Prime Leased Investment
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664-668 N Palm Canyon, Palm Springs, CA 92262
Fully leased commercial property in Palm Springs' historic Uptown District.
Property Size11,387 SF
Price / SF$385.97
Days on Market199
Property Features for 664-668 N Palm Canyon
General Information
Standard status
Active
Size
11,387 SF
Property subtype
Hospitality, Office, Retail
Lease Type
NNN
Building Details
Year Built
1960
Year Renovated
2024
Buildings
2
Stories
2
Tenancy
Multi
Listing Agency:
Realty Trust
(760) 327-8000
Listed By:
Scott Timberlake · License #01257645
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 14 at 4:23AM
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
Investment Insights
Based on property information with market context.
This impeccably maintained commercial property is located in the heart of Palm Springs' historic Uptown District, offering exceptional visibility and charm. The property features dual architecture, with both Mid-Century Modern and Spanish styles, situated on a single tax lot with two distinct addresses. The offering includes two buildings: a Mid-Century Modern commercial space suitable for retail, office, or mixed-use purposes, and a Spanish-style property that houses Jake's Restaurant. Jake's Restaurant expanded its operation in 2024 with a new fully renovated lobby, additional indoor seating, kitchen and restrooms. Off-street parking is available exclusively for tenants. The 668 building features two common area restrooms on the second floor, while the ground-floor retail units each have private restrooms. A fully paid solar system on the 668 building enhances sustainability and reduces operational costs. The property is currently under application for the Mills Act for a potentially significant property tax reduction. The property is 100% leased. The seller is open to an exchange for an out-of-state commercial property, hotel, or residential income property, with a preference for Oregon.
Key Highlights
- 100% Leased Investment Property in Palm Springs' Historic Uptown District
- Home to the renowned Jake's Restaurant with high foot traffic
- Dual Architecture (Mid‑Century Modern and Spanish) on a Single Tax Lot
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
$163,219
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
3.71%
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%
$3,264,380
$3.3M
Cap Rate 7%
$2,331,700
$2.3M
Cap Rate 9%
$1,813,544
$1.8M
Market Conditions
NOI Build-Up for 11,387 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
$246.0K $21.60/SF
− Vacancy
−$12.8K −$1.12/SF
EGI
$233.2K $20.48/SF
− OpEx
−$70.0K −$6.14/SF
NOI
$163.2K $14.33/SF
Area
Riverside County, CA
Vacancy
5.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$3,264,380
Cap Rate 7%
$2,331,700
Cap Rate 9%
$1,813,544
Alternative Uses
Best Use
Retail
$2.33M
$2.04M – $2.72M
NOI $163,219 @ 7.0% cap · market cap 3.71%
Second Best
Specialty Retail
$2.05M
$1.79M – $2.39M
NOI $143,579 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$3.41M
$2.98M – $3.98M
NOI $238,795 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,059
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 92262, CA
26,593
Population
19,940
Households
1.3
Avg Household Size
54
Median Age
42%
College-Educated
93%
High-School Grad
35.1 sq mi
ZIP Area
758
Density / Sq Mi
$70,514
Median Household Income
$42,940
Median Earnings
$1,420
Median Rent
$600,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Fully leased commercial property in Palm Springs' historic Uptown District.
Where is this storefront property located?
The property is located at 664-668 N Palm Canyon Palm Springs, CA.
What is the asking price?
The asking price for this property is $4,395,000.
What are key features of this property?
This property features: 100% Leased Investment Property in Palm Springs' Historic Uptown District; Home to the renowned Jake's Restaurant with high foot traffic; Dual Architecture (Mid‑Century Modern and Spanish) on a Single Tax Lot
