44100 Monterey Ave Palm Desert, CA 92260

Property Details for 44100 Monterey Ave

Year built

1986

Construction

WOOD

Lot size

0.92 lot acres

Property size

22,488 SF

Zone code

CPS

Property type

Office buildings

APN

627-021-044

APU

627021044

Description

This exceptional 25,053 square foot, two-story office building in Palm Desert, CA, presents a compelling investment opportunity. Located at the highly visible intersection of Monterey Avenue and Fred Waring Drive, the property boasts a prominent location with significant daily traffic. Currently 75% occupied, the building offers substantial upside potential due to in-place rents approximately 15% below market levels. Recent renovations, including exterior painting, landscaping improvements, HVAC upgrades, and fire sprinkler system enhancements, further enhance its appeal. The 0.92-acre lot features a single building constructed in 1986 and extensively renovated in 2022. The property benefits from its proximity to major retail centers like Westfield Palm Desert, One Eleven Town Center, and El Paseo Shopping District, providing tenants with abundant amenities. The building's flexible suite sizes, ranging from approximately 237 to 2,234 square feet, cater to diverse tenant needs. The property is zoned O.P. and offers excellent signage opportunities, capitalizing on the high daily traffic volume of approximately 30,000 cars. The asking price is $4,268,000, representing an attractive 8.71% cap rate. The strong population growth in the Coachella Valley, coupled with a lack of new office construction, positions this property for continued appreciation. This is a rare opportunity to acquire a well-located, renovated office building with significant value-add potential in a thriving market.

Location Insight

City

Palm Desert

County

Riverside

State

California

Longitude

-116.391

Latitude

33.728

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments