Investor/User Office Opportunity

Office for Sale
Catylist Listing ID: 30524802
Property Subtypes: Office Building
Building Size (RSF): 8,000 SF
Gross Land Area: 0.43 Acres
Sale Price: $1,800,000
Unit Price: $225 PSF
Property Use Type: Investment
Class of Space: Class B
Usable Size (USF): 8,000 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/6/2019

Overview / Comments

Long term building owners have authorized the sale of this quality office building. Located at the busy, signalized corner of South Palm Canyon and Mesquite just out of the downtown corridor, but with easy access to all service and conveniences.
With a variety of stable tenants, this building is 100% occupied. Tenants are on yearly leases with two on month to month leases offering an opportunity to increase income as leases expire. Rent Roll on request. The large parking lot offers easy access off of Mesquite for both tenants and customers.
Pricing matches the current office market in Palm Springs. The Building Comps on pages 4-7 demonstrate the value of the subject building. The on market buildings have an average sale per s/f price of $279.03. Comp #4 is excluded as it is on lease land. These active sale comps are mostly outside of the Palm Canyon corridor where asking prices are much higher. The SOLD comps including one building in the main corridor average $237.73. The COMP averages demonstrate the value of this building at $225.00 s/f or $1,800,000.
Value + Location make this property an exciting investment opportunity.

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Taxing Authority: County of Riverside
Tax ID/APN: 508-291-034
Zoning: C1
Property Located Between: In South Palm Springs at the intersection of Palm Canyon & Mesquite.
Property Visibility: Excellent
Highway Access: On Highway 111 with direct access to east valley cities and west to Interstate 10
Airports: 10 Minutes from Palm Springs International Airport
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1976
Construction/Siding: Wood Frame
Parking Type: Surface
Parking Description: Parking Lot is to the rear of the building with easy access off of Mesquite. Building entry from rear or front.
Total Parking Spaces: 31
Sprinklers: None
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: C-1 Commercial uses, Area has a mix of small retail, small hotels and office buildings along the highway.
Lot Frontage: 140
Lot Depth: 134
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Fee

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,481 29,822 82,769
Median Age: 51.76 51.59 42.99
Households: 4,381 15,558 34,504

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