RARE RETAIL/RESIDENTIAL CORNER PROPERTY DOWNTOWN PALM SPRINGS

  • $2,699,500
292-296 N Palm Canyon Drive, Palm Springs, CA 92262
For Sale

RARE RETAIL/RESIDENTIAL CORNER PROPERTY DOWNTOWN PALM SPRINGS

292-296 N Palm Canyon Drive, Palm Springs, CA 92262
  • $2,699,500

Overview

  • Multi-Family, Retail
  • Property Type

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 OVERVIEWCURRENT/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 DATACURRENT/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 SUMMARYCURRENT/ACTUAL PER SF
Rent$200,207$26.11
NNN/CAM $22,588$2.95
Gross Income $222,795$29.06
EXPENSE SUMMARY CURRENT/ACTUALPER 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 GLAPRICE
PER SF/YR
Windermere Real Estate262 &29225,607/1/175/30/22$96,507 33.39$37.70
Prestiage Rugs1272,4072/1/19 12/21/21$38,900 31.39$16.16
1900$21,60011.74 $24.00
2900$21,60011.74$24.00
3900$21,600 111.74$24.00
Totals/Averages7,667$200,207$26.11

  • 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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