Medical Office Building with Six
For Sale
$3,500,000
35280 Bob Hope, Rancho Mirage, CA 92270
Eight-building SF medical office property features four leased suites and two vacant suites available for lease or owner use.
Property Size8,276 SF
Price / SF$422.91
Days on Market357
Property Features for 35280 Bob Hope
General Information
Standard status
Active
Size
8,276 SF
Property subtype
Office
Additional Details
Office Units
6
Amenities
3
Building Details
Year Built
2002
Buildings
1
Building Size
8,276 SF
Tenancy
Multi
Listing Agency:
Desert Pacific Properties
(760) 360-8200
Listed By:
Desert Pacific Properties · License #00957590
Source:
Xome
Added: Sep 1, 2025
Changed: Aug 23
Last Checked: Aug 22 at 12:38PM
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 Desert Pacific Properties
Investment Insights
Based on property information with market context.
This medical office and professional building totals 8,276 SF and is comprised of six suites. Four of the suites are currently leased and income-producing. The remaining two suites are vacant and available for lease, offering space options for an owner-user or additional tenant demand.
The two vacant suites total 1,250 SF and 2,500 SF, providing flexibility for a range of medical or professional uses within the same building. The property is located at 35280 Bob Hope Dr in Rancho Mirage, CA 92270.
With a suite-based layout and both leased and available spaces, the building supports multiple occupancy scenarios while keeping the overall asset under one roof.
The two vacant suites total 1,250 SF and 2,500 SF, providing flexibility for a range of medical or professional uses within the same building. The property is located at 35280 Bob Hope Dr in Rancho Mirage, CA 92270.
With a suite-based layout and both leased and available spaces, the building supports multiple occupancy scenarios while keeping the overall asset under one roof.
Key Highlights
- 8,276 SF medical/professional building with six suites
- Four suites are leased and income‑producing
- Two vacant suites are available for lease or owner‑user
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$130,030
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,600,600
$2.6M
Cap Rate 7%
$1,857,571
$1.9M
Cap Rate 9%
$1,444,778
$1.4M
Market Conditions
NOI Build-Up for 8,276 SF
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.
Gross rent
$189.7K $22.92/SF
− Vacancy
−$16.3K −$1.97/SF
EGI
$173.4K $20.95/SF
− OpEx
−$43.3K −$5.24/SF
NOI
$130.0K $15.71/SF
Area
Riverside County, CA
Vacancy
8.60%
Lease Rate
$22.92 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,600,600
Cap Rate 7%
$1,857,571
Cap Rate 9%
$1,444,778
Alternative Uses
Best Use
Office B
$1.86M
$1.63M – $2.17M
NOI $130,030 @ 7.0% cap · market cap 3.72%
Second Best
Healthcare Medical
$1.20M
$1.05M – $1.40M
NOI $84,148 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,554 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92270, CA
16,999
Population
14,936
Households
1.1
Avg Household Size
66
Median Age
47%
College-Educated
95%
High-School Grad
25.6 sq mi
ZIP Area
664
Density / Sq Mi
$109,943
Median Household Income
$60,084
Median Earnings
$1,575
Median Rent
$747,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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- chiropractitioner for pets — 35-400 Bob Hope Dr, Rancho Mirage, CA 92270
Frequently Asked Questions
What type of property is this?
Medical Office Space - Eight-building SF medical office property features four leased suites and two vacant suites available for lease or owner use.
Where is this medical office space located?
The property is located at 35280 Bob Hope Rancho Mirage, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 8,276 SF medical/professional building with six suites; Four suites are leased and income‑producing; Two vacant suites are available for lease or owner‑user
