74225 Ca-111Palm Desert, CA 92260

Property Details for 74225 Ca-111

Year built

2004

Lot size

5.20 AC

Property size (Sq ft)

86,835 SF

Property type

Mixed-use properties

Property subtype

Other retail properties

Description

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.

Location Insight

City

Palm Desert

County

Riverside

State

California

Latitude

33.7208

Longitude

-116.37

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