1570-1590 Palm Canyon Dr, Palm Springs, CA 92264
9,140 SF | 100% Leased | Retail Building | Palm Springs, CA 92264 | $2,075,000 ($227/SF) | 5.07% Cap Rate
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 7 days
Asking Price $2,075,000
- Property Type
-
Retail
- Square Feet
- 9,140 SF
- Price / Square Foot
- $227
Listing Contacts
Heath Wilson
Verified Profile
Scott Wilson
Verified Profile
- Property Info
Property Overview
Wilson Meade CRE is pleased to present the opportunity to acquire 1570-1590 S. Palm Canyon, Palm Springs, CA. This multi-tenant retail property comprises seven fully occupied suites, offering new ownership stabilized tenancy and a history of low vacancy rates. The property is located on South Palm Canyon, one of the primary thoroughfares in the Coachella Valley, which sees an average daily traffic count of approximately 28,000 vehicles. This high-traffic location also provides ample parking, with 48 spaces available behind the building.
The Palm Springs area benefits from strong demographics, with an approximate population of 79,074 residents within a five-mile radius of the property. Additionally, Palm Springs attracts 14.1 million visitors annually, reflecting the city’s robust tourism industry, which significantly contributes to the local economy and supports numerous businesses, including those occupying the subject property.
This offering presents a prime opportunity to acquire Palm Springs real estate at well below replacement cost and market comparables on a price-per-square-foot basis, with potential upside for new ownership to increase rents to market rates.
The Palm Springs area benefits from strong demographics, with an approximate population of 79,074 residents within a five-mile radius of the property. Additionally, Palm Springs attracts 14.1 million visitors annually, reflecting the city’s robust tourism industry, which significantly contributes to the local economy and supports numerous businesses, including those occupying the subject property.
This offering presents a prime opportunity to acquire Palm Springs real estate at well below replacement cost and market comparables on a price-per-square-foot basis, with potential upside for new ownership to increase rents to market rates.
Property Details
- Class
- C
- Year Built
- 1975
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 34,848 SF
Highlights
- Fee Simple Land
- 100% Occupied
- Upside in Rents
- Being Offered at Well Below Replacement Cost
- Same Ownership for Over 30 Years
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