Prime Palm Canyon Site

Vacant Land for Sale
Catylist Listing ID: 30621981
Property Subtypes: Hospitality, Multi-Family, Office, Retail
Gross Land Area: 16,740 SF
Sale Price: $798,000
Unit Price: $47.67 PSF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/7/2020

Overview / Comments

This prime property offers a developer/owner the opportunity to take advantage of the strong commercial growth in the immediate area with an office or retail building. Zoning is C-1. ( 92.12.00 “C-1” retail business zone. The C-1 zone is intended as a business district, primarily retail business in character, with related hotels, service, office, cultural and institutional uses.)

The site is within walking distance of Desert Regional Medical Center a growing medical destination that creates demand for office space. Retail use is strong as evidenced by the growth of the retail sector on North Palm Canyon Drive. A similar sized lot joins the property on the east property line and front on Indian Canyon Drive. Combing the two lots offers additional opportunities.

The subject property is well located in the North Palm
Canyon Business District. Limited vacant properties are available in this area. The analysis of the lot sale comps in the area are limited due to lack of available properties. In addition to the current listing at $47.67 there has been 3 sales in 2019 and one property on the market. In March, 2019 a .32 lot a 354 N. Palm Canyon sold for $54.81 s/f. A .27 acre site closer to Desert Hospital is on the market for $63.77 s/f. Two other lots farther north on Palm Canyon
Drive sold for $22.96 s/f and $22.64 s/f. These lower priced sales are due to location which is out of the main business district.

Attachments & Media

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Taxing Authority: County of Riverside
Tax ID/APN: 505-213-002 & 003
Zoning: C-1
Property Visibility: Excellent
Largest Nearby Street: Fronts on Palm Canyon the major street.
Feet of Frontage: 120
Airports: Palm Springs International Airport
Area Description: Well developed retail, restaurant, and office area on main street.
Topography: Level
Soil Type: Sandy
Available Utilities: Electric, Water, Gas, Sewer, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,448 41,868 80,393
Median Age: 52.21 47.71 42.62
Households: 3,531 20,179 33,259


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