Under Contract

588 E San Lorenzo Rd

Palm Springs CA, 92264

$4,195,000


$344.87 per sqft

Under Contract

25 Beds

12,164 sqft

Residential

Built in 2012

PALM SPRINGS HOTEL: Extremely rare Palm Springs hotel opportunity with a total of 25 bedrooms - 12 units each with their own Kitchen and Laundry. Manager's Office/Lobby, community bathroom and 3 cabana locations. Eleven units are 2 bedroom and 2 bath and one is a 3/3 Penthouse. Situated in the highly desirable neighborhood connecting Central and South Palm Springs next to the recently completed Cody Place, where units sell over $1M. Just a block east of South Palm Canyon Drive, the location offers easy access to shopping, dining, entertainment, and medical facilities near historic Downtown Palm Springs. Featuring gated controlled access, ample parking, a luxurious pool and spa, koi pond, private patio/BBQ area, and an open courtyard, the property provides a perfect blend of comfort and entertainment. Modern amenities such as keyless entry, plank and carpet flooring, stainless steel appliances, and central air conditioning enhance the living experience. Besides as a hotel, there is also an ability to condo map the building and sell off as condos at a later date for a significant return. Whether you're a first-time purchaser, seasoned investor, or considering a 1031 exchange, 588 E San Lorenzo Road stands as a prime income-producing investment in the thriving Palm Springs real estate market. Current loan is assumable at rate of 4.75%.

24-351718

MLS ID

January 26, 2024

Listed

April 5, 2024

Updated

Map

588 E San Lorenzo Rd
Palm Springs CA, 92264

Interior Features

Total Stories

2


Bedrooms

25 Beds


Appliances

Range/Oven, Refrigerator, Freezer, Barbeque, Dryer, Washer, Microwave


Laundry Description

In Unit


Fireplace

Yes


Fireplace Description

None


Cooling

Yes


Cooling Description

Central


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.73 Acres


Lot Features

Gated Community

Other Property Details

Area Name

Palm Springs South End


Days on Market

62


Garage

No


Parking

Assigned


Parking Total

24


View

Yes


View Description

Desert, Mountains


County

Riverside


Water Source

Public


Pool

Yes


Pool Features

In Ground

Listing History

Date

Event

Price

3/28/2024

Under Contract

Listed by Eric Lavey with Sotheby's International Realty
Listing Contact: 310-908-6800 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Joseph Custer | CA DRE# 01846723 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 4/5/2024

Powered byLuxury Presence