Investor/User Office Opportunity

Office for Sale
Catylist Listing ID: 30329981
Property Subtypes: Office Building
Building Size (RSF): 8,776 SF
Gross Land Area: 38,768 SF
Sale Price: $3,050,000
Unit Price: $347.54 PSF
Property Use Type: Investment, Vacant/Owner-User
Building Name: Liberty Escrow Building
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/3/2019

Overview / Comments

First time sale offering of a quality, two tenant office building strategically located in the strong Palm Springs Market. A two tenant building containing 8,776s/f feet and a 2,886 s/ f basement. Suite "A" is 5,567 s/f with the access to the basement. Suite "B" is 3,209 s/f. Both units are fully built out. (See attached floor plans).
Subject property is located on North Sunrise Way one block north of Tahquitz Canyon Way. Tahquitz and Sunrise is one of 2 or 3 major intersections in the City of Palm Springs. According to the City of Palm Springs Engineering Department there is about 46,157 cars per day going north or south on Sunrise Way. The building gets excellent exposure from this traffic flow and local businesses.
The Palm Springs Office market has been strong in recent years. Sale Comps are limited. There are four recent sales (see Sale Comp Page) with one building just above $400 s/f, one at $346 s/f and two at $246.05 and $209.25. The two lower priced sales require significant improvements which will drive the cost much higher. There are four buildings on the market with asking prices from $547 to $311 which reflect values in this market. Pricing on the subject property reflects the off Palm Canyon Market. The building is newer, well located. Seller will sell and lease back or vacate depending on the Buyer’s goal. The tenant is in the second year of a five year lease with a base rent of $1.30 NNN.
Based on location, the current resale market, building condition and flexibility, and projected income the Liberty Escrow Building offers a quality investment to an investor or owner user.

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Taxing Authority: City of Palm Springs/Riverside County
Tax ID/APN: 502-063-024
Zoning: R2/CUP
Property Located Between: Tahquitz Canyon and Amado Rd.
Property Visibility: Excellent
Highway Access: I-10 is about 10 minutes from the site offering direct access to Los Angeles or Phoenix, and the high desert communities of 29 Palms, Yucca Valley and Morongo Valley. State Highway 111 is 3 minutes away to the south and offers direct access to many of the Coachella Valley cities.
Airports: Minutes to Palm Springs International Airport
Site Description: Grade level site.
Area Description: Sunrise Way is a major north south street with commercial and multi residential development. The area around the site is primarily residential.
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 2006
Roof Type: Flat
Construction/Siding: Stucco
Parking Type: Surface
Parking Description: Parking lots at each end of the building provide easy access to tenants.
Total Parking Spaces: 46
Heat Source: Central
Interior Description: Two offices. Both built out for tenant's use. Suite A has custom cabinet work throughout with built in filing cabinets, desks,etc. Suite B is more open with work stations for real estate agents with office in front and rear.
Zoning Description: R2/CUP
Lot Frontage: 413
Lot Depth: 122
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,693 46,354 94,755
Median Age: 49.95 49.24 42.79
Households: 5,738 22,698 39,000

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