One El Paseo Plaza, a premier Class A mixed-use development in Palm Desert, California, presents a unique investment opportunity. This 86,835 square foot property boasts three buildings – two two-story office buildings and a standalone restaurant pavilion – situated on a 5.2-acre lot at the intersection of El Paseo Drive and Highway 111. Built in 2004, the property currently enjoys an 87.3% occupancy rate, with a weighted average remaining lease term of 4.5 years. The tenant roster includes Fortune 500 companies such as Morgan Stanley and Wells Fargo Advisors, along with a diverse mix of local and regional businesses. The property features modern architectural design, granite lobbies, flexible floor plates, and abundant parking (3.5 spaces per 1,000 square feet, including assigned and covered parking). The asking price is $29,430,000, representing a 7.00% cap rate and a price per square foot of $338.92. The property benefits from its strategic location in a high-demand area and is situated within a zoning district that allows for higher density and building height, presenting significant future development potential. The property's current zoning allows for residential uses on upper floors, with ground floor retail, restaurant, service, or office uses required. The Coachella Valley office market is currently experiencing low vacancy rates (6.7%) and a lack of new construction, positioning this property for continued rental growth. This offering provides a significant discount to replacement cost, estimated at over $600 per square foot. Two existing loans totaling $16,429,520 are assumable. The property's strong tenant base, prime location, and future development potential make it an exceptional investment opportunity.
Highlights
Class A mixed-use property totaling 86,835 square feet, comprised of three buildings on a 5.2-acre lot in Palm Desert, CA.
Assumable debt totaling $16,429,520.
Tenants include Fortune 500 companies Morgan Stanley and Wells Fargo Advisors, resulting in a stable, diversified rent roll with a 4.47-year weighted average remaining lease term.
Prime location at the intersection of El Paseo Drive and Highway 111 in Palm Desert.
Strategic zoning allows for higher density and building height, with potential for residential uses above ground floor commercial space.
The only Class A office building in the Coachella Valley, with a low 6.7% vacancy rate and no new construction, ensuring future rental growth.
Property Details
for 74225 Ca-111
Property type
Retail properties, Restaurants
Square Feet
86,835 SF
Class
A
Year Built
2004
Buildings
3
Stories
2
Lot Size (sq. ft)
226,512 SF
Location Insight
City
Palm Desert
County
Riverside
State
California
Latitude
33.720805302956
Longitude
-116.36984642901
74225 Ca-111, Palm Desert, California
Nearby Similar for Sale
For Sale
$5,600,000
El Paseo Restaurant - Turnkey Opportunity
Upscale Restaurant, Palm Desert, CA. Liquor License Included.
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Contacts
Scott Schumacher
Visit Broker Website
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74225 Ca-111, Palm Desert, California, 92260
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
74225 Ca-111
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