RARE RETAIL/RESIDENTIAL CORNER PROPERTY DOWNTOWN PALM SPRINGS
RARE RETAIL/RESIDENTIAL CORNER PROPERTY DOWNTOWN PALM SPRINGS
Overview
- Multi-Family, Retail
Description
PROPERTY DESCRIPTION
Coldwell Banker Commercial Lyle & Associates is proud to present
292-296 N. Palm Canyon Drive, a 7,667 SF two-story retail/ residential building on the prime corner of Palm Canyon and Amado Rd. in Downtown Palm Springs. The bottom floor hosts two retail tenants, Windermere Real Estate and Prestiage Rugs. The top floor includes three residential units – recently remodeled comfortably and elegantly. The property is located directly across from Hyatt’s 197 room four-story hotel and enjoys being in the block of Villagefest every Thursday night.
LOCATION DESCRIPTION
292-296 N. Palm Canyon Drive is in the heart of the iconic Downtown Palm Springs. The area is known to have the highest foot traffic In the desert and enjoys Villagefest every Thursday night which draws up to 10,000 people in the busy season. The Downtown area also hosts prominent retailers/restaurants, multiple large and boutique hotels/resorts, art museums entertainment, convention center and a casino. Downtown which
encumbers three blocks is known as “the place to be”
| INVESTMENT OVERVIEW | CURRENT/ACTUAL |
| Price | $2,699,500 |
| Price per SF | $352.09 |
| CAP Rate | 5.6% |
| Cash-on-Cash Return (yr 1) | 5.62 % |
| Total Return (yr 1) | $151,798 |
| OPERATING DATA | CURRENT/ACTUAL |
| Total Scheduled Income | $222,795 |
| Gross Income | $207,200 |
| Operating Expenses | $55,401 |
| Net Operating Income | $151,798 |
| Pre-Tax Cash Flow | $151,798 |
| INCOME SUMMARY | CURRENT/ACTUAL | PER SF |
| Rent | $200,207 | $26.11 |
| NNN/CAM | $22,588 | $2.95 |
| Gross Income | $222,795 | $29.06 |
| EXPENSE SUMMARY | CURRENT/ACTUAL | PER SF |
| Utilities | $8,567 | $1.12 |
| Tax (1.25% of the purchase price) | $33,125 | $4.32 |
| Insurance | $2,750 | $0.36 |
| Gas | $3,120 | $0.41 |
| Estimated Repairs & Maintanence | $6,000 | $0.78 |
| Trash | $1,358 | $0.18 |
| Exterminator | $480 | $0.06 |
| Gross Expenses | $55,401 | $7.23 |
| Net Operating Income | $151,798 | $19.80 |
| TENANT NAME | UNIT NUMBER | UNIT SIZE(SF) | LEASE START | LEASE END | ANNUAL RENT | %OF GLA | PRICE PER SF/YR |
| Windermere Real Estate | 262 &292 | 25,60 | 7/1/17 | 5/30/22 | $96,507 | 33.39 | $37.70 |
| Prestiage Rugs | 127 | 2,407 | 2/1/19 | 12/21/21 | $38,900 | 31.39 | $16.16 |
| 1 | 900 | $21,600 | 11.74 | $24.00 | |||
| 2 | 900 | $21,600 | 11.74 | $24.00 | |||
| 3 | 900 | $21,600 1 | 11.74 | $24.00 | |||
| Totals/Averages | 7,667 | $200,207 | $26.11 |
Address
Open on Google Maps- Address 292-296 N Palm Canyon Drive, Palm Springs, CA 92262
- City Palm Springs
- State/county California
- Area Commercial Real Estate, Residential Real Estate
- Country United States
Details
Updated on January 29, 2021 at 6:14 am- Price: $2,699,500
- Property Type: Multi-Family, Retail
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