desert and hotels command premium prices for those .
Proforma , attached in documents , shows an AirB& B average daily rate to be $405 -since it is a 2bed/2bath.The daily rate X %57 occupancy-which is very conservative and can easily go to %80 occupancy-which is normal for the Desert ,shows the profit for the year to be $839000 . Deducting the actual expenses , supplied by the ownership, we have net income of $559879. Deducting the actual capital improvements we have $344,879 , and then if divided by asking price the CAP rate is %7.8 .
Located at a perfect hide-a-way location that is away from Hwy 111 but walking distance to Target, Boomers,Trader Joe's,restaurants and service plazas, car dealerships, public transportation and one street away from Hwy 111, the main transport way of the Desert connecting all of the cities in Coachella Valley.
Property is currently operationg as a hotel and is ready to be taken to the next level and be exploited to its full capacity.
All 10 units , at 2 bed /2bath each , are fully furnished , throughout , and are similar but slightly different in terms of layout and furnishings. Look at the attached inventory list!
Some of the rooms are on the bottom and some are on the second level .
The current owner operates the property as a hotel and is a resident in the property so only 9 of the units are utilized but a buyer should be able to use all 10 units.Current operating capacity is around %30-%35 and property is only advertised on AIR B & B , with prices ranging from $300 to $900 per night depending on season and events-Coachella Valley Music festival, Stagecoach music festival , Indian Wells Tennis Tournament and many others are world-wide events and draw millions of visitors to the Desert and hotels command premium prices for those .
Proforma , attached in documents , shows an AirB& B average daily rate to be $405 -since it is a 2bed/2bath.The daily rate X %57 occupancy-which is very conservative and can easily go to %80 occupancy-which is normal for the Desert ,shows the profit for the year to be $839000 . Deducting the actual expenses , supplied by the ownership, we have net income of $559879. Deducting the actual capital improvements we have $344,879 , and then if divided by asking price the CAP rate is %7.8 .
Location
State CA
County Riverside
Area 336 - Cathedral City South
Interior
Heating Central, Forced Air
Exterior
Exterior Feature Other, Misting System, Lighting
Utilities Available Water Connected, Sewer Connected, Sewer Available, Natural Gas Connected
Others
Acceptable Financing Cash, Conventional, Owner May Carry
Listing Terms Cash, Conventional, Owner May Carry
Special Listing Condition Standard
Listed by Windermere Real Estate
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