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    Two-Story Cannabis Dispensary Building Title is generated by Realmo AI

    353 Palm Canyon Drive, Palm Springs, CA 92262

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    For Sale
    $2,950,000

    Fee-simple two-story cannabis facility with elevator, ADA compliance, and dedicated off-street parking.

    Type:Commercial
    Added:
    Dec 10, 2024
    Days on Market:
    542
    Last Refresh:
    Jun 5 at 2:51 am

    Property Features for 353 Palm Canyon Drive

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1992

    We can help!

    Listing Contact
    Scott Timberlake

    Listing office Realty Trust

    Listing date Dec 10, 2024

    Source Sevengables

    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 Realty Trust

    HighLights

    • 1992‑built, fee‑simple two‑story cannabis facility with elevator and dedicated off‑street parking lot
    • Main floor is a highly upgraded dispensary; second floor features a cannabis lounge
    • ADA compliant with excellent visibility; restricted access—showings by appointment only
    • Cannabis license can be transferred (no new licenses issued until after 12/31/2027)
    • Owner/tenant will vacate at closing; all office/retail leasing options available
    • Expansive outdoor space with mountain and city views

    Overview

    This two-story, fee-simple commercial building is designed for cannabis operations and includes a private, off-street parking lot and an elevator. The main floor is built out as a highly upgraded dispensary, while the second floor is configured as a cannabis lounge. The property includes newer mechanical systems and high-end interior and exterior improvements, along with expanded outdoor space with mountain and city views. The facility is described as ADA compliant.

    Located in Downtown Palm Springs, the property benefits from strong visibility. An owner or tenant will vacate at closing. Cannabis license transfer is available, with the public remarks noting that no new licenses are issued until after 12/31/2027 and that city planning is expected to restrict or limit Palm Springs licenses in 2028, considering a maximum of 10. Showing access is restricted, and appointments must be arranged through the listing agent.

    With office/retail leasing options available per the listing, the building may fit tenants and operators looking for a purpose-built cannabis environment with established indoor and lounge configurations and on-site parking. Financing is described as available but limited for the property’s current use, and private financing may be possible with a substantial down payment exceeding 50%. For projected income and expense details, the listing advises contacting the agent directly.
    Location Intelligence

    Current Use by Public Records

    Coachella Valley Green ... (Bike/Boat/Book/etc) Store Palm Springs Skin ... Hair Salon

    Suggested Use

    Law Firm Restaurant Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Palm Springs
    County
    Riverside
    State
    California
    Longitude
    -116.5470069
    Latitude
    33.8182742

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    FAQs

    What type of property is this?
    Cannabis property - Fee-simple two-story cannabis facility with elevator, ADA compliance, and dedicated off-street parking.
    Where is this cannabis property located?
    The property is located at 353 Palm Canyon Drive Palm Springs, CA.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: 1992‑built, fee‑simple two‑story cannabis facility with elevator and dedicated off‑street parking lot; Main floor is a highly upgraded dispensary; second floor features a cannabis lounge; ADA compliant with excellent visibility; restricted access—showings by appointment only
    We can help!
    Listing Contact
    Scott Timberlake
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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