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245-285 South Palm Canyon Drive, Palm Springs, CA 92262

$15,300,000
Commercial Property MLS# 999999999 ID: 44927833
$15,300,000 Get Rates

The Vineyard
HIGH PROFILE DOWNTOWN LOCATION: The Property is perfectly situated at a signalized intersection on So. Palm Canyon Drive in the most popular Downtown Pedestrian Retail District of Palm Springs, surrounded by the region’s most popular restaurants, nightclubs, boutiques, museums and tourist venues. Ample city-owned public parking is provided immediately behind the center with direct pedestrian access to the center’s popular tenants from the front, sides and rear of the property.STABLE CASH FLOW: The Center has enjoyed strong occupancy for over a decade. Many of current tenants are in their 2nd or 3rd option periods or have written new extended leases or expansions of their original leases. Growth in tourism fueled by area wide festivals, concerts, sporting events and hotel / resort occupancy is breaking records in the retail, hospitality, entertainment, restaurant and food service industries. Palm Springs tenants are renewing leases and expanding their businesses, many times finding it difficult or impossible to find available space in the popular Downtown Pedestrian District.UPSIDE POTENTIAL: Market Rents for the Vineyard Center average $2.51 PSF/Mo. vs. the current $2.05 PSF/Mo. average for existing leases (17% under market) providing a future owner an opportunity to increase rental rates upon lease expirations. Further, the Center does not charged percentage rent on food and beverage sales by restaurant tenants,which is now more common in today’s market environment, providing an additional opportunity for rental growth. On a longer term basis, the City owned parking lot contains provisions to allow for additional parking to be created with a multistory parking structure, providing future owners a potential opportunity to increase the Center’s rentable space by adding one or more stories to the existing single story buildings.

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Location Information near 245-285 South Palm Canyon Drive
Offered by Steven Lyle at Coldwell Banker Commercial Lyle & Associates

Would you like more information regarding this property?
Please call (760) 772-6400.

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Property Features for 245-285 South Palm Canyon Drive
Status
Market Status
Available
Last Updated
August 17, 2017
Description
Property Type
Commercial Property
Year Built
1980
Approx. Lot Size
1.17 Acres
Sq. Feet
35,465

Listing Features

  • Property Type: Commercial; Retail
  • Steven Lyle
  • Coldwell Banker Commercial Lyle & Associates

Data Provided by:
Coldwell Banker

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More information about this $15,300,000 Commercial Property at 245-285 South Palm Canyon Drive

This $15,300,000 Commercial Property at 245-285 South Palm Canyon Drive in Palm Springs, CA is presented by Steven Lyle. This $15,300,000 Commercial Property, located in the 92262 zip code, has the following property features: Property Type. This 245-285 South Palm Canyon Drive Commercial Property, located in Riverside County , is listed under MLS listing number 999999999 and has a listing price of $15,300,000. You can find more PALM SPRINGS homes for sale here.