73940 EL PASEO BUILDING

Retail-Commercial for Sale
Catylist Listing ID: 30452426
Property Subtypes: Free-Standing Building, Street Retail
Building Size (RSF): 4,971 SF
Gross Building Area: 5,500 SF
Gross Land Area: 10,242 SF
Sale Price: $1,500,000
Unit Price: $301.75 PSF
Ceiling: 10 ft.
Property Use Type: Investment
Usable Size (USF): 4,971 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 8/31/2019

Overview / Comments

Single story retail building located on El Paseo between Portola Avenue and San Luis Rey suitable for all forms of retail. Currently the Premises show as a large showroom space with a built out section for storage and supplies plus one office; there are two bathrooms. Approximately 50 feet of glass store front for great visibility on El Paseo. There is street parking on El Paseo and a rear parking lot with parking for over 100 cars; several business operate off the rear
parking lot which brings lots of trffic to the rear of the Premises.

The Premises can be broken up into two spaces each with their own bathroom and air conditioning systems, the Premises can be used for office space.

THE CITY OF PALM DESERT HAS DESIGNATED PROPERTY ON EL PASEO TO BE MIXED USE AND IS NOW ALLOWING THREE STORY BUILDINGS AND IS CONSIDERING FOUR STORY BUILDINGS TO BE VOTED ON AFTER AUGUST 2019.

Current Tenants

Tenant Business Name Elite Consginments
Is Renting? Yes
SF of Space Occupied 5,000 SF
Tenant Notes Tenant Lease goes to August 31, 2022, and both Lessor and Lessee can cancel this lease by giving the other Party a "120 Notice to Vacate".

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Tax ID/APN: 627-222-028
Zoning: C1SP
Property Located Between: PORTOLA AND SAN LUIS REY
Property Visibility: Excellent
Largest Nearby Street: PORTOLA
Feet of Frontage: 50
Tenancy: Single Tenant
Property Condition: Average
Year Built: 1972
Year Renovated: 1995
Roof Type: Flat
Construction/Siding: Stucco
Total Parking Spaces: 100
Parking Type: Surface
Parking Description: Parking is available on El Paseo and there is a arear parking lot with over 100 parking spaces
Sprinklers: None
Heat Type: Electricity
Heat Source: Central, Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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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

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