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    220 Patencio Road

    Palm Springs, CA 92262
    • $2,400,000
    • STATUS: Active
    • ON SITE: 102 days
    • ID#: 219047926PS
    UPDATED: 161 min ago
    $2,400,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Commercial
    County:

    School Ratings & Info

    Description

    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.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-11-29T00:25:55.507. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Veléz Team | Coldwell Banker. Licensed in the State of California, USA.

    www.isabelvelez.com/homes/109119859
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    220 Patencio Road Palm Springs, CA 92262

    • Price: $2,400,000
    • Status: Active
    • Updated: 161 min ago
    • ID#: 219047926PS
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    Neighborhood:
    332 - Central Palm Springs
    County:
    Riverside
    Area:
    332 - Central Palm Springs
    Property Description
    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.
    Exterior Features

    Carport Spaces 0.00 Lot Features LandscapedLot 10000-19999 SqftSprinkler SystemSprinklers In FrontSprinklers On SideSprinklers Timer Parking Total 8.00 Roof Tar/Gravel Uncovered Spaces 8.00

    Interior Features

    Building Features Living Quarters Heating Fireplace(S) Heating YN Yes Office Square Footage 0 Office Square Footage Max 0 Office Square Footage Min 0

    Property Features

    Accounting Type Proforma Asset Class Hotel/Motel Building Name Old Ranch Inn Building Status Existing Business Type Hospitality Cap Rate 6.30 Effective Gross 332312 Equipment Value 0 Expense Year 2019 Gross Operating Income 0.00 Inclusions All indoor And Outdoor Furnishings As Well As Decor included in Sale. Industrial Square Footage 0 Industrial Square Footage Max 0 Industrial Square Footage Min 0 Inventory Value 0 Investment Property YN Yes Property Sub Type Commercial/Residential Retail Square Footage 0 Security Features Security Lights Special Listing Conditions Standard Sprinklers YN Yes Total Expenses 180839.00 Total Monthly Rent 0 Utilities Electricity ConnectedNatural Gas AvailableUnderground Utilities

    Listing provided courtesy of Scott Timberlake of Realty Trust and Sandra Quinn of


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-11-29T00:25:55.507. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Veléz Team | Coldwell Banker. Licensed in the State of California, USA.

     
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