Price Reduction - Views
Listing Provided Courtesy Of:
Nerses Ananyan with Titus Realty, Inc. - 818-786-5511
Address
435 E Avenida Olancha Palm Springs, CA
Price
$ 4,650,000
Property Attributes
  • MLS#SR22032877
  • TypeIncome
  • CountyRIVERSIDE
  • CityPalm Springs
  • AreaSouth End Palm Springs
  • NeighborhoodPalm Springs Golf and Tennis
  • Zip92264
  • Style
  • Price$ 4,650,000
  • Bedrooms9
  • Full Bathrooms9
  • Half Bathrooms0
  • Sqr Footage4500
  • Lot Size0.389991 Acres
Listing Provided Courtesy Of:
Nerses Ananyan with Titus Realty, Inc. - 818-786-5511
Data Source:
California Regional MLS (CRMLS)
Property Description

!!! PRICE REDUCTION!!! 9-unit luxury boutique hotel located in an upscale residential area 1.5 miles from down town Palm Springs. Every once in a while, an exceptional property comes along that a savvy investor will recognize as solid investment opportunity. Little Paradise Hotel consists of 9 guest rooms and the in-keeper suite. Close to 1 million dollars was spent in 2014-2015 to transform the former “Queen of Hearts” to an absolute gem it is today. . In 2020, while closed due to Covid-19 restrictions, it underwent major facelift. Post Covid recovery has exceeded expectations. YTD bookings are in excess of 400K to an estimated 683K target year booking revenue ***Offered at $4,650,000, *** SGI $648,500, ***NOI $331,160, ***CAP 7.12%.

Price History
2/19/2022 Listed $4,750,000
5/6/2022 2% - $4,695,000
6/20/2022 1% - $4,650,000

General Features

Carport Y/N Yes
Community Features Foothills, Mountainous, Sidewalks
Garage Spaces 13
Garage Y/N Yes
Heating Central
Interior Features Furnished, Laminate Counters, Open Floorplan, Recessed Lighting, All Bedrooms Down
Levels One
Listing Agent Nerses Ananyan - BRE#01320968
Listing Agent State License 01320968
Lot Size Square Feet 16988
MLS Area 334 - South End Palm Springs
Open Parking Spaces 13
Other Structures Gazebo
Pool Features Gunite, Heated, In Ground, Private
Private Pool Yes
Property Attached Y/N Yes
Property Type Residential Income
Roof Shingle
Senior Community Y/N No
Sewer Private Sewer
Special Listing Conditions Standard
Status Active
Stories 1
Subdivision Name Palm Springs Golf and Tennis (33475)
Terms Cash, Cash to Existing Loan, Cash to New Loan, 1031 Exchange
Total Actual Rent 693000
Total Units 9
Utilities Natural Gas Connected, Sewer Connected, See Remarks, Water Connected
Virtual Tour http://www.littleparadisehotel.com/
Zoning R2

Interior Features

Common Walls 2+ Common Walls
Fireplace Features Family Room, Kitchen
Fireplace Y/N Yes
Flooring Laminate, Tile
Heating Y/N Yes
Laundry Features Common Area, Outside

Exterior Features

Foundation Details Concrete Perimeter
Lot Features 6-10 Units/Acre, Sprinkler System
Lot Size Acres 0.39
Lot Size Area 16988
Lot Size Source Assessor
Lot Size Units Square Feet
Number of Buildings 1
Number of Separate Electric Meters 1
Number of Separate Gas Meters 1
Number of Separate Water Meters 1
Parking Features Carport
Total Parking 26
View Y/N Yes
Water Source Public

Room Details

Room Dimensions Level Flooring Details
Bedroom
Kitchen

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 92264

Price
AVG $2.96M
$4.65M
Visits
AVG 24
25
Year Built
AVG 1953
1960

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