Palm Drive, Desert Hot Springs, CA 92240

$6,000,000
List Price
$6,000,000
Price Change
▼ $3,000,000 1715739593
Status
ACTIVE
MLS#
PW-24044386
Lot Size
25
Lot Location
16-20 Units/Acre
Days on Market
106
Property Type
Land
Foreclosure
Yes

Property Description

PRIVATE LENDER REO. PRICE REDUCED TO $6,000,000! 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.

Additional Information

Land Lease Type
Fee
Lot Description
16-20 Units/Acre
View
Mountain(s)

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Calculator source: Real Geeks

Listing courtesy of smithREgroup.