73670 El Paseo Palm Desert, CA 92260-4310

This exceptional single-tenant, Class A storefront investment property, located at 73670-73680 El Paseo in Palm Desert, California, presents a compelling opportunity. The 9,900 square foot building, situated on a 0.5-acre lot, is currently 100% occupied by a corporate tenant under an Absolute NNN lease with a corporate guarantee. The lease commenced October 1, 2022, and has a remaining term of 7.9 years, expiring September 30, 2032, with two five-year options to extend. The property boasts a strong 5.50% cap rate, generating a net operating income (NOI) of $479,460. Built in 1999 and extensively renovated in 2003 (including a $6 million upgrade in 2022), the property benefits from a prime location within the prestigious El Paseo Shopping District, surrounded by luxury retailers. The lease includes a 10% rent increase in October 2027, projecting a cap rate increase to 6.05%. The property features one building, one story, and is categorized as a Core+ investment, single-tenant NNN. The asking price is $8,725,000, translating to a price per square foot of $874.25. The property's APN is 627-212-017. This is a 1031 exchange eligible property.