$ 5,000,000
0 Palm DR Desert Hot Springs, CA 92240
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$ 5,000,000
Est. payment | /mo
25 Acres Lot
$ 5,000,000
Est. payment | /mo
25 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW24044386
HOA Y/N No
Lot Size 25.000 Acres
Property Description
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.
Location
State CA
County Riverside
Area 699 - Not Defined
Zoning RM
Interior
Fireplace No
Exterior
Fence None
Community Features Suburban
Utilities Available Electricity Available, Sewer Available, Water Available
View Y/N Yes
View Mountain(s)
Present Use Unimproved
Building
Lot Description 16-20 Units/Acre
Water Other
New Construction No
Others
Senior Community No
Tax ID 656030005
Acceptable Financing Cash, Cash to New Loan, Owner Will Carry
Listing Terms Cash, Cash to New Loan, Owner Will Carry
Special Listing Condition Real Estate Owned
Listed by Randy Smith • smithREgroup • 562-547-8256
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Donna Padula
REALTOR®