Architectural Retail
For Sale
$4,400,000
707745 Palm Canyon Drive, Palm Springs, CA 92262
Mid-century commercial building with private parking and preserved original architectural details.
Property Size8,830 SF
Lot Size0.72 Acres
Price / SF$498.30
Days on Market8
Property Features for 707745 Palm Canyon Drive
General Information
Standard status
Active
Size
8,830 SF
Lot size
0.72 Acres
Property subtype
Retail
Additional Details
Anchor Co-Tenants
TRIO Restaurant, The SHAG store art gallery
Amenities
3
38 Parking Spaces.
Building Details
Year Built
1962
Buildings
1
Construction
Mid-Century Modern
Tenancy
Multi
Listing Agency:
Realty Trust
(760) 327-8000
Listed By:
Luca Volpe · License #02037333
Source:
Xome
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 21 at 5:00AM
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.
The Turonnet Building is an approximately 8,830-square-foot retail and restaurant property completed in 1962. Designed by John Porter Clark and Albert Frey, the building retains original travertine walls and other interior elements associated with its earlier use as a bank and art gallery. A large private parking lot provides 38 parking spaces on a 0.72-acre site.
The property is located on Palm Canyon Drive within Palm Springs’ Uptown Design District. Current occupancy includes TRIO Restaurant and The SHAG store art gallery. TRIO operates across three suites at 707, 715, and 725, with the latter suites subleased to Time+Space Limited. The building combines established retail and restaurant occupancy with a documented mid-century architectural identity.
The property is located on Palm Canyon Drive within Palm Springs’ Uptown Design District. Current occupancy includes TRIO Restaurant and The SHAG store art gallery. TRIO operates across three suites at 707, 715, and 725, with the latter suites subleased to Time+Space Limited. The building combines established retail and restaurant occupancy with a documented mid-century architectural identity.
Key Highlights
- Approximately 8,830 SF retail and restaurant building
- 0.72‑acre site with a large private parking lot
- 38 parking spaces
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
$126,567
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
2.88%
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%
$2,531,340
$2.5M
Cap Rate 7%
$1,808,100
$1.8M
Cap Rate 9%
$1,406,300
$1.4M
Market Conditions
NOI Build-Up for 8,830 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
$190.7K $21.60/SF
− Vacancy
−$9.9K −$1.12/SF
EGI
$180.8K $20.48/SF
− OpEx
−$54.2K −$6.14/SF
NOI
$126.6K $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%
$2,531,340
Cap Rate 7%
$1,808,100
Cap Rate 9%
$1,406,300
Alternative Uses
Best Use
Retail
$1.81M
$1.58M – $2.11M
NOI $126,567 @ 7.0% cap · market cap 2.88%
Second Best
Specialty Retail
$1.59M
$1.39M – $1.86M
NOI $111,337 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$2.65M
$2.31M – $3.09M
NOI $185,172 @ 7.0% cap · market cap 4.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
24
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 - Mid-century commercial building with private parking and preserved original architectural details.
Where is this storefront property located?
The property is located at 707745 Palm Canyon Drive Palm Springs, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Approximately 8,830 SF retail and restaurant building; 0.72‑acre site with a large private parking lot; 38 parking spaces
