Six-Suite Medical Office
For Sale
$3,500,000
35280 Bob Hope, Rancho Mirage, CA 92270
Commercial Sale, Rancho Mirage, CA
Property Size8,276 SF
Lot Size0.88 Acres
Price / SF$422.91
Days on Market269
Property Features for 35280 Bob Hope
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Open, Parking Lot
Exterior features
Lighting
Lot features
Landscaped, Landscaped
Subdivision
321 - Rancho Mirage
Standard status
Active
APN
685100015
Size
8,276 SF
Lot size
0.88 Acres
Utilities
Heating system
Central
Building Details
Year built
2002
Floors in Building
1
Listing Agency:
Desert Pacific Properties
(760) 360-8200
Listed By:
Susan Harvey · License #00957590
(760) 250-8992
Added: Jan 9
Changed: Oct 2
Last Checked: Oct 5 at 9:06AM
MLS# 219141100
Copyright © 2026 California Desert Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2002, this 8,276-square-foot medical and professional office building contains six suites. Four suites are leased and producing income, while a 2,500-square-foot vacant suite offers an on-site occupancy option. The property includes central heating, lighting, and open parking-lot areas.
The building is located at 35280 Bob Hope Drive in Rancho Mirage, California. It sits across from The Westin Rancho Mirage hotel and golf resort, approximately 1.7 miles from Eisenhower Medical Center and 2 miles from I-10. The site is reported to experience 39,000 cars per day and is positioned 1/4 mile from Disney's Cotino mixed-use development and just over 1/2 mile from Del Webb Rancho Mirage.
The building is located at 35280 Bob Hope Drive in Rancho Mirage, California. It sits across from The Westin Rancho Mirage hotel and golf resort, approximately 1.7 miles from Eisenhower Medical Center and 2 miles from I-10. The site is reported to experience 39,000 cars per day and is positioned 1/4 mile from Disney's Cotino mixed-use development and just over 1/2 mile from Del Webb Rancho Mirage.
Key Highlights
- 8,276‑square‑foot building with six medical and professional office suites
- Four suites are leased and income‑producing
- Vacant 2,500‑square‑foot suite available for lease or owner occupancy
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Medical and professional office property with four leased suites, one vacant suite, and open-lot parking.
Where is this office building 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‑square‑foot building with six medical and professional office suites; Four suites are leased and income‑producing; Vacant 2,500‑square‑foot suite available for lease or owner occupancy
