Prime Palm Canyon Parcel

Vacant Land for Sale
Sale Pending/Contingent
Catylist Listing ID: 30744448
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Retail-Pad, Vacation/Resort, Other
Status: Pending/Contingent
Gross Land Area: 16,740 SF
Sale Price: $625,000
Unit Price: $37.34 PSF
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/16/2021

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.

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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 Drive, Palm Springs
Feet of Frontage: 120
Airports: 10 Minutes from Palm Springs International Airport
Site Description: Level site between two developed office buildings. 2 parcels adjacent to this site are available for a larger site.
Area Description: Composed of a mix of higher end retail & restaurants, quality office buildings and small hotels. Walking distance to Desert Regional Medical Center.
Lot Frontage: 120
Lot Depth: 139
Zoning Description: C-1
Topography: Level
Easements: Utilities, Other
Soil Type: Loam
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, 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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