73730 El Paseo Palm Desert, CA 92260-4303

Property Details for 73730 El Paseo

Year built

1971

Construction

TILT-UP CONCRETE

Lot size

0.25 lot acres

Property size

5,425 SF

Zone code

C1SP

Property type

Retail space

APN

627-212-014

APU

627212014

Description

This exceptional Class A, 5,500 square foot shopping center in Palm Desert, CA presents a compelling value-add opportunity. Boasting 100% occupancy with four tenants, the property generates a strong NOI of $146,791, yielding a 5.02% cap rate. Located on the prestigious El Paseo, the property benefits from its position in the heart of the Coachella Valley's most affluent shopping district, just a block from the Gardens Shopping Center and surrounded by high-end restaurants and jewelry stores. Built in 2007, this fee-simple property features a meticulously maintained building with distinctive architectural elements. The recent city-led renovation of the adjacent parking lot provides ample parking for tenants and customers, further enhancing the property's appeal. Current rents are below market, offering significant upside potential. The property sits on a 0.24-acre parcel and is zoned C1SP. Palm Desert's thriving economy, fueled by tourism and a high concentration of affluent residents, makes this a highly desirable investment. The proximity to major attractions like the Acrisure Arena and the Cotino, Storyliving by Disney project, further strengthens the property's long-term prospects. This is a rare opportunity to acquire a well-positioned, high-performing retail asset in a rapidly growing market. The property's strong cash flow, below-market rents, and prime location combine to create a compelling investment proposition. The asking price is $2,925,000.