Listed by Blvd Real Estate Investment Co
$11,200,000
Sage Place - Main & Main Retail Center on El Paseo
Details
Property Type Retail, Mixed Use
Sub Type Restaurant, Storefront
Square Footage 25,590
Units 79
Cap Rate 6.00%
NOI $668,053
Occupancy 90%
Tenancy Multi
Lease Type NNN
Pro-Forma Cap Rate 8.1%
Pro-Forma NOI $906,691
Price per SqFt $445
Class A
Year Built 1977
Year Renovated 2017
Acreage 1.310
Parking Spaces 79 spaces
Parking Per SqFt 3.09
Investment Type Core+
Ground Lease No
Sale Condition 1031 exchange
Main & Main Retail Center on El Paseo | 6.00% CAP
Marketing description
Sage Place is a ±25,590 SF high-street retail center located at the "Main & Main" of Palm Desert's premier El Paseo corridor, the luxury retail corridor of the Coachella Valley. Offered at $11.2M ($445/SF) with a 6.0% cap rate and 90% occupancy, the property combines strong in-place cash flow (~$668K NOI Year 1) with strong scheduled rent growth and upside through lease-up and mark-to-market rent growth. The asset The asset features exceptional frontage at El Paseo's main entrance, with an estimated 500,000 pedestrian counts per year and strong vehicular traffic counts (39,462 CPD on Hwy 111), and rare covered on-site parking (79 spaces), all within one of the Coachella Valley's most affluent and supply-constrained retail markets. Overall, Sage Place represents a trophy core-plus investment opportunity in one of Southern California's most coveted retail destinations.
Investment highlights
- MAIN & MAIN OF THE PREMIER EL PASEO LUXURY RETAIL DESTINATION - Sage Place is located at "Main & Main" in the heart of El Paseo — the Coachella Valley's premier luxury retail corridor, widely recognized as the "Rodeo Drive of the Desert." The property benefits from affluent surrounding permanent population, along with strong seasonal visitor traffic. The immediate trade area is anchored by high-end retailers, luxury boutiques, upscale dining, art galleries, boutique hotels, and major regional events that drive consistent pedestrian activity and reinforce El Paseo's position as the dominant luxury shopping destination in the desert.
- EXCELLENT PHYSICAL CONDITION AND RECENT CAPITAL IMPROVEMENTS - Ownership has recently completed extensive capital improvements throughout the property, including major roofing, HVAC, electrical, plumbing, parking structure, elevator, landscaping, and common area upgrades. These improvements help minimize future deferred maintenance exposure while enhancing tenant experience and preserving the property's premier positioning within the El Paseo corridor.
- COMPETITIVE LEASING ADVANTAGES - PREMIER CORE EL PASEO LOCATION WITH RARE COVERED PARKING - Located at the premier retail site within El Paseo combined with a covered/surface parking lot — a highly rare amenity within this luxury high-street retail corridor. The combination of premier frontage, strong foot and vehicular traffic, affluent surrounding demographics, and available covered parking creates a significant competitive leasing advantage over neighboring properties with limited or street-only parking access.
- STRONG IN-PLACE CASH FLOW WITH FUTURE UPSIDE - The property offers stable in-place income with approximately $668,000 in Year 1 NOI and 90% occupancy, supported by a diverse mix of retail, service, food, and boutique office tenants. Existing annual rent increases, near-term lease rollover, lease-up of remaining vacancy, and mark-to-market opportunities provide investors with meaningful long-term NOI growth potential and value-add upside.
- ATTRACTIVE CORE-PLUS INVESTMENT OPPORTUNITY - Sage Place represents a rare opportunity to acquire a well-located, institutionally scaled El Paseo retail asset combining strong current cash flow, durable long-term real estate fundamentals, and embedded leasing upside within one of the most desirable luxury retail destinations in Southern California.
Listing Contacts
Listed by Blvd Real Estate Investment Co
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$668,053.00
$55,671.08/mo
Valuation Metrics
0
DSCR
5.96%
Cap Rate
5.96%
ROI
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