A Rancho Mirage golf course with hotel development approvals and a Palm Springs resort with a reduced asking price lead this month’s selection of six Greater Palm Springs properties, spanning hospitality, housing, storage and bank-leased real estate.
Desert Island’s golf course and clubhouse are on the market for $24 million, putting an established Rancho Mirage recreation property and its planned hotel development before prospective buyers. In Palm Springs, Caliente Tropics is asking $7.75 million, down $1.35 million from its previous offering price, for a hospitality business with a recognizable identity and a ground lease that shapes its investment value.
Those two offerings anchor the October edition of What’s For Sale. Elsewhere, an $18.5 million Indio storage facility is seeking a buyer while still filling its units, Skyborne is marketing a block of mapped home lots in Desert Hot Springs, and a 10-unit Cathedral City apartment property offers a smaller entry into the rental market. A Palm Springs U.S. Bank property combines lease income with additional land.
As in our July and September editions, the asking prices tell only part of the story. Existing income, remaining construction costs and the scope of development approvals determine what a buyer is actually getting.
Rancho Mirage | Golf, Hospitality and Development Land | Desert Island
Address: 71777 Frank Sinatra Drive, Rancho Mirage, CA 92270
Offering: Approximately 104.4 acres, including an operating golf course, practice facilities and a roughly 36,380-square-foot clubhouse, with a marketed 17.2-acre development component.
Asking Price: $24,000,000
Cap Rate: Not published
Listing Agents: James Crowell, Kurt Yacko and Dennis Sandoval, DAUM Commercial Real Estate Services
The Desert Island offering puts a substantial golf and hospitality property on the market at the southwest corner of Frank Sinatra Drive and Bob Hope Drive. The sale combines the existing recreational operation with an opportunity to add overnight accommodations and privately owned residences managed by a hotel operator.
The operating course and clubhouse are intended to remain part of the development. That makes the property more complicated, and potentially more useful to a hospitality buyer, than an undeveloped hotel site. Dining, gathering space and golf are already part of the setting.
The approved development program deserves a precise reading. Rancho Mirage’s Desert Island Hotel Specific Plan Amendment, approved by the City Council on July 20, 2023, describes a 34-key boutique hotel and 11 private residences under hotel management. It also provides a pool, café, tennis and yoga amenities and replacement golf practice and maintenance facilities.
The current sales materials use different terminology, advertising plans for “79 beds” and anticipated approval for up to 108 units. The latter is presented as potential, not an approval already secured. Buyers should reconcile those figures with the city’s approved room and residence counts before assigning value to additional density.
Market Intel: Desert Island’s investment case rests on whether a buyer can make the golf, dining, events and lodging components support one another. A hotel could bring additional customers to existing facilities, while the course and clubhouse could differentiate the lodging product.
The $24 million price is the acquisition cost; however, not the cost of delivering the resort. Construction, infrastructure, operating capital and any changes to the approved plans would come on top of it. The practical questions are how much of the existing operation supports itself today and what additional investment is required to turn the approved hotel concept into a functioning business.
Palm Springs | Hospitality | Caliente Tropics Resort
Address: 411 East Palm Canyon Drive, Palm Springs, CA 92264
Offering: A 92-room resort on approximately 2.97 acres, with a pool, spa, event areas and on-site food and beverage operations. The property is on leased land.
Asking Price: $7,750,000, reduced from $9,100,000, or approximately $84,239 per room
Listing Agents: Steve Lyle and Michael Lyle, Coldwell Banker Commercial Lyle & Associates
The revised price for Caliente Tropics Resort is nearly 15 percent below its previous offering level, giving this month’s hospitality selection a significant price adjustment alongside Desert Island’s development opportunity.
Caliente Tropics comes with an established Polynesian-inspired identity, a low-rise layout and outdoor gathering spaces. The October marketing package identifies The Reef Bar & Lounge and Sancho’s Restaurant as existing on-site operations, giving the property a connection to local customers as well as overnight guests.
The ground lease is central to the offering. The package reports 27 years remaining and annual land rent of approximately $97,448. A buyer would need to evaluate that remaining term alongside any renovation budget, financing period and eventual resale strategy.
Market Intel: At roughly $84,000 per room, the price invites attention, particularly for a property with existing amenities and a distinctive identity. But it cannot be compared directly with a hotel sale that includes ownership of the land.
The seller’s case rests on increasing room rates, improving operations and investing selectively in the property. For a buyer, the test is whether those improvements can generate enough additional income within the available lease term. Monthly operating statements, the condition of guest rooms and building systems, restaurant agreements and the ground lease’s transfer and extension provisions will be more revealing than the price per room alone.
Indio | Self-Storage | Extra Space Storage
Address: 81161 Indio Boulevard, Indio, CA 92201
Offering: A 575-unit, five-building storage facility on approximately 3.58 acres, with about 75,893 net rentable square feet. Extra Space Storage is identified as the third-party manager.
Asking Price: $18,500,000, or approximately $244 per net rentable square foot
Listing Agents: Bill Bellomy, Michael Johnson, Hugh Horne and Logan Foster, Versal
The Indio storage property opened in November 2025 and is being offered before reaching stabilized occupancy. Its five single-story buildings include 417 climate-controlled units and 158 drive-up units, giving customers a choice between interior storage and direct vehicle access.
The location along Indio Boulevard provides freeway visibility, while the single-story design eliminates the need for customers to move belongings between floors.
The offering’s executive summary reports occupancy of 39.8 percent by unit count and 42.8 percent by rentable area. A separate unit-mix schedule shows lower figures, approximately 34 percent and 36 percent, respectively. The difference makes a dated, current rent roll essential to understanding the property’s progress.
Market Intel: This is a purchase of new construction with a substantial operating assignment still ahead. The buyer would be paying for the facility’s eventual income potential while taking responsibility for the time, marketing costs and pricing decisions needed to fill it.
The important measure is not simply how many units are rented. It is how much customers actually pay after introductory discounts, how long they stay and how quickly effective revenue grows relative to expenses. The model assumes significant increases in both rental income and occupancy, making the pace of customer acquisition central to the valuation.
Desert Hot Springs | Residential Development Land | Skyborne Village 10
Address: Village 10 within the Skyborne community, north of Pierson Boulevard and east of Highway 62, Desert Hot Springs
Offering: 182 recorded final-map residential lots, according to the supplied Lansing Companies brochure, within an established master-planned community.
Asking Price: Not stated in the supplied brochure; contact the seller for current pricing
Listing Contact: Greg Lansing, Lansing Companies
Skyborne Village 10 offers a homebuilder an opportunity to add inventory within a community that already has homes and recreational amenities.
The supplied Lansing Companies brochure identifies 182 recorded lots and says water and sewer infrastructure is in the ground. It markets the site as building-permit ready. The Hoffman Company’s public description also identifies 182 lots, but describes them as partially improved. The Crexi link supplied for this edition uses 186 lots in its address, another reason to confirm the recorded map and exact sale inventory.
Market Intel: Skyborne is a test of the economics of adding for-sale housing on the valley’s western edge. An established community gives a builder a setting that raw land cannot immediately provide, but the acquisition decision still depends on achievable home prices and sales pace.
Palm Springs | Bank-Leased Retail and Land | U.S. Bank
Address: 500 South Indian Canyon Drive, Palm Springs, CA 92264
Offering: An 8,214-square-foot bank property within an approximately 1.4-acre offering that includes two additional residential parcels.
Asking Price: $3,610,018
Cap Rate: 7 percent, based on advertised annual net operating income of $252,701
Listing Agents: Jay Gomez, Darren Fitch, Pablo Rodriguez, James Kaye, Arthur Flores and Kyle Kaye, CBRE
The U.S. Bank listing combines a fully occupied, single-tenant property with additional land near downtown Palm Springs. Marketing materials describe a triple-net lease, approximately four years remaining and two five-year renewal options.
The broker says the tenant maintains the roof, structure and parking lot. Two additional parcels are marketed as residentially zoned; that description does not establish approval for a specific development.
Market Intel: The advertised income offers a clearer starting point than the development and lease-up properties in this edition. The remaining lease term makes renewal prospects important, however. Buyers should value the bank income and additional land separately, checking lease obligations, access and buildable area before assigning a redevelopment premium.
Cathedral City | Multifamily | Cathedral Canyon Townhomes
Address: 33350 Cathedral Canyon Drive, Cathedral City, CA 92234
Offering: Ten two-story, two-bedroom, two-bathroom apartments built in 1989 on approximately 0.68 acre, with private garages, patios and a community pool.
Asking Price: $2,600,000, or $260,000 per unit
Cap Rate: Approximately 5 percent on the broker’s projected net operating income of $130,854; this is a market-rent projection, not verified in-place income
Listing Agents: Joe Pradetto and Kate Rust, Meade Commercial
The Cathedral Canyon Drive property offers a relatively small apartment investment with features more often associated with individual rental homes. Each residence has approximately 1,295 square feet, a private single-car garage and a patio. Upstairs, two bedroom suites are separated by an open den area.
According to the offering package, nine units are occupied. The owner is asking $1,900 a month for the vacant residence, and the broker describes existing rents as below market. The pool has been resurfaced, and several air-conditioning systems have been upgraded.
The financial presentation assumes all 10 apartments rent for $1,900 a month, with a 5 percent vacancy allowance, laundry revenue and adjusted operating expenses. Its reported $130,854 in annual net operating income equates to approximately 5.03 percent of the $2.6 million price. The brochure’s stated 4.8 percent cap rate does not match that calculation.
Market Intel: The property offers a different price point from the newly built Cathedral City townhomes featured in September’s column. Here, the appeal is an established rental property at $260,000 per unit, with garages and comparatively spacious layouts.
Editor’s Note: Asking prices and property descriptions reflect the supplied marketing materials and public listings reviewed October 7, 2026, and are subject to change. Income projections are identified as such. Buyers should independently verify financial performance, acreage, leases, development approvals and availability.
Bob Marra is the CEO/Publisher of GPS Business Insider and GPS Market Intel. He has been studying, writing and giving presentations about business, economic and public affairs news and issues and the local economy in the Greater Palm Springs/Coachella Valley region for more than 20 years.
