66365 7Th St Desert Hot Springs, CA 92240

$25,000 Sold Price as of 03/18/2020

-- Beds
-- Baths
-- Sq.Ft.

Off Market

$25,000 Sold Price as of 03/18/2020 Refinance Your Mortgage

Map preview of 66365 7Th St, Desert Hot Springs, CA 92240

Property Overview: 66365 7Th St Desert Hot Springs, CA has -- bedrooms, -- bathrooms, -- living square feet and 19,602 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Home Value Compared to the Market

66365 7Th St is currently an off market home in the city of Desert Hot Springs. If you are considering making a home purchase, the value you pay for your home will depend on the market you're looking to purchase in. The city of Desert Hot Springs has a median list price of $425,000. The median price per/sqft for Desert Hot Springs is $264. With those numbers in mind, if you are looking to purchase a median priced home in Desert Hot Springs, CA and put 20% down you will need to save up $85,000 for the down payment and will need roughly $8,500 for closing costs on top of the down payment. Homeowners who are looking to sell their home could expect to pay an average of 5% (2.5% to the listing agent and 2.5% to the buyers agent) in agent commissions when it comes to selling their home. With the median sale price for a home in Desert Hot Springs the commission could be as much as $19,500. If you're thinking of selling and want to save, contact a local Ardent Real Estate Agent today.

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Sale History for 66365 7Th St

Last sold for $25,000 on March 18th, 2020

May, 2024
May 2, 2024

Date

Expired

CRMLS: IV23177328

$1,850,000

Price
Sep 21, 2023

Date

Active

CRMLS: IV23177328

$1,850,000

Price
Listing provided courtesy of CRMLS

Apartment consist of Eleven (11) Units currently of 5,350 square feet. The Apartments are composed of five (5) Studios, Five (5) One bedroom One-bathroom Units and One (1) 2-bedroom One bath Units. The property is located on 0.45 acres built in 1960. The buildings currently operate at 90% occupancy. Desert Hot Springs is a city in Riverside County, California, United States, located in the Coachella Valley of Southern California's Colorado Desert region. It lies 23 miles (37 km) east of Palm Springs, 75 miles (121 km) east of Riverside, 127 miles (204 km) east of Los Angeles, 148 miles (238 km) northeast of San Diego, and 250 miles (402 km) west of Phoenix. Pro Forma CAP Rate of 6.25%. Added Solar Panels, totaling $175,000, Drastically reducing Utility Bills. All Units Have Been Renovated. Over $225K in recent capital improvements.

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July, 2021
Jul 27, 2021

Date

Expired

CRMLS: IV21051427

$975,000

Price
Apr 3, 2021

Date

Withdrawn

CRMLS: IV21051427

$975,000

Price
Mar 11, 2021

Date

Active

CRMLS: IV21051427

$975,000

Price
Listing provided courtesy of CRMLS

DRIVE BY ONLY, DO NOT DISTURB THE TENANTS. ProForma CAP Rate of 7.28% With a ProForma GRM of 7.93. Current CAP Rate of 6.01% with current GRM of 8.59. ProForma CAP Rate is based on leveling off under market rents. Huge upside in under market rents. Rental comparable illustrates 97% occupancy area. Property has onsite management. Property is Currently Configured as 11 Units, With (1) Non- Conforming Unit. Value-add Opportunity Though Leasing Out This Currently Unused Space. Buyer to Verify Feasibility During Their Inspection. Tremendous Upside Through Leasing Out Vacant Space at Market Rent. Attractive Unit Mix of; (1) two-bedroom unit, (4) one- bedroom units, (6) studio and (1) NC studio units. The current ownership focus has been on quality improvements of the property. Laundry Space is Currently Not Being Utilized. Investor Has an Opportunity to Add Passive Monthly Income and Add Another Tenant Amenity. Large Lot With Ample Onsite Parking. Fenced Lot on the East Side Of The Property Has a Potential For Future Development of Additional Income Producing Units or Increased Onsite Parking. Buyer to Verify Feasibility During Their Inspection.

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March, 2020
Mar 18, 2020

Date

Sold (Public Records)

Public Records

$25,000

Price
October, 2019
Oct 29, 2019

Date

Canceled

CRMLS: DW19174983

$675,000

Price
Aug 16, 2019

Date

Price Change

CRMLS: DW19174983

$675,000

Price
Jul 24, 2019

Date

Active

CRMLS: DW19174983

$780,000

Price
Listing provided courtesy of CRMLS

100k PRICE REDUCTION Property has a well kept community pool and spa, parking, privately gated. 66365 7th St, boasts a ton of potential with a ton of upside on rents, 11 total units with 1 two bedroom, 3 one bedroom units and 7 studio units along with a pool house and storage building. The complex used to be a motel at one time and converted to an 11 unit apartment complex.

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April, 2019
Apr 13, 2019

Date

Sold

CRMLS: 18380246

$728,000

Price
Nov 4, 2018

Date

Price Change

CRMLS: 18380246

$699,000

Price
Sep 29, 2018

Date

Active Under Contract

CRMLS: 18380246

$599,000

Price
Sep 9, 2018

Date

Active

CRMLS: 18380246

$599,000

Price
Listing provided courtesy of CRMLS

Tremendous opportunity! Looking for a resort property with lots of upside potential? Then no need to look further than this historic inn & Spa, with 4 1bedroom/1bath, 6 single-units, 1 cottage & a 2 bedroom owner's Unit, just waiting for a creative investor to make their entrepreneurial dreams come true.., Recently been renovated and adapted to multifamily. All units have kitchens and made livable by the current owner. A new owner may maintain the building as a motel. Operating as apartments, could achieve over a 10% cash-on-cash Annual return with very conservative realistic underwriting. City may prefer to operate it as motel which shall generate higher revenue. Showing by accepted offer. Property is sold "As Is". Owner makes no warranty of any kinds. Some units needs TLC. All units has its own kitchen, patio. A beautiful pool room, Breeze room, extra bath/kitchen, Giant yard, cottage are bonus of this resort. Please don't go inside property.

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April, 2019
Apr 12, 2019

Date

Sold (Public Records)

Public Records

$798,000

Price
August, 2018
Aug 24, 2018

Date

Canceled

CRMLS: 218018604DA

$649,950

Price
Jul 12, 2018

Date

Price Change

CRMLS: 218018604DA

$649,950

Price
Jun 26, 2018

Date

Active

CRMLS: 218018604DA

$699,000

Price
Listing provided courtesy of CRMLS

Great opportunity to purchase large property with loads of potential. Currently 8 units are occupied - Do not disturb any occupants please. Drive by only at this point. Huge upside in rents and value. call for more details. Currently there are 4 1 -bedrooms, 1 2-bedroom and 5 studios Plus a detached office/1 bedroom unit

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January, 2018
Jan 11, 2018

Date

Price Change

CRMLS: OC13163927

$299,000

Price
Listing provided courtesy of CRMLS

BANK OWNED Original zoning was R-2, the property had a conditional use permit to be operated as a motel for many years. Per City the property may revert back to R-2. Buyer and agent to verify all. This property is in need of a total re-hab, the photos above are at least 2 years old and some of the units are occupied by squatters. Bank is working to get all units empty. Buyers, agents and brokers to drive by property and check with City regarding future use prior to contacting agent. 10 Unit motel with kitchens in every unit, Plus 2 bed 2 bath managers unit, pool, enclosed spa and clubhouse. Seperate detached activities building/room next to pool. Parking for 12+ cars, situated on 3 lots all lots are 50X130 square feet. Property has a courtyard style setting where all rooms are behind a single gated entry, rooms face the pool and hot tub area. Some units are larger than others with seperate bedroom and living room, plus kitchen. Snow capped mountain views from pool area and some rooms. Highest and best use may be a family compound, drug/alcohol re-hab facility or convert to apartments, check with City regarding use/permits.

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January, 2018
Jan 11, 2018

Date

Price Change

CRMLS: S615017

$279,000

Price
Listing provided courtesy of CRMLS

SHORT SALE FULLY APPROVED AT THIS PRICE ! 10 Unit motel with kitchens in every unit, Plus 2 bed 2 bath managers unit, pool, enclosed spa and clubhouse. Seperate detached activities building/room next to pool. Parking for 12+ cars, situated on 3 lots all lots are 50X130 square feet. Motel/spa has a courtyard style setting where all rooms are behind a single gated entry, rooms face the pool and hot tub area. Some units are larger than others with seperate bedroom and living room, plus kitchen. Short sale with direct contact with lender, can get a reply in 72 hours. Original Motel and Spa will need some serious TLC and updating to re-open. Snow capped mountain views from pool area and some rooms. Highest and best use may be a bed and breakfast, re-hab facility or convert to apartments, check with City regarding use/permits.

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July, 2017
Jul 12, 2017

Date

Canceled

CRMLS: 17229974

$599,000

Price
May 12, 2017

Date

Active

CRMLS: 17229974

$599,000

Price
Listing provided courtesy of CRMLS

We are pleased to present 66365 7th Street, located in Desert Hot Springs, CA. This is a 12 unit hotel that has recently been renovated and adapted to multifamily. All units have kitchens and have been made livable by the current owner - please see pictures. A new owner has the option to maintain the building as a motel or run it as apartments. If a new owner were to choose to run it as apartments, they could achieve over a 10% cash-on-cash return in year 1 with very conservative and realistic underwriting. In addition to the rental income, the property also generates approximately $230 in laundry income.

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March, 2010
Mar 25, 2010

Date

Active

CRMLS: CC193486

--

Price
Listing provided courtesy of CRMLS

SHORT SALE 10 Unit motel with kitchens in every unit, Plus 2 bed 2 bath managers unit, pool, enclosed spa and clubhouse. Seperate detached activities building/room next to pool. Parking for 12+ cars, situated on 3 lots all lots are 50X130 square feet. Motel/spa has a courtyard style setting where all rooms are behind a single gated entry, rooms face the pool and hot tub area. Some units are larger than others with seperate bedroom and living room, plus kitchen. Short sale with direct contact with lender, can get a reply in 72 hours. Original Motel and Spa will need some TLC and updating to re-open as a motel and spa. Snow capped mountain views from pool area and some rooms. Highest and best use may be a bed and breakfast, re-hab facility or convert to apartments, check with City regardi. Location:South Side of Street.

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Tax History for 66365 7Th St

Assessed Value (2020): $813,960

Year	Land Value	Improved Value	Assessed Value
2020	$153,000	$660,960	$813,960

About 66365 7Th St

Detailed summary of property

66365 7Th St is categorized with a use code of Apartment House (5+ Units) in Desert Hot Springs, CA 92240 and last sold on March 18, 2020 for $25,000. This property has -- bedrooms, -- bathrooms, roughly -- living square feet, and sits on an approximately 19,602 square foot lot. Homes in Desert Hot Springs are selling for a median price of $390,000 and a median price per square foot of $259. Based on Ardent Real Estate Group's Desert Hot Springs Market Data, this home is sold 93.59% lower than the current median priced home. 66365 7Th St was last sold on March 18, 2020 for $25,000. Local nearby listings include 1429 E Laurelwood Dr, 25546 Amanda St and 25760 Argyle Court. The average home in Desert Hot Springs, CA is selling in 122 days. There are currently 243 homes for sale in the Desert Hot Springs real estate market and 234 of them are single family homes while 9 of them are condos and 0 are townhomes. If you are the homeowner and looking to sell the home at 66365 7Th St Desert Hot Springs, CA 92240 contact Ardent Real Estate Group and we will put you in touch with one of our Desert Hot Springs agents.

Public Facts for 66365 7Th St

Public county record property details

Beds: --
Baths: --
Year built: 1978
Sq. Ft.: --
Lot Size: 19,602
Stories: 2

Type: Apartment House (5+ Units)
Pool: Yes
Spa: No
County: Riverside
Lot#: 38,39
APN: 639-202-050

The source for these homes facts are from public records.

92240 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$419,000

Median List Price/Sq.Ft.

$263

Median Sold Price

$385,000

Median Sold Price/Sq.Ft.

$253

Total Inventory

224

Median Sale to List Price %

98.97%

Avg Days on Market

Loan Type

Conventional (31.25%), FHA (15.63%), VA (12.5%), Cash (21.88%), Other (12.5%)

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