Property Detail

32475 Date Palm

Cathedral City CA 92234

$2,450,000

Status: Active

Property Details

Listing provided courtesy of Alex Jay of RE/MAX Desert Properties. Last updated 2022-07-07 08:45:58.000000. Listing information © 2022 CRMLS.

Description

Commercial investment that has an ideal location,100% rental occupancy, with no rental loses in the last 24 months, has a CAP RATE of 6.8%, with minimal operating expenses. The building sits on a 18,730 Sf lot and 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 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. 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.

Map Location

Stowell & Associates

Stowell & Associates

CA DRE# 01397481
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