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32475 Date Palm Drive

Cathedral City, CA 92234
  • $1,950,000
  • STATUS: Active
  • ON SITE: 16 Days
  • MLS #: 219112526
UPDATED: 154 min ago
$1,950,000
  • 0
    BEDS
  • 0.41
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1991
County:

School Ratings & Info

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.

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©2024 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 Keller Williams Realty Coachella Valley. Based on information from the California Desert Association of Realtors as of 2024-06-22T06:35:53.89. 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.kwcoachellavalley.com/homes/151360899
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32475 Date Palm Drive Cathedral City, CA 92234

  • Price: $1,950,000
  • Status: Active
  • On Site: 16 Days
  • Updated: 154 min ago
  • MLS #: 219112526
0
Beds
0
Baths
0
½ Baths
0.41
Acres
1991
Built
Neighborhood:
336 - Cathedral City South
County:
Riverside
Area:
336 - Cathedral City South
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.
Exterior Features

Total Parking Spaces 0.00

Property Features

Cross Streets Corral Rd. Property Sub Type Retail Sale Type Standard

Listing information © 2024 California Desert Association of Realtors.
Listing provided courtesy of Darrell Phillips of Keller Williams Realty: (760) 601-3000.
©2024 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 Keller Williams Realty Coachella Valley. Based on information from the California Desert Association of Realtors as of 2024-06-22T06:35:53.89. 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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Keller Williams Realty Coachella Valley
39-575 Washington Street, Suite #105
Palm Desert CA, 92211