73670 El PaseoPalm Desert, CA 92260

Property Details for 73670 El Paseo

Year built

1999

Construction

TILT-UP CONCRETE

Lot size

0.50 AC

Property size (Sq ft)

10,090 SF

Property type

Retail space

APN

627-212-017

APU

627212017

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $4,076,516

  6.5%

  $3,762,938

  7%

  $3,494,156

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,460,433

  Geo Method

  $8,949,471

• Alternative Use

  Use

  Valuation

  Residential

  $3,174,179

  Hospitality

  $2,907,531

  Educational

  $2,419,032

  Medical

  $2,502,226

  Retail

  $3,762,938

Location Insight

City

Palm Desert

County

Riverside

State

California

Latitude

33.7202

Longitude

-116.379

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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