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    220 S Patencio Road

    Palm Springs, CA 92262
    • $2,400,000
    • STATUS: Active
    • ON SITE: 39 days
    • MLS #: 219047996
    UPDATED: 157 min ago
    $2,400,000
    • 9
      BEDS
    • 0.26
      ACRES
    • 9
      BATHS
    • 0
      1/2 BATHS
    • 10,875
      SQFT
    • $221
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1930
    County:

    School Ratings & Info

    School District:

    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 KUD Properties. Based on information from the California Desert Association of Realtors as of 2020-09-27T23:35:32.267. 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.kudprop.com/homes/109149713
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    220 S Patencio Road Palm Springs, CA 92262

    • Price: $2,400,000
    • Status: Active
    • Updated: 157 min ago
    • MLS #: 219047996
    9
    Beds
    9
    Baths
    0
    ½ Baths
    0.26
    Acres
    10,875
    SQFT
    $221
    $/SQFT
    1930
    Built
    Neighborhood:
    Tennis Club
    County:
    Riverside
    Area:
    332 - Palm Springs Central
    School District:
    Palm Springs Unified
    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

    Building Style ContemporaryOtherRanchSpanish Casita Guesthouse None Entry Floor Number 1 Entry Location Ground Level - No Steps Exterior Construction StuccoWood Foundation Slab Gated Community No Levels Ground Parking On StreetSide By SideUnassigned Patio Features Covered Paved Yes Roofing Clay TileTar/Gravel Total Carport Spaces 0.00 Total Covered Spaces 0.00 Total Parking Spaces 8.00 Total Uncovered Assigned Spaces 8.00 Unit Location Ground Floor View Yes View Type Mountain(S)Pool Window Treatments BlindsDrapes

    Interior Features

    Appliances DryerMicrowave OvenRefrigeratorWasher Bathroom Features Shower Over TubShower StallTile CountersTile Shower Bedroom Features All Bedrooms Down Cooling Type Air ConditioningElectric Fireplace Yes Fireplace Features Fire PitGas Fireplace Location Living RoomOther Flooring CarpetCeramic Tile Heating CentralZoned Kitchen Features Granite Tile CountersLaminate CountersTile Counters Rooms BarBreakfastDining AreaEntryLiving Room Total Fireplaces 2

    Property Features

    Ada Compliant No Disclosures None Elevator No Land Type Fee Simple Laundry Yes Laundry Equipment Own Laundry Location Laundry Area Listing Terms CashCash To New LoanConventionalPrivate Financing Available Lot Description FencedLandscaped Neighborhood Historic Tennis Club Owner Pays ElectricityGardenerGasPool ServiceTrash CollectionWater Pool Yes Pool Construction In Ground Pool Description Gas HeatedHeatedPrivate Pool Location Community Property Attached Detached Detached Property Condition Updated/Remodeled Rent Control No Sale Type Standard Security Safety Exterior Security Lights Senior Community No Sewer InConnected And Paid Spa Hot Tub No Tax Mello Roos No Tv Services Cable Tv Water In Street Water Heater Yes Water Heater Feature Electric

    Listing information © 2020 California Desert Association of Realtors.
    Listing provided courtesy of Sandra Quinn of Berkshire Hathaway Homeservices California Properties.
    ©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 KUD Properties. Based on information from the California Desert Association of Realtors as of 2020-09-27T23:35:32.267. 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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    74124 Highway 111
    Palm Desert CA, 92260