Downtown Palm Springs Redevelopment Opporuntiy

Retail-Commercial for Sale
Catylist Listing ID: 30268368
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Retail-Pad, Tavern/Bar/Nightclub
Building Size (RSF): 15,000 SF
Gross Building Area: 50,371 SF
Sale Price: $6,000,000
Unit Price: $400 PSF
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 4/30/2018

Overview / Comments

Prime Investment Opportunity for the redevelopment of 5 lots totaling over an acre and located in the heart of downtown Palm Springs. Near large hotels, the Palm Springs Life building and other new attractions the opportunity to own a similar sized parcel in downtown will be hard to come by. Build off the success of the redeveloped downtown Palm Springs which now boasts major retailers and high end hotels and will soon be accompanied by the future expansion of the Agua Caliente Casino. These lots are located near the downtown development which includes: Kimpton Rowan Hotel, H&M, Starbucks Reserve, MAC, Kiehls and Blaze Pizza. Future additions to the new downtown include: The Virgin Hotel and the new downtown park which is currently under development. The new downtown also includes over 1,000 underground parking spaces. These parcels are also near the exisiting Hyatt Hotel and the Andaz Hotel and retail center which is currently under construction. This is your opportunity to own the best available land in Downtown Palm Springs.

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Tax ID/APN: 513-081-010, 011, 016, 018, 019
Zoning: CBD
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Casino, Other
Property Located Between: Palm Canyon and North Indian Canyon at Amado
Property Visibility: Excellent
Total Number of Buildings: 3
Number of Stories: 2
Typical SF / Floor: 7,500 SF
Property Condition: Fair
Year Built: 1963
Total Parking Spaces: 40
Zoning Description: CBD
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,275 38,584 81,699
Median Age: 49.62 49.47 42.78
Households: 3,945 19,307 33,902

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