Value Add Retail Center

Retail-Commercial for Sale
Catylist Listing ID: 30527011
Property Subtypes: Free-Standing Building, Restaurant, Street Retail, Tavern/Bar/Nightclub
Building Status: Under Construction
Building Size (RSF): 16,008 SF
Sale Price: $3,500,000
Unit Price: $218.64 PSF
Ceiling: 23 ft.
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/23/2019

Overview / Comments

Prime 16008 sq. ft. retail center at the second busies intersection in the Coachella Valley at Fred Waring and Highway 111. Currently being revitalized and offered with leases and cash flow in place with tremendous upside. 4 of 8 suites are currently leased with expected leasing to be over 75% at time of sale. Plans for facade improvement which will allow for Highway 111 signage completed and to be submitted to the City of Palm Desert in November 2019. Purchase price includes Landlord providing tenant improvement allowances and other credits for needed property improvements. Property is located in high visibility center with tenants such as Olive Garden, Red Lobster, Fatburger, Dragon Sushi, and International School of Beauty.

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Tax ID/APN: 640-020-054
Zoning: PC4
Retail Clientele: General
Property Visibility: Excellent
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 16,008 SF
Property Condition: Average
Year Built: 1986
Roof Type: Gable
Construction/Siding: Stucco, Wood Frame
Total Parking Spaces: 54
Parking Type: Surface
Parking Description: reciprocal parking agreement between whole center which allows for any use in any of the suites
Sprinklers: None
Internet Access: Satellite
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,713 39,308 76,901
Median Age: 53.98 52.64 54.53
Households: 867 19,146 37,967

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