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588 E San Lorenzo Rd, Palm Springs, CA 92264
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588 E San Lorenzo Rd Palm Springs, CA 92264

$4,195,000
  • 25 Beds
  • 25 Baths
  • 12,164 Sq.Ft.
For Sale
$4,195,000 Get Pre-Qualified
Map preview of 588 E San Lorenzo Rd, Palm Springs, CA 92264

Property Overview: 588 E San Lorenzo Rd Palm Springs, CA has 25 bedrooms, 25 bathrooms, 12,164 living square feet and 31,799 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: PALM SPRINGS HOTEL: Extremely rare Palm Springs hotel opportunity with a total of 25 bedrooms - 12 units each with their own Kitchen and Laundry. Manager's Office/Lobby, community bathroom and 3 cabana locations. Eleven units are 2 bedroom and 2 bath and one is a 3/3 Penthouse. Situated in the highly desirable neighborhood connecting Central and South Palm Springs next to the recently completed Cody Place, where units sell over $1M. Just a block east of South Palm Canyon Drive, the location offers easy access to shopping, dining, entertainment, and medical facilities near historic Downtown Palm Springs. Featuring gated controlled access, ample parking, a luxurious pool and spa, koi pond, private patio/BBQ area, and an open courtyard, the property provides a perfect blend of comfort and entertainment. Modern amenities such as keyless entry, plank and carpet flooring, stainless steel appliances, and central air conditioning enhance the living experience. Besides as a hotel, there is also an ability to condo map the building and sell off as condos at a later date for a significant return. Whether you're a first-time purchaser, seasoned investor, or considering a 1031 exchange, 588 E San Lorenzo Road stands as a prime income-producing investment in the thriving Palm Springs real estate market. Current loan is assumable at rate of 4.75%.

Listed by Eric Lavey | BRE #01511292 | Sotheby's International Realty
Co-listed by John & Ryan Group | BRE #01415106 | Sotheby's International Realty
Last checked: 1 minute ago | Last updated: February 24th, 2024 | Source CRMLS | DOM: 119
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Home details

Lot Sq. Ft
31,799
HOA Dues
$0/mo
Year built
2012
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24351718
City
Palm Springs
County
Riverside
Time on Site
138 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 12
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 3
  • Furnishing: Unfurnished
  • Actual Rent: $3,000
  • Total Rent: $3,000
  • Pro Forma/Market Rent: $3,300
Unit Breakdown 2
  • # of Units: 11
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $2,500
  • Total Rent: $27,500
  • Pro Forma/Market Rent: $2,750
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.39%
  • Gross Rent Multiplier: 14.21
  • Gross Scheduled Income: --
  • Net Operating Income: $228,256
  • Gross Operating Income: $347,700
Annual Expense Breakdown
  • Total Operating Expense: --

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Property Details for 588 E San Lorenzo Rd

Interior Features
Cooling Information
  • Has Cooling
  • Central Air
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Washer Included, Dryer Included
Fireplace Information
  • No Fireplace
  • None
Kitchen Information
  • Has Appliances
  • Barbecue, Microwave, Refrigerator
Interior Features
  • Levels: Two
  • Security Features: Automatic Gate, Gated Community, Gated with Guard
Exterior Features
Exterior Information
  • Koi Pond
  • Has Spa
  • Spa Features: In Ground
Exterior Features
  • Pool Features: In Ground
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 24
  • Has Parking
  • Parking Features: Assigned
Lot Information
  • Lot Size Source: Assessor
Property Information
  • Has View
  • View: Desert, Mountain(s)
  • Total # of Units: 12
  • Parcel Number: UNAVAILABLE
  • Year Built Source: Assessor
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Subdivision Name: Tahquitz River Estates
  • Directions: Take I-10 E, Merge onto CA-111, Continue onto Palm Canyon, Turn Left onto E Stevens Rd, Turn Right onto N Indian Canyon Drive, Continue onto S Palm Canyon Drive, Turn Left onto E Mesquite Ave, Turn Left onto Random Rd, Turn Right onto E San Lorenzo
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Local Palm Springs Agent

Sale History for 588 E San Lorenzo Rd

Last sold for $3,255,000 on November 30th, 2015

  • January, 2024

  • Jan 26, 2024

    Date

    Active

    CRMLS: 24351718

    $4,195,000

    Price

  • March, 2019

  • Mar 2, 2019

    Date

    Expired

    CRMLS: 18317894PS

    $4,950,000

    Price

  • Dec 6, 2018

    Date

    Withdrawn

    CRMLS: 18317894PS

    $4,950,000

    Price

  • Jul 14, 2018

    Date

    Active

    CRMLS: 18317894PS

    $4,950,000

    Price

  • Jun 8, 2018

    Date

    Active Under Contract

    CRMLS: 18317894PS

    $4,950,000

    Price

  • Apr 23, 2018

    Date

    Price Change

    CRMLS: 18317894PS

    $4,950,000

    Price

  • Apr 4, 2018

    Date

    Price Change

    CRMLS: 18317894PS

    $5,250,000

    Price

  • Mar 1, 2018

    Date

    Active

    CRMLS: 18317894PS

    $5,500,000

    Price

  • Listing provided courtesy of CRMLS

    RSL Hotel offered in its entirety or each of the 12 Turn-Key furnished units can be sold individually. Diverse income / management opportunities: Boutique Luxury Hotel (active Hotel License), Vacation rentals, Corporate or family compound, extended stay or sober living facility. Separate 2012 electric & gas meters ,13 APN Numbers (1 for office). Rebuilt from ground up in 2012 and taken to next level in 2018 with a new resort style Pool & Spa area , 12 New Carports plus secured , gated open parking. New courtyard featuring uniquely designed spaces for each ground floor unit. High end Finishes in all units with full kitchens. Eleven 2 bedroom, 2 bath homes plus a 2100 sf 2 level Penthouse (Owners Unit) with 3 bedrooms and 3 bathrooms. Spacious front Lobby / Office. W/D in all units. Social area with outdoor kitchen, BBQ & fire pit. Water features and wrap around koi streams. Property is fully Fire Sprinklered with alarm and sound system. Exceptional surrounding View

  • September, 2015

  • Sep 21, 2015

    Date

    Price Change

    CRMLS: 15937269PS

    $3,800,000

    Price

  • Listing provided courtesy of CRMLS

    Don't miss out on this rare opportunity. Random Haus Hotel and Condominiums is being sold in its entirety. Currently being operated as a hotel, the property has great potential to serve other markets. All units have separate electric and gas as well as 13 individual APN's. Completely refurbished in 2012, the property offers 12 smartly appointed fully-furnished units with full kitchens, 2 bedrooms and 2 baths including a penthouse unit of 3 bedrooms and 3 bathrooms, all with their own laundry units. Random Haus offers spectacular mountain views along with a large social area which includes an outdoor kitchen, BBQ and fire pit area. There is a centrally placed pool and spa along with a wrap around koi pond. An automated security gate allows entry into a large parking area and dog park. All furnishings, equipment, linens and accessories are included in the sale. Only a 15 minute walk from downtown, located in desirable South Palm Springs amidst other resorts and residences.

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Tax History for 588 E San Lorenzo Rd

Recent tax history for this property
Year Land Value Improved Value Assessed Value
The tax history for this property will expand as we gather information for this property.

Home Value Compared to the Market

This property vs the competition

588 E San Lorenzo Rd is listed 425.03% higher than the median list price for the city of Palm Springs which has a median list price of $799,000. The median price per/sqft for Palm Springs is $478 and this home is listed at $344.87 per/sqft which puts the price per square foot 27.85% lower than the median price per square foot for the city of Palm Springs.

About 588 E San Lorenzo Rd

Detailed summary of property

588 E San Lorenzo Rd is a multi family located in Palm Springs, CA 92264 and is currently for sale. This multi family property offers 25 bedrooms, 25 bathrooms, roughly 12,164 living square feet, and sits on an approximately 31,799 square foot lot. 588 E San Lorenzo Rd was first listed on ArdentRealEstateGroup.com on January 26, 2024. The homeowner is currently asking $4,195,000. The median priced home in Palm Springs is $799,000 with a median price per square foot of $478. Based on Ardent Real Estate Group's Palm Springs Market Data, this home is listed 425.03% higher than the median priced home. Local competing homes currently for sale include 1012 & 1018 Mission Dr, 124 Turquoise Ave and 603 E Balboa Blvd. While the average home in Palm Springs, CA is selling in 112 days, 588 E San Lorenzo Rd has a days on market of 119 days. There are currently 900 homes for sale in the Palm Springs real estate market and 480 of them are single family homes while 403 of them are condos and 17 are townhomes. For more information on this home for sale at 588 E San Lorenzo Rd Palm Springs, CA 92264 contact Ardent Real Estate Group and we will put you in touch with one of our Palm Springs agents.

Public Facts for 588 E San Lorenzo Rd

Public county record property details
Beds
--
Baths
--
Year built
--
Sq. Ft.
--
Lot Size
--
Stories
--
Type
--
Pool
--
Spa
--
County
--
Lot#
--
APN
--

The source for these homes facts are from public records.

92264 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$662,400
Median List Price/Sq.Ft.
$438
Median Sold Price
$610,000
Median Sold Price/Sq.Ft.
$387
Total Inventory
388
Median Sale to List Price %
96.06%
Avg Days on Market
56
Loan Type
Conventional (16.44%), FHA (0%), VA (1.37%), Cash (38.36%), Other (9.59%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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