1544 N Chaparral Road, Palm Springs, CA 92262

$8,800,000
15,890
SqFt

Property Description

Great Income Property in Downtown Palm Springs with 10 CAP! Desert Sun Resort is a 33-room hotel resort sitting on a large 1.6 acres of beautifully manicured grounds property: Two (2) large pools, jacuzzi, bar/café, lighted tennis court, free-standing spa studio, fitness facility, two firepits, loggia, luscious green lawn areas, and soothing water features, The Café (seats 50), Gift Shop, and three-room Spa are all part of the resort's amenities to enhance the guest experience and increase operating income. • Currently Desert Sun Resort operates with an experienced staff (20 employees). This property has run efficiently without a ''hands-on'' owner for over 14 years. • All 33 rooms were completely renovated in 2020 (11 courtyard rooms completed in 2016). There are five suites with kitchens, or kitchenettes. • 170 solar panels were installed on the roof (100% paid for/no lease) in 2016. All panels are located on the rooftop of the hotel building and are still under the 20-year warranty. • Desert Sun Resort has a full liquor license. The liquor license transfers with the sale of the property. • The period August 2020 thru July 2021 the NOI is at $888,000 with an ADR of $214, a REVPAR of $105 and almost a 40% profit margin. • When reviewing the past 48 months and removing the COVID period of March 2020 to February 2021, the property has consistently performed well yielding approximately $785,000 NOI with an ADR of approximately $200. Occupancy is averagi

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Listing courtesy of Compass.