Sold On 03/31/2021

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    MLS # 219056221PS
    Listed on 01/25/2021
    Status Sold
    Price $2,400,000
    Type Multiplex
    Subtype Apartment Building
    Size of home 10,875 Sq ft
    Beds / Baths 9 / 9.00
    Size of lot 11,326 sq ft
    Neighborhood Tennis Club (The)
    Location address 220 S Patencio Road
    Palm Springs 92262


    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
    Spa No
    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 Properties

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