$1,950,000 $10,468 est/mo Sourced by Back At You

32475 Date Palm Drive,Cathedral City, CA 92234

Cathedral City CA, 92234

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Description

This commercial income investment offers a robust Cap Rate of 8.5% with minimal operating expenses and has maintained 100% rental occupancy over the past 24 months. The property features a 6,250 SF building situated on an 18,730 SF lot, providing approximately 20 parking spaces. Building is in full compliance with ADA codes.The building comprises two suites of approximately 1,185 SF and 5,065 SF, including common areas. It currently houses two tenants: a Barber/Hair Salon and a Cannabis Testing Lab. The hair salon's lease is month to month, asking for a new 5 year lease, while the Cannabis Testing Lab has 3-year lease, started May 1st 2024, rent is $14,490 monthly. Starting May 1st 2025 next 2 years rent reduces to $10,500 monthly. This well-maintained building has undergone extensive remodeling inside and out to accommodate the cannabis testing lab. The Lab owner has spent over $500,000 on improvements Including new flooring, upgraded electrical panel, wiring, and lighting throughout, with new plumbing, new A/C units and duct work, and a new roof. Tenants are responsible for their own repairs and maintenance.The property includes five bathrooms, break rooms, storage areas, newly built-in trash containers, and landscaped areas. It is ideally located on Date Palm Drive in the heart of Cathedral City.The location is surrounded by commercial amenities such as Starbucks, Applebee's, AutoZone, El Pollo Loco, and is near Palm Springs Airport and the I-10 freeway.

Details

MLS#219112526DA
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1991
Days On Site38
Listing Provided ByKeller Williams Realty 760-601-3000 | Darrell Phillips
Buying Commision$0

Features

Acreage0.41

Market Activity 92234

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

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Learn More About This Property

StateCA
CountyRiverside
CityCathedral City
Zip Code92234
Area336 Cathedral City South
Listing VS Median (in 92234)
Price:
$1,950,000
low | high
Med:
$299,000
100% of Average
On Site:
38
low | high
Med:
65.000000
58.461538461538% of Average
Sourced by Back At You
Listing Updated: June 10, 2024 at 9:53:59 AM PDT