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32475 Date Palm Drive

Cathedral City, CA 92234
  • $2,450,000
  • STATUS: Active
  • ON SITE: 83 Days
  • MLS #: 219079042
UPDATED: 6 min ago
$2,450,000
  • 0
    BEDS
  • 0.43
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1991
County:

School Ratings & Info

Description

This Commercial investment has a CAP RATE of 6.8%, with minimal operating expenses, 100% rental occupancy, with no rental loses in the last 24 months. The building boast 6,250 Sf. It sits on a 18,730 Sf lot, has approx. 20 parking spaces and is in compliance with ADA codes. The suites are approx. 1185 SF and 5065 SF, which include the common area spaces. Currently two tenants: one tenant operates a Hair Salon and the other operates Cannabis Testing Lab. Tenants' leases expire in 2025 & 2024 w/ 5- year option only Lab (respectively). Net Operating Income is projected to increase based on the rental yearly increases. The building is a well-maintained building that has been remodeled extensively for the operating Cannabis Testing Lab Rental (upgraded the electrical panels, plumbing, walls, and ceiling, installed two new air conditioners, and maintained the Roof.) Additionally, Tenants are responsible for repairs and maintenance. The building offers 5 baths, break rooms, storage areas, newly built-in trash containers, landscaped areas. This property is located on Date Palm Dr, at the heart of Cathedral City, and adjacent to Ramon road, which is a major roadway of the Coachella Valley. It has an ideal location, Some commercial area near by are Starbucks, Apple Bees, Auto Zone, El Pollo Loco, and others. Also near Palms Spring International Airport and I-10 fee way.

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©2022 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Reason Real Estate. Based on information from the California Desert Association of Realtors as of 2022-08-11T22:35:41.22. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

Licensed in the State of California, USA
www.peysonrobertson.com/homes/128921963
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32475 Date Palm Drive Cathedral City, CA 92234

  • Price: $2,450,000
  • Status: Active
  • On Site: 83 Days
  • Updated: 6 min ago
  • MLS #: 219079042
0
Beds
0
Baths
0
½ Baths
0.43
Acres
1991
Built
Neighborhood:
336 - Cathedral City South
County:
Riverside
Area:
336 - Cathedral City South
Property Description
This Commercial investment has a CAP RATE of 6.8%, with minimal operating expenses, 100% rental occupancy, with no rental loses in the last 24 months. The building boast 6,250 Sf. It sits on a 18,730 Sf lot, has approx. 20 parking spaces and is in compliance with ADA codes. The suites are approx. 1185 SF and 5065 SF, which include the common area spaces. Currently two tenants: one tenant operates a Hair Salon and the other operates Cannabis Testing Lab. Tenants' leases expire in 2025 & 2024 w/ 5- year option only Lab (respectively). Net Operating Income is projected to increase based on the rental yearly increases. The building is a well-maintained building that has been remodeled extensively for the operating Cannabis Testing Lab Rental (upgraded the electrical panels, plumbing, walls, and ceiling, installed two new air conditioners, and maintained the Roof.) Additionally, Tenants are responsible for repairs and maintenance. The building offers 5 baths, break rooms, storage areas, newly built-in trash containers, landscaped areas. This property is located on Date Palm Dr, at the heart of Cathedral City, and adjacent to Ramon road, which is a major roadway of the Coachella Valley. It has an ideal location, Some commercial area near by are Starbucks, Apple Bees, Auto Zone, El Pollo Loco, and others. Also near Palms Spring International Airport and I-10 fee way.
Exterior Features

Entry Floor Number 1 Total Parking Spaces 0.00

Property Features

Building Status Existing Cross Streets Corral Rd Property Sub Type Retail Sale Type Standard

Listing information © 2022 California Desert Association of Realtors.
Listing provided courtesy of Alex Jay of Re/Max Desert Properties.
©2022 California Desert Association of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Reason Real Estate. Based on information from the California Desert Association of Realtors as of 2022-08-11T22:35:41.22. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listing by the office/agent presenting the information.

Licensed in the State of California, USA
 
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Reason Real Estate
830 N Palm Canyon Dr
Palm Springs CA, 92262