84141 Avenue 48 - Hospitality FOR SALE


Coachella, CA 92236
$20,000,000 USD
949-759-8739
84141 Avenue 48, Coachella, CA for Sale
$20,000,000 USD
Hospitality - FOR SALE
1/27
null | Request Cap Rate

84141 Avenue 48
Coachella, CA 92236


HIGHLIGHTS

  • Discount to replacement cost - post renovation the basis will be significantly below replacement cost. Basis further lowered by value components
  • Lender owned - Property became REO following long bankruptcy process
  • Large 35 acre site - fee simple, includes 51 built casitas and multiple outparcels for further development
  • Closest lodging to site of Coachella and other Music festivals held at Empire Polo Club. 2.5 hours from 22 million people in So Cal
  • Construction approximately 65% completed. Approx $55 million spent to date.
  • TOT Rebate - $25 million TOT rebate (50% rebate for 20 years)

OVERVIEW

Maxim Hotel Brokerage, Inc. is pleased to present an exclusive listing on a foreclosed, partially built resort located at the gateway to the City of Coachella, CA. While unaffiliated in any respect with any of the "Coachella" festivals, the destination is within 3.0 miles from Empire Polo Club (the site for Coachella and Stagecoach Festivals) and within two hours drive of Southern California’s 22-million-person population base. The Property is approximately 65% complete, since work stopped in late 2019 and the Lender recently obtained title through foreclosure. The 35-acre resort is designed to create its own entertainment oriented destination. Unencumbered by brand or management, a visionary developer will seize the opportunity to finish construction and present a brand new boutique resort to Coachella Valley's world class boutique destination hotel and resort market.

FOR SALE DETAILS

PRICE

$20,000,000 USD

PRICE/SF

$107 USD /SF

# OF ROOMS

250

PRICE/ROOM

$80,000 {currency}

CAP RATE

Request Cap Rate

STATUS

Under Renovation

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Coachella Resort

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

5

ROOM ENTRANCE

Exterior

BUILDING CLASS

B

YEAR BUILT

2018

PARKING SPACES

250

LAND DETAILS

LAND ACRES

35 AC

LAND SF

1,524,600 SF

ZONING

CG

APN/PARCEL ID

603-220-037,603-220-061,603-220-067,603-220-069

ASK ABOUT THIS PROPERTY

Harry PfluegerMaxim Hotel BrokerageMore Info
949-759-8739

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Harry PfluegerMaxim Hotel BrokerageMore Info
949-759-8739

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.