500 Indian Canyon Dr Palm Springs, CA 92264

Property Details for 500 Indian Canyon Dr

Year built

1959

Construction

TILT-UP CONCRETE

Lot size

0.88 lot acres

Property size

8,979 SF

Zone code

C1

Property type

Banks

APN

508-121-001

APU

508121001

Description

This exceptional investment opportunity presents a fee-simple, stabilized retail property occupied by US Bank under a NNN lease with 5.1 years remaining until the initial lease expiration, plus two five-year renewal options. The 8,214 square foot building, constructed in 1959, sits on a 0.88-acre lot in a prime Palm Springs location at 500 S Indian Canyon Dr, 92264, within Riverside County, and zoned C1. The property boasts a strong 5.00% cap rate, generating a net operating income (NOI) of $227,885. The asking price is $4,557,700. The lease includes 3% annual rent increases, providing consistent income growth. The tenant, US Bank, has a credit rating and has occupied the site for over two decades. This drive-thru location features five points of ingress and egress, and enjoys high visibility at a signalized intersection. The NNN lease structure eliminates landlord responsibilities, with the tenant responsible for all property maintenance, including the roof, structure, and parking lot. The current rent is below market value for comparable spaces in the area. The property's proximity to downtown Palm Springs, with its thriving retail scene and upscale residential areas, further enhances its value. This is a truly exceptional opportunity for a passive income investment with significant upside potential.

Location Insight

City

Palm Springs

County

Riverside

State

California

Longitude

-116.545

Latitude

33.8155

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments