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    220 S Patencio Road

    Palm Springs, CA 92262
    • $2,400,000
    • STATUS: Active
    • ON SITE: 34 days
    • MLS #: 219047926
    $2,400,000
    • 0
      BEDS
    • 0.26
      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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    ©2020 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Mark Wise | Bennion Deville Homes. Based on information from the California Desert Association of Realtors as of 2020-09-21T23:35:42.863. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

    Licensed in the State of California, USA
    www.markwiseproperties.com/homes/109120112
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    220 S Patencio Road Palm Springs, CA 92262

    • Price: $2,400,000
    • Status: Active
    • MLS #: 219047926
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.26
    Acres
    Neighborhood:
    332 - Palm Springs Central
    County:
    Riverside
    Area:
    332 - Palm Springs Central
    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

    Entry Floor Number 1 Lot Features LandscapedLot 10000-19999 SqftLot Level/FlatPaved StreetSprinkler Drip SystemSprinkler SystemSprinklers in FrontSprinklers On SideSprinklers Timer Total Covered Spaces 0.00 Total Parking Spaces 8.00 Total Uncovered Assigned Spaces 8.00

    Interior Features

    Heating Type Fireplace(S)

    Property Features

    Asset Class Hotel/Motel Building Features Living Quarters Building Name Old Ranch Inn Building Status Existing Business Info Investment Property Yes Business Info Laundry Equipment Yes Business Info Sale Or Lease Sale Cross Streets W Arenas Rd & S Patencio Rd Financing Details CashConventional Income Effective Gross 332312.00 Laundry Laundry Area Listing Terms CashConventionalStandard Sale Ownership Type Llc Property Sub Type Combo - Res & Com Sale Type Standard Security Safety Exterior Security Lights Utilities Electricity ConnectedNatural Gas AvailableUnderground UtilitiesWater Meter On Property Water Meter On Property

    Listing information © 2020 California Desert Association of Realtors.
    Listing provided courtesy of Scott Timberlake of Realty Trust.
    ©2020 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Mark Wise | Bennion Deville Homes. Based on information from the California Desert Association of Realtors as of 2020-09-21T23:35:42.863. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

    Licensed in the State of California, USA
     
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    Mark Wise | Bennion Deville Homes
    71691 Highway 111
    Rancho Mirage CA, 92270