Listed by Coldwell Banker Commercial Lyle & Associates
$8,095,000
Prime Building in the Heart of Downtown Palm Springs
Details
APN 513-154-017
Property Type Retail
Sub Type Restaurant
Square Footage 11,882
Units 2
Occupancy 100%
Tenancy Multi
Lease Type NNN
Rent Bumps Yes
Lot Size (SqFt) 7,405
Zoning Central Business District
Ownership Fee
7.00 Cap Year 1, 100% Occupied, Highest Foot Traffic in the Coachella Valley
Marketing description
- A++ downtown Palm Springs restaurant/ bar/ retail zone
- Take advantage of over 1,650,000 annual visitors to Palm Springs
- The immediate block has the highest food & beverage revenues in the Coachella Valley
- Strong demographics: over 34,000 population within a 3-mile radius with an average HH income of over $118,000
Investment highlights
- Mid-block signalized pedestrian-only crosswalk connects the subject property to numerous bars/restaurants across the street
- 2-story building with contemporary architecture that stands out on the block
- Quality steel frame constructed building with outstanding signage
- Highest foot traffic location in the entire Coachella Valley
- Extensive restaurant fixtures, furniture, and equipment
- $1,000,000 interior building upgrades completed in 2022 in the vacant ground-floor space.
- Contiguous to a 4-story City parking structure with free parking and deeded building signage for both tenants of the subject building facing Indian Canyon Drive.
- Large, highly sought-after patio space on street-level space and a rare large deck on the second-floor space
- 7 years left of the second-floor lease term and 10 years left on the street-level lease term
Listing Contacts
Listed by Coldwell Banker Commercial Lyle & Associates
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