56089 29 Palms Hwy, Yucca Valley, CA 92284

Property Details for 56089 29 Palms Hwy

Year built

1966

Property type

Grocery and convenience stores

APN

0586-314-03-0000, 0586-304-10-0000

Description

This exceptional investment opportunity presents a multi-tenant retail and residential property located at 56089 29 Palms Hwy, Yucca Valley, CA 92284. The property encompasses two buildings totaling 25,262 square feet on a 39,847 square foot lot, featuring 23 tenants across a mix of convenience store, grocery store, and restaurant spaces, along with residential units. The buildings, constructed in 1966 and renovated in 2012, boast 61 parking spaces and benefit from high visibility due to frontage on Twentynine Palms Highway and prominent monument signage. The property currently enjoys 100% occupancy, generating a substantial net operating income (NOI) of $266,131, resulting in a compelling 7.45% cap rate. The asking price is $3,570,000, translating to $141.32 per square foot of net rentable area (24,625 sq ft). The property is zoned OTHC(SP) & OTCR(SP) and includes two separate APNs: 0586-314-03-0000 and 0586-304-10-0000. The residential units, a mix of studios, one-bedroom, and two-bedroom apartments, are individually metered for gas and electricity, with two separate water meters. The property offers below-market rents and a recently overlaid parking lot, presenting a significant value-add opportunity for a savvy investor. This is a 1031 exchange eligible property.

Location Insight

City

Yucca Valley

County

San Bernardino

State

California

Longitude

-116.4409005

Latitude

34.1203424