"La Casa" is located in central Palm Springs and was originally built as a hotel in 1946, then converted to 8 apartments. La Casa still holds R3 zoning and is surrounded by 5 boutique hotels. Conversion back to hotel is likely or continue as apartments. Attractive unit mix between (2) studios, (3) 1 bedrooms and (3) large 2 bedroom units. This property offers value upside, passive income with light management duties and great tax benefits for the new owner. Opportunity to additionally sub-meter the gas to lean out the expenses for a higher return. Existing Gross Scheduled Income is $93,744, with existing rents being Ã¿Â± 10% under market value. This is Fee Simple land, no land lease.
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Data Provided by:
California Regional Multiple Listing Service