Two Bird Holdings Property

Retail-Commercial for Sale
Catylist Listing ID: 30699783
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant
Building Size (RSF): 19,918 SF
Gross Land Area: 1.81 Acres
Sale Price: $9,500,000
Unit Price: $476.96 PSF
Ceiling: 19 ft.
Property Use Type: Investment
Building Name: Roberge Plaza
Usable Size (USF): 19,918 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 5/11/2021

Overview / Comments

This property is a unique opportunity. A buyer can either keep the existing retail and restaurant buildings and add rental space on the undeveloped portion of the property or rezone the property for construction of a new 4-5 story building on the property. The new building could contain a hotel, retail and restaurant spaces, and/or residential condominiums. The city of Palm Desert has identified this city block as one on which they would like to see these types of uses as part of the urbanization of El Paseo. The property is located across the street from the U.S. Postal Service building. Other businesses located nearby include banks, restaurants, upscale consignment stores, specialty retail, and hair and nail salons.
The property contains 1.81 acres and is bounded by El Paseo on the north, Portola Ave. on the E

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Taxing Authority: Riverside County
Tax ID/APN: 627-272-005
Zoning: C1
Retail Clientele: General, Tourist
Property Located Between: Portola Ave. and San Luis Rey Avenue
Property Visibility: Excellent
Largest Nearby Street: Highway 111
Traffic/Vehicle Count: 16,129
Highway Access: CA Hwy. 111 is located one block north of the property.
Airports: Palm Springs International
Site Description: An entire city block bounded on the north by El Paseo, on the east by Portola Ave., on the south by Larrea Street, and on the west by Prickly Pear Street.
Area Description: Eastern portion of El Paseo. Across the street from the U.S. Postal Service. Close to banks, offices, specialty retail, restaurants, furniture stores, hair and nail salons, upscale consignment stores.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Typical SF / Floor: 5,000 SF
Property Condition: Excellent
Year Built: 1998
Year Renovated: 2018
Roof Type: Hip
Construction/Siding: Stucco
Exterior Description: Stucco over wood frame construction. Tuscany inspired architecture.
Total Parking Spaces: 100
Parking Ratio: 6.4 (per 1000 SF)
Parking Type: Surface
Parking Description: Asphalt parking lot behind 73995 El Paseo. Some parking in front of 73991 El Paseo.
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Extensive upgraded finishes in the restaurant building. Schedule a visit to see the building at 73995 El Paseo.
Zoning Description: C1
Lot Frontage: 320
Lot Depth: 230
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Local LLC
Legal Description: APN 627-272-005

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,506 41,062 98,298
Median Age: 43.34 51.25 51.85
Households: 5,286 19,620 46,297

Sponsoring Organization

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