$2,400,000

220 Patencio Road

Palm Springs CA, 92262

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.

Details

MLS#219047926PS
Listing TypeFor Sale
StyleIndustrial
Sub-TypeResale
StatusActive
Days On Site100

Features

Story(s)1
Units8

Market Activity 92262

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Area Information
StateCA
CountyRiverside
CityPalm Springs
Zip Code92262
Area332 - Central Palm Springs
Listing VS Median (in 92262)
Price:
$2,400,000
low | high
Med:
$439,000
100% of Average
On Site:
100
low | high
Med:
31
100% of Average
Listing Updated: November 25, 2020 3:19:46 AM PST
Scott Timberlake LogoMLS Number: 219047926PS
Listing Provided By:
Scott Timberlake  of  Realty Trust
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