tomo logo

$1,795,000

Beds
6
sq ft
3,764

975 E Camino Parocela, Palm Springs, CA 92264

975 E Camino Parocela

Palm Springs, CA 92264

  • 53 days on market
    • Price drop $100,000↓
Located in the prime and sought-after Warm Sands area, in desirable South Palm Springs. This mid-century modern 5-unit garden style property has many possibilities. All 5 units will be delivered vacant and fully furnished upon closing. It can be run as a hotel, apartment building or live in one unit and rent out the rest. The City of Palm Springs has approved the property for conversion to a boutique hotel once specific upgrades are completed. Building permit and architectural plans to be transferred to the buyer upon closing. Currently the property is rented seasonally to snowbirds. There are no under market rents that you have to wait years to improve. Five units total, four 1bd/1ba and one 2bd/2ba. Detached front unit includes living room with fireplace, 1 bedroom + 1 bath, kitchen, dining area, private patio, and mountain views. Four additional units include three 1 bedroom + 1 bath units and one 2 bedroom + 2 bath unit. All four remaining units have living rooms, vintage Mid-Century Modern kitchens, breakfast bars, and dining areas. All overlook garden areas and most have private patios. Gated pool, spa, and patio area. Minutes to the many fine shops and restaurants in the downtown village area of Palm Springs. Included in the purchase price are all appliances, exterior patio furniture, interior furnishings, and household items. The perfect desert retreat! Buyer to co-operate with "possible" Seller's 1031 Tax Deferred Exchange at no cost to Buyer. Broker, Broker's Agents, & Sellers do not represent and/or guarantee the accuracy of the square footage, permitted or unpermitted space, bedroom/bath count, lot size/dimensions, schools, or any other information concerning the conditions or features of the property & surrounding area, including property income. Buyer is advised to independently verify the accuracy of all information through personal inspection and/or investigation with appropriate professionals to satisfy themselves regarding all material issues of the subject property etc.

Details

Property type

Est. home value

$1,810,422

Lot size

9,583 sq ft

Price per sq ft

$477

Year built

1957

HOA

No

Price History

10/26/2024
CLAW

CLAW #24421577

Price change
$1,795,000
-5.28%
09/30/2024
CLAW

CLAW #24421577

Listed
$1,895,000
+14.85%
12/16/2021
CLAW

CLAW #21784328

Sold
$1,650,000

Schools & Community

Neighborhood: 

Warm Sands

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Community features: 

Gated

High school district: 

Palm Springs Unified

Seller’s Loan History

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Lender

Oklahoma & Community Fcu

Loan start date

October 2021

Original loan amount

$1,137,500

Est. remaining balance

Not provided

Interest rate

2.17%

Loan type

Commercial, 10 year

Seller

Dos Gatos Baskets Llc

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 11/22/2024 at 1:05 PM

Listing updated: 11/13/2024 at 9:35 PM

Listed by: Rick Chimienti, Berkshire Hathaway HomeServices California Properties Phone #: (310) 777-7800

MLS: CLAW #24421577

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