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SELLER FINANCING AVAILABLE! PRIVATE LENDER REO. PRICE REDUCED TO $5,000,000! 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.PROPERTY FEATURES
Water Source: Other
Lot Features: 16-20 Units/Acre
Fencing: None
Current Use: Unimproved
Possible Use: Multi-Family
Road Frontage: City Street
Parcel Identification Number: 656030005
Zoning: RM
Zoning Description: Residential High Density
MLSAreaMajor: 699 - Not Defined
Distance To Water: Unknown
PROPERTY DETAILS
Street Address: 0 Palm Drive
City: Desert Hot Springs
State: California
Postal Code: 92240
County: Riverside
MLS Number: PW24044386
Courtesy of smithREgroup
City: Desert Hot Springs
State: California
Postal Code: 92240
County: Riverside
MLS Number: PW24044386
Courtesy of smithREgroup
Courtesy of smithREgroup