68935 Palm Canyon DrCathedral City, CA 92234

Property Details for 68935 Palm Canyon Dr

Year built

2024

Lot size

0.65 AC

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a brand-new, single-tenant Chipotle restaurant in Cathedral City, California. The 2,325 square-foot building sits on a 0.65-acre lot and boasts a new 15-year NNN lease commencing December 1, 2024, and expiring November 30, 2039. The lease includes 10% rent bumps every five years, minimizing landlord responsibilities. Strategically located across from the Agua Caliente Casino, ranked in the top 2% nationwide for consumer traffic, this property benefits from high visibility and significant foot and vehicle traffic. The property is part of the newly constructed Cathedral Cove Center, sharing space with other established businesses like Circle K, Farmer Boys, and Starbucks. A new 200-unit residential development is underway nearby, further enhancing the property's long-term value. The site is situated at a major intersection on Highway 111, a primary north-south thoroughfare in the Coachella Valley, experiencing over 55,000 cars per day. The Coachella Valley's robust tourism, including major music festivals, contributes to a strong and consistent customer base. The property's NOI is $175,000, resulting in a 4.25% cap rate, and is offered at an asking price of $4,120,000. The property is located in an Opportunity Zone, offering additional investment incentives. This is a rare chance to acquire a high-performing, nationally recognized brand in a prime location with a long-term lease and significant upside potential. The lease offers three 5-year renewal options, each with a 10% rent increase.

Location Insight

City

Cathedral City

County

Riverside

State

California

Latitude

33.7789

Longitude

-116.461

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