1590 Palm Cyn Dr Palm Springs, CA 92264-9170

Property Details for 1590 Palm Cyn Dr

Year built

1963

Construction

TILT-UP CONCRETE

Lot size

0.50 lot acres

Property size

9,021 SF

Zone code

R3

Property type

Hotels

APN

508-454-007

APU

508454007

Description

This exceptional investment opportunity presents a fee-simple, multi-tenant retail property located at 1590 S Palm Canyon Dr, Palm Springs, CA 92264. The 9,100 square foot building, constructed in 1975, sits on a 34,848 square foot lot and boasts seven fully occupied suites under a gross lease structure with a remaining lease term of 3 years. The property enjoys a 100% occupancy rate, generating a strong net operating income (NOI) of $105,270, representing a 5.07% cap rate. The asking price is $2,075,000, translating to $228.02 per square foot. The property features 48 parking spaces and is zoned C-1. Rent bumps are included in the lease agreements. This prime retail location on a major thoroughfare benefits from high daily traffic counts (approximately 28,000 vehicles) and a strong demographic profile, with a population of approximately 79,074 residents within a five-mile radius and 14.1 million annual visitors to Palm Springs. The property offers significant upside potential for new ownership through rent increases to market rates. The property has been under the same ownership for over 30 years. This offering presents a rare chance to acquire a well-below-replacement-cost retail asset in a thriving market. The APN is 508-345-006. The sale is structured for a 1031 exchange.

Location Insight

City

Palm Springs

County

Riverside

State

California

Longitude

-116.53

Latitude

33.8018

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments