340 Farrell DrPalm Springs, CA 92262

Property Details for 340 Farrell Dr

Year built

1982

Construction

WOOD

Lot size

3.29 AC

Property size (Sq ft)

22,804 SF

Zone code

P

Property type

Office buildings

APN

502-230-004

APU

502230004

Description

The Abbey Center, located at 340 S Farrell Dr, Palm Springs, CA 92262, offers a unique investment opportunity in the thriving Palm Springs submarket of Riverside County. This Class B office complex comprises three buildings totaling 67,635 square feet, featuring 2-story structures with a minimum divisible space of 431 square feet and currently 1,127 square feet vacant. Built in 1982, the property sits on 4.61 acres of land and boasts ample parking (4.6 spaces per 1,000 square feet) and elevators. The property is zoned P (Professional Zone District) and enjoys excellent visibility at the intersection of Ramon Road and South Farrell Drive, two major Palm Springs thoroughfares. Its strategic location offers easy access to Palm Springs International Airport (within one mile) and the I-10 Freeway (10 minutes away), providing convenient access to the entire Coachella Valley. The Abbey Center is ideally situated near a variety of amenities, including restaurants, shops, golf courses, hiking trails, and hotels. The property is suitable for both executive and medical office uses, offering multiple tenancy options. This presents a compelling opportunity to acquire a well-located, established office complex in a high-demand area.

• CAP approach

  CAP return

  Valuation

  6%

  $6,267,462

  6.5%

  $5,785,349

  7%

  $5,372,110

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,000,335

  Geo Method

  $8,026,324

• Alternative Use

  Use

  Valuation

  Residential

  $7,173,832

  Hospitality

  $6,571,192

  Educational

  $5,467,155

  Medical

  $5,655,178

  Retail

  $8,504,463

Location Insight

City

Palm Springs

County

Riverside

State

California

Latitude

33.8179

Longitude

-116.518

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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