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$5,000,000
Est. payment /mo
25 Sqft Lot
UPDATED:
09/29/2024 12:27 AM
Key Details
Property Type Vacant Land
Sub Type Other Residential Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW24044386
Originating Board California Regional MLS
Lot Size 25 Sqft
Property Description
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.
Location
State CA
County Riverside
Area 699 - Not Defined
Zoning D4
Exterior
Fence None
Utilities Available Electricity - On Site
View Hills
Others
Tax ID 656030005
Special Listing Condition REO / Bank Owned Property
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Listed by Randy Smith • smithREgroup
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Joel Martinez
Property Connection Specialist | License ID: 02338033
Property Connection Specialist License ID: 02338033