$ 1,950,000
32475 Date Palm DR Cathedral City, CA 92234
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$ 1,950,000
Est. payment /mo
Active
32475 Date Palm DR Cathedral City, CA 92234
6,550 SqFt
UPDATED:
08/07/2024 01:48 PM
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 6,550 sqft
Price per Sqft $297
MLS Listing ID 219112526
HOA Y/N No
Year Built 1991
Lot Size 0.410 Acres
Property Description
This commercial income investment offers a robust Cap Rate of 8.5% with minimal operating expenses and has maintained 100% rental occupancy over the past 24 months.
The property features a 6,250 SF building situated on an 18,730 SF lot, providing approximately 20 parking spaces. Building is in full compliance with ADA codes.
The building comprises two suites of approximately 1,185 SF and 5,065 SF, including common areas. It currently houses two tenants: a Barber/Hair Salon and a Cannabis Testing Lab.
The hair salon's lease is month to month, asking for a new 5 year lease, while the Cannabis Testing Lab has 3-year lease, started May 1st 2024, rent is $14,490 monthly. Starting May 1st 2025 next 2 years rent reduces to $10,500 monthly.
This well-maintained building has undergone extensive remodeling inside and out to accommodate the cannabis testing lab. The Lab owner has spent over $500,000 on improvements Including new flooring, upgraded electrical panel, wiring, and lighting throughout, with new plumbing, new A/C units and duct work, and a new roof. Tenants are responsible for their own repairs and maintenance.
The property includes five bathrooms, break rooms, storage areas, newly built-in trash containers, and landscaped areas.
It is ideally located on Date Palm Drive in the heart of Cathedral City.
The location is surrounded by commercial amenities such as Starbucks, Applebee's, AutoZone, El Pollo Loco, and is near Palm Springs Airport and the I-10 freeway.
The property features a 6,250 SF building situated on an 18,730 SF lot, providing approximately 20 parking spaces. Building is in full compliance with ADA codes.
The building comprises two suites of approximately 1,185 SF and 5,065 SF, including common areas. It currently houses two tenants: a Barber/Hair Salon and a Cannabis Testing Lab.
The hair salon's lease is month to month, asking for a new 5 year lease, while the Cannabis Testing Lab has 3-year lease, started May 1st 2024, rent is $14,490 monthly. Starting May 1st 2025 next 2 years rent reduces to $10,500 monthly.
This well-maintained building has undergone extensive remodeling inside and out to accommodate the cannabis testing lab. The Lab owner has spent over $500,000 on improvements Including new flooring, upgraded electrical panel, wiring, and lighting throughout, with new plumbing, new A/C units and duct work, and a new roof. Tenants are responsible for their own repairs and maintenance.
The property includes five bathrooms, break rooms, storage areas, newly built-in trash containers, and landscaped areas.
It is ideally located on Date Palm Drive in the heart of Cathedral City.
The location is surrounded by commercial amenities such as Starbucks, Applebee's, AutoZone, El Pollo Loco, and is near Palm Springs Airport and the I-10 freeway.
Location
State CA
County Riverside
Area 336 - Cathedral City South
Others
Special Listing Condition Standard
Listed by Keller Williams Realty