42010 Washington St Bermuda Dunes, CA 92203-9610
- Retail space
- 13,552 SF
- 1.71 lot acres
Jan 04, 2025
Current Use by Public Records
- Retail space
Property Details for 42010 Washington St
- Year built
- 1999
- Construction
- TILT-UP CONCRETE
- Lot size
- 1.71 lot acres
- Property size
- 13,552 SF
- Zone code
- R32M
- Property type
- Retail space
- APN
- 609-020-038
- APU
- 609020038
Description
This exceptional investment opportunity presents a single-tenant, net-leased Walgreens property situated in the prime Coachella Valley location of Bermuda Dunes, California. The 74,488 square foot building, constructed in 1999, sits on a 1.71-acre lot and boasts 79 parking spaces. The property enjoys a hard corner pad location within the Washington Square shopping center, anchored by prominent retailers including Ralph's, HomeGoods, Jack in the Box, and Big O Tires. This high-traffic location benefits from excellent visibility at the signalized intersection of Washington Street and 42nd Avenue, experiencing a combined daily traffic volume exceeding 60,100 vehicles. The property is zoned C-P-S: Scenic Highway Commercial and features a 100% occupancy rate with Walgreens, a tenant with a 25-year history at this location and a remaining lease term of 5 years. The asking price is $5,516,677, representing a price per square foot of $74.06 and a 6.50% cap rate. The property generates a Net Operating Income (NOI) of $5,516,000. The surrounding area demonstrates strong demographics, with an average household income of approximately $128,000 within a 3-mile radius, projected to increase to ~$147,600 by 2029. This location is centrally positioned in the Coachella Valley, between Palm Desert and Indio, amidst 52 golf courses and numerous high-end resorts and country clubs. The proximity to JFK Memorial Hospital further enhances the property's desirability. This is a rare opportunity to acquire a stable, high-performing retail asset in a thriving market. The property's strong tenant history, prime location, and robust demographics make it an attractive investment prospect. No rent bumps are included in the lease. The APN is 609-020-038.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,240,000
- 6.5%
- $2,990,000
- 7%
- $2,775,000
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $4,485,000 Current use
- AUTO REPAIR, GARAGE
- $5,850,000 Change: +30% Conversion: Difficult
- WAREHOUSE, STORAGE
- $4,005,000 Change: -11% Conversion: Difficult
- MEDICAL BUILDING
- $3,705,000 Change: -17% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Bermuda Dunes
- County
- Riverside
- State
- California
- Longitude
- -116.303
- Latitude
- 33.7431
- CBSA code
- 40140
- CBSA name
- RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA
