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$3,995,000
Est. payment /mo
0.51 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 219144228DA
HOA Y/N No
Year Built 1955
Lot Size 0.510 Acres
Property Description
Prime Net Lease is pleased to present a rare mixed-use investment opportunity in the heart of Downtown Palm Springs, California. This +/-14,078 SF property offers a dynamic blend of retail and residential uses, featuring 9 apartment (6 1bed/1bath and 3 studios) units and 2 ground-floor retail suites. With its prime location, strong tenant base, and significant value-add potential, the asset represents a premier acquisition in one of Southern California's most desirable resort markets.Located along Palm Canyon Drive, Palm Springs' premier pedestrian corridor, the property benefits from exceptional visibility and heavy year-round foot traffic driven by surrounding restaurants, boutiques, luxury hotels, and entertainment venues. The site is positioned adjacent to the newly developed 168-room Thompson Hotel and within walking distance to major attractions including the Palm Springs Art Museum, Agua Caliente Cultural Plaza, and the Palm Springs Convention Center.The property is further supported by robust demographics and strong tourism demand. Within three miles, the average household income exceeds $99,000, and the area draws from both affluent local residents and more than 14 million annual visitors to the Coachella Valley. Palm Springs International Airport, less than 10 minutes away, serves over 3 million passengers annually, connecting the city to major domestic and international markets.6.81% Proforma Cap Rate Possible within 12 months (call lead agent Marvin Alverdin at (714) 804-5245 for details) Seller is motivated.Please see the attached marketing brochure for full details.
Location
State CA
County Riverside
Area 332 - Central Palm Springs
Interior
Fireplace No
Exterior
Total Parking Spaces 31
Building
Story 2
Others
Tax ID 513081009 & 513081020
Special Listing Condition Standard
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Listed by Paul Matusik Prime Desert Estates #01351021
NEARBY SCHOOLS & PROPERTIES
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Marissa Perez
Broker | License ID: 01814964