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220 S Patencio Road, Palm Springs, CA 92262

$2,362,000

Property Type: Commercial Sale Square Footage: 10,875 Lot Size (sq. ft.): 11,326 Status: Closed

Current Price: $2,362,000 List Date: 1/25/2021 Last Modified: 1/02/2025

Overview

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 park ... (Read more)

Listing Details MLS# 219056208

General Property Information

Approx SqFt: 10875
SqFt Source: Other
Lot Acres: 0.26

Property Features

Business Type: Hospitality Sale Type: Standard Financing: Cash; Conventional Listing Terms: Cash; Conventional; Standard Sale Showing Access: Do Not Contact Occupant; List Agent Accompanies Owner Pays: A/C; Electric; Gas/Heat; Insurance; Janitor; Phone; Sewer; Taxes; Water Lot Features: Landscaped; Lot 10000-19999 SqFt; Lot Level/Flat; Sprinkler System; Sprinkler Drip System; Sprinklers in Front; Sprinklers on Side; Sprinklers Timer Asset Class: Hotel/Motel Road Surface Type: Paved Building Features: Living Quarters Commercial License: None Survey: Buyer Pays Signage: Sign on Building Exterior Construction: Stucco Heating: Fireplace(s) Search Tags: Multi-Tenant Laundry: Laundry Area Security Safety: Exterior Security Lights Roofing: Tar/Gravel Water: Meter on Property Utilities: Electricity Connected; Natural Gas Available; Underground Utilities; Water Meter on Property Contingent Upon: Inspection Disclosures: None

Listing Location and Property Info

APN: 513133014
Original List Price: 2400000
Property Sub-Type: Hotel/Motel
Street #: 220
Street Direction: S
Street Name: Patencio
Street Suffix: Road
County: Riverside
State: CA
Zip Code: 92262
Area: 332 - Palm Springs Central
Country: US

Listing Info

Accounting Type: ProForma
Ownership Type: LLC

Property Info

Entry Floor Number: Yes
Building # of Stories: Yes
# Units: 8
# Buildings: Yes
Building Status: Existing

Status Change Info

Status Change Date: 2021-03-31
Pending Date: 2021-03-10
Closed Date: 2021-03-31
Closed Price: 2362000

More Information

Expenses

Expense Year: 2019
Total Expenses: 180839

Income

Effective Gross: 332312

Business Info

Cap Rate: 6.3
Current Use: Inn / Hotel
Investment Property: Yes
Laundry Equipment: Yes
Sale or Lease: Sale

Parking SpacesInformation

Total Uncovered/Assigned Spaces: 8
Total Parking Spaces: 8

Water

Water District Name: Desert Water Agency
Meter on Property: Yes

Listing, Location and Property Info

Entry Date: 2021-01-25

Owner Pays

A/C: Yes
Electric: Yes
Gas/Heat: Yes
Insurance: Yes
Janitor: Yes
Phone: Yes
Sewer: Yes
Taxes: Yes
Water: Yes

Business Type

Hospitality: Yes

Utilities

Electricity Connected: Yes
Natural Gas Available: Yes
Underground Utilities: Yes
Water Meter on Property: Yes

Sale Type

Standard: Yes

Road Surface Type

Paved: Yes

Listing Terms

Cash: Yes
Conventional: Yes
Standard Sale: Yes

Financing

Cash: Yes
Conventional: Yes

Showing Access

Do Not Contact Occupant: Yes
List Agent Accompanies: Yes

Lot Features

Landscaped: Yes
Lot 10000-19999 SqFt: Yes
Lot Level/Flat: Yes
Sprinkler System: Yes
Sprinkler Drip System: Yes
Sprinklers in Front: Yes
Sprinklers on Side: Yes
Sprinklers Timer: Yes

Asset Class

Hotel/Motel: Yes

Building Features

Living Quarters: Yes

Commercial License

None: Yes

Disclosures

None: Yes

Survey

Buyer Pays: Yes

Signage

Sign on Building: Yes

Exterior Construction

Stucco: Yes

Heating

Fireplace(s): Yes

Search Tags

Multi-Tenant: Yes

Laundry

Laundry Area: Yes

Security Safety

Exterior Security Lights: Yes

Roofing

Tar/Gravel: Yes

Contingent Upon

Inspection: Yes

Listing Office: Realty Trust

Listing Agent: Scott Timberlake

Last Updated: January - 02 - 2025

Information deemed reliable but not guaranteed.

760.799.7770