$1,780,000
$1,500,000
18.7%For more information regarding the value of a property, please contact us for a free consultation.
8 Beds
9 Baths
3,500 SqFt
SOLD DATE : 03/08/2024
Key Details
Sold Price $1,780,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,500 sqft
Price per Sqft $508
Subdivision Hacienda Heights
MLS Listing ID 23253941
Sold Date 03/08/24
Bedrooms 8
HOA Y/N No
Year Built 1957
Lot Size 8,712 Sqft
Property Description
Introducing The Sagewater, an iconic 8-room boutique hotel in Desert Hot Springs, #1 on TripAdvisor and 5 stars on Airbnb! This mid-century modern marvel sits atop Miracle Hill, providing guests with therapeutic hot mineral water, picturesque desert views, and a truly authentic desert experience while enjoying benefits of natural hot mineral water. Key Features include a private 179ft deep well which supplies its pool and hot tub with natural hot mineral water, renowned for its therapeutic properties. Each room offers a modern and spacious interior equipped with kitchens and easy pool access. An Ayurvedic Spa is operated out of Room 2; the spa provides consistent additional revenue. Location!! 15 min from Palm Springs Airport, 30 min to Joshua Tree, and under 2 hrs to LA and San Diego. Huge development potential with 5 adjacent lots available for purchase ($45k each), all zoned for Visitor Mixed Use which will preserve Short Term Rental Rights, incredible views, and maintain privacy. Utilize the available lots to add a day spa, more hotel rooms, or vacation rental homes, all with mineral water access from existing Hotel and rare Geothermal Mineral Well. Revenue is constantly growing! With recent upgrades monthly earnings have reached $30K+. Pro-Forma projections indicate potential earnings of $45k+ a month with marketing, extended services, and continued listing on platforms such as AirBnB and VRBO. Recent upgrades allow for the property to be operated remotely. The spa operator and cleaner are willing to stay, and the current owner is looking forward to being available for a smooth transition. *SALE OPTIONS: | Hotel: Priced at $1,500,000, including the Geothermal Mineral Well. | Business Goodwill: Available at $89,000, inclusive of furniture, the website, software/reservation systems, and social media. | Additional Lots: Each covering an area of approximately 8,500 sq.ft, available for $45,200. Act fast and capitalize on the upcoming busy season, including events like Coachella and Stagecoach. This property is not just an investment; it's an opportunity to own a piece of the desert's heart and history.
Location
State CA
County Riverside
Area 340 - Desert Hot Springs
Zoning R4
Interior
Heating Natural Gas
Fireplace No
Appliance Refrigerator, Dryer, Washer
Exterior
Garage Uncovered
Pool In Ground
View Y/N Yes
View City Lights, Desert, Mountain(s)
Total Parking Spaces 7
Building
Story 1
Entry Level One
Water Well
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 642111021
Security Features Key Card Entry
Financing Cash
Special Listing Condition Standard
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Bought with Paul Fisher • Compass
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
Scott Greenspan
Broker Owner