For Sale
$8,725,000

73670 El PaseoPalm Desert, CA 92260

Luxury Rolex-leased storefront, Palm Desert.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional single-tenant, Class A storefront investment property, located at 73670-73680 El Paseo in Palm Desert, California, presents a compelling opportunity. The 9,900 square foot building, situated on a 0.5-acre lot, is currently 100% occupied by a corporate tenant under an Absolute NNN lease with a corporate guarantee. The lease commenced October 1, 2022, and has a remaining term of 7.9 years, expiring September 30, 2032, with two five-year options to extend. The property boasts a strong 5.50% cap rate, generating a net operating income (NOI) of $479,460. Built in 1999 and extensively renovated in 2003 (including a $6 million upgrade in 2022), the property benefits from a prime location within the prestigious El Paseo Shopping District, surrounded by luxury retailers. The lease includes a 10% rent increase in October 2027, projecting a cap rate increase to 6.05%. The property features one building, one story, and is categorized as a Core+ investment, single-tenant NNN. The asking price is $8,725,000, translating to a price per square foot of $874.25. The property's APN is 627-212-017. This is a 1031 exchange eligible property.

Highlights

  • Strong corporate lease with Rolex USA (parent company of Tourneau/Bucherer).
  • Exceptional El Paseo location, surrounded by luxury retailers like Gucci, Louis Vuitton, and Saks Fifth Avenue.
  • $6 million interior renovation completed in 2022.
  • Cap rate increases to 6.05% in October 2027.
  • Initial lease term expires October 2032, with two 5-year renewal options.

Property Details for 73670 El Paseo

Property type
Retail properties, Retail space
Square Feet
9,980 SF
Class
A
Year Built/Renovated
1999/2003
Buildings
1
Stories
1
Lot Size (sq. ft)
21,780 SF
Units
1

Location Insight

City
Palm Desert
County
Riverside
State
California
Latitude
33.7198530571
Longitude
-116.37935420596
73670 El Paseo, Palm Desert, California

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73670 El Paseo
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