Palm Canyon Drive Mixed-Use
431 South Palm Canyon Drive Palm Springs, CA 92262
431 South Palm Canyon Drive, Palm Springs, CA, 92262
$5,500,000
For Sale
$5,500,000
Two-story building in revitalized downtown Palm Springs financial district.
Property Size15,107 SF
Price / SF$364.07
Days on Market138
Property Features for 431 South Palm Canyon Drive
General Information
- Standard status
- Active
- Size
- 15,107 SF
- Property subtype
- Office
Building Details
- Year Built
- 1960
Listing Agency
Coldwell Banker Commercial Lyle & Associates
(760) 774-6533
Listed by
Michael Lyle · License #CalDRE #02002995
Source
Cbclyle
Added: Mar 5 Updated: Jul 10 at 3:47 pm Checked: Jul 20 at 2:55 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Lyle & Associates
Investment Insights
Based on property information with market context.
Located at 431 S. Palm Canyon Drive, this two-story building offers 15,107 square feet of space. Originally constructed in 1960 as a Wells Fargo Bank with a drive-through and second-floor office suites, the property presents an opportunity for an owner/user to occupy the entire first floor of 6,958 square feet. The current tenant, HomeSmart, occupies the first floor with a lease ending on 04/30/2022, with no options to extend. The second floor comprises eight units of varying sizes and uses. Situated in the old financial block of downtown Palm Springs, the property benefits from recent investments and changes in the area, including the redevelopment of the historic JW Robinson Department store into a multi-tenant property featuring restaurants, bars, entertainment venues, BevMo, and Orange Theory. The location is south of the high-traffic bar-hopping zone, offering dynamic redevelopment possibilities. Adjacent to the property is the Eisenhower Health Center, which underwent a major overhaul of its 14,152 square foot property in 2013. The area has transformed into a mixed-use district with retail, office, medical, and financial services, including restaurants, bars, and venue spaces. The property offers potential to increase the size of the first floor by utilizing excessive driveway entrances to add square footage. Opportunities exist to add storefronts on Palm Canyon Drive in place of the former bank drive-through lanes, standardize leasing forms, synergize with the neighboring Eisenhower Health building, explore new leasing strategies to increase income, and redevelop the property, particularly with condominiums above restaurant/bar/retail spaces.
Key Highlights
- Prime owner/user opportunity to occupy 6,958 sf of the first floor with prominent signage and ground floor frontage.
- Located in a rapidly redeveloping downtown Palm Springs block with high foot traffic and major investments.
- Opportunity to increase building size by converting excessive driveway entrances into additional storefronts on Palm Canyon Drive.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $346.3k | $22.92 |
| − Vacancy | −$29.8k | −$1.97 |
| EGI | $316.5k | $20.95 |
| − OpEx | −$79.1k | −$5.24 |
| NOI | $237.4k | $15.71 |
15,107 SF · lease $22.92/SF/yr · vacancy 8.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.39M
$2.97M – $3.96M
NOI $237,356 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.53M
$3.96M – $5.28M
NOI $316,806 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Diamond Palms
Garden Center
Www Aliapaula Com
Psychotherapist
Michael D Caruthers ...
Law Firm
Sallie Albertina, Wedding ...
Wedding Service
Mike Valerio Real ...
Real Estate Agency
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FAQs
What type of property is this?
Office building - Two-story building in revitalized downtown Palm Springs financial district.
Where is this office building located?
The property is located at 431 South Palm Canyon Drive Palm Springs, CA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Prime owner/user opportunity to occupy **6,958 sf of the first floor** with prominent signage and ground floor frontage.; Located in a rapidly redeveloping downtown Palm Springs block with high foot traffic and major investments.; Opportunity to increase building size by converting excessive driveway entrances into additional storefronts on Palm Canyon Drive.
