220 S Patencio Road, Palm Springs, CA 92262
Tennis Club (click for neighborhood info)
Sold
$2,362,000
Sold On 2021-03-31
Overview
MLS #
219056221PS
Listed on
2021-01-25
Status
Sold
Price
$2,400,000
Type
Residential Income
Size of home
10,875 sq ft
Beds / Baths
9 / 9.00
Size of lot
11,326 sq ft
Neighborhood
Tennis Club
Location address
220 S Patencio Road
Palm Springs 92262
Palm Springs 92262
Video
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.
General Information
Original List Price
$2,400,000
Price Per Sq/Ft
$221
Furnished
No
Land Type
Fee
Land Lease Expires
N/A
Association Amenities
Barbecue, Fire Pit
Pool
Yes
Pool Description
Community, Heated, In Ground, Private
Spa
Yes
Year Built
1930
Levels
Ground Level
View
Mountains, Pool
Interior Features
Beamed Ceiling(s), Track Lighting, Wet Bar
Flooring
Carpet, Ceramic Tile
Appliances
Built-In BBQ, Microwave
Patio Features
Covered
Laundry
Laundry Area
Fireplace
Yes
Heating Type
Central, Zoned
Cooling Type
Air Conditioning, Electric
Parking Spaces
8
Parking Type
On street, Side By Side, Unassigned
Courtesy of:
Sandra Quinn /
Berkshire Hathaway HomeServices California Propert
220 S Patencio Road