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    220 S Patencio Road

    Palm Springs, CA 92262
    • $2,400,000
    • STATUS: Active Under Contract
    • ON SITE: 31 days
    • ID#: 219056221PS
    Under Contract
    UPDATED: 18 min ago
    $2,400,000
    • 0
      BEDS
    • 0.26
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1930
    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 2021-02-26T13:31:19.38. 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 Cory Home Team | eXp Realty of California Inc. Licensed in the State of California, USA.

    www.searchcaliforniahomes.net/homes/113611495
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    220 S Patencio Road Palm Springs, CA 92262

    • Price: $2,400,000
    • Status: Active Under Contract
    • Updated: 18 min ago
    • ID#: 219056221PS
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.26
    Acres
    1930
    Built
    Neighborhood:
    Tennis Club
    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

    Architectural Style ContemporaryRanchSpanish Carport Spaces 0.00 Entry Level 1 Foundation Details Slab Garage Spaces 0.00 Lot Features Landscaped Lot Size Source Assessor Lot Size Units Acres Parking Features StreetSide By SideUnassigned Parking Total 8.00 Parking YN Yes Pool Features Gas HeatElectric HeatPrivateIn Ground Pool Private YN Yes Property Attached YN No Roof ClayTar/Gravel Uncovered Spaces 8.00 View Mountain(S) View YN Yes

    Interior Features

    Appliances MicrowaveRefrigeratorElectric Water HeaterWater Heater Appliances YN Yes Cooling Electric Cooling YN Yes Fireplace Features Fire PitGasLiving RoomSee Remarks Fireplace YN Yes Flooring CarpetTile Heating CentralZoned Heating YN Yes Interior Features Beamed CeilingsTrack LightingWet Bar Room Type EntryLiving Room

    Property Features

    Association Amenities BarbecueFire Pit Country Us Improvements Amount 0 Inclusions All indoor And Outdoor Furnishings As Well As Decor included in Sale. Land Lease YN No Laundry Equipment Own Lease Own Number Of Separate Electric Meters 9 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Number With Refrigerator 9 Property Condition Updated/Remodeled Rent Control YN No Security Features Security Lights Senior Community YN No Special Listing Conditions Standard Subdivision Name Other Tennis Club

    Listing provided courtesy of Sandra Quinn of Berkshire Hathaway Homeservices California Properties and Scott Timberlake of


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-02-26T13:31:19.38. 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 Cory Home Team | eXp Realty of California Inc. Licensed in the State of California, USA.

     
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    Cory Home Team | eXp Realty of California Inc
    41951 Remington Ave., Ste 260
    Temecula CA, 92590