7
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$9,650,000
Est. payment /mo
59.03 Acres Lot
Price Dropped by $250K
83300 58th AVE Thermal, CA 92274
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision Vista Santa Rosa
MLS Listing ID 219120051
HOA Y/N No
Lot Size 59.030 Acres
Acres 59.03
Property Description
The subject property is located in the County of Riverside (COR) Vista Santa Rosa Community. The COR General Plan Foundation Policy overlay is Community Development (CDO), meaning land use may be low to high density residential among the many uses allowed under this zone classification. The property is also in the City of La Quinta Sphere of Influence (SOI), meaning the development could be entitled through the COR and the annexed into the City of La Quinta in the future. Sewer is at Jackson St.
The property was originally developed as a Coachella Valley based nursery by a wholesale nursery company that distributed its products to Big Box stores in Southern California. Original greenhouse improvement costs ($15 MM) excluding the land, far exceeds the current asking price. The property has a 500 gallon per minute irrigation well & pump station with storage tanks for the nursery irrigation system. County of Riverside permitted Cannabis Hemp cultivation for CBD oil production is the most recent agriculture activity at the Nursery facility. Approximately 14 acres of greenhouse is being leased to third parties cultivating Hemp. Rental per acre per month is $8,000 per month. Current General Manager with knowledge base and notoriety in the CBD hemp cultivation industry, willing to work for new ownership, to manage rental income activity moving forward.
The property is located in an Opportunity Zone, which offers a tax shelter advantage to a new owner. Opportunity Zones offer tax benefits to investors who elect to temporarily defer tax on capital gains if they timely invest those gain amounts in a Qualified Zone property.
The property was originally developed as a Coachella Valley based nursery by a wholesale nursery company that distributed its products to Big Box stores in Southern California. Original greenhouse improvement costs ($15 MM) excluding the land, far exceeds the current asking price. The property has a 500 gallon per minute irrigation well & pump station with storage tanks for the nursery irrigation system. County of Riverside permitted Cannabis Hemp cultivation for CBD oil production is the most recent agriculture activity at the Nursery facility. Approximately 14 acres of greenhouse is being leased to third parties cultivating Hemp. Rental per acre per month is $8,000 per month. Current General Manager with knowledge base and notoriety in the CBD hemp cultivation industry, willing to work for new ownership, to manage rental income activity moving forward.
The property is located in an Opportunity Zone, which offers a tax shelter advantage to a new owner. Opportunity Zones offer tax benefits to investors who elect to temporarily defer tax on capital gains if they timely invest those gain amounts in a Qualified Zone property.
Location
State CA
County Riverside
Area 316 - Thermal
Exterior
Fence Fenced, Barbed Wire, Chain Link
Utilities Available Electricity Available, Electricity Connected
View Y/N true
View Mountain(s)
Private Pool No
Building
Lot Description Agricultural
Sewer Unknown
Schools
Elementary Schools Westside
Middle Schools Toro Canyon
High Schools Coachella Valley
School District Coachella Valley Unified
Others
Senior Community No
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Arris Properties
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