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450 S Palm Canyon Dr 10,490 SF 100% Leased Retail Building Palm Springs, CA 92262 $6,478,950 CAD ($617.63 CAD/SF) 6.27% Cap Rate
INVESTMENT HIGHLIGHTS
- Multi-Tenant NNN Investment
EXECUTIVE SUMMARY
- Premier Downtown Palm Springs Location: Situated on South Palm Canyon Drive, one of Palm Springs’ most iconic and heavily traveled corridors, the property benefits from exceptional visibility, strong traffic counts, and walkability in the heart of the city’s restaurant and entertainment district.
- Multi-Tenant NNN Restaurant Investment: ±10,490 SF multitenant restaurant building on a ±34,848 SF parcel, leased to two well-established, destination restaurant operators under NNN lease structures, providing passive income with minimal landlord responsibilities.
- Attractive Yield in a Supply-Constrained Market: Offered at $4,700,000 with a 6.27% cap rate and $294,624 in NOI, representing a rare opportunity to acquire stabilized restaurant real estate in a high-barrier-to-entry Palm Springs submarket.
- Longstanding, Proven Tenancy: Anchored by Johnny Costa’s Ristorante, a Palm Springs institution with nearly five decades of operating history, and Churrasco Brazilian Steakhouse, a high-performing experiential dining concept with multiple locations.
- Recent Renovations & Strong Physical Fundamentals: Originally built in 1960 and substantially renovated in 2022, the property features modernized improvements, prominent storefronts, excellent signage, and outdoor patio components that enhance the guest experience.
- High Barriers to Entry & Consistent Demand: Located in a low-vacancy, high-demand restaurant corridor with limited new supply, strong demographics, and consistent year-round tourism driving restaurant sales.
- Multi-Tenant NNN Restaurant Investment: ±10,490 SF multitenant restaurant building on a ±34,848 SF parcel, leased to two well-established, destination restaurant operators under NNN lease structures, providing passive income with minimal landlord responsibilities.
- Attractive Yield in a Supply-Constrained Market: Offered at $4,700,000 with a 6.27% cap rate and $294,624 in NOI, representing a rare opportunity to acquire stabilized restaurant real estate in a high-barrier-to-entry Palm Springs submarket.
- Longstanding, Proven Tenancy: Anchored by Johnny Costa’s Ristorante, a Palm Springs institution with nearly five decades of operating history, and Churrasco Brazilian Steakhouse, a high-performing experiential dining concept with multiple locations.
- Recent Renovations & Strong Physical Fundamentals: Originally built in 1960 and substantially renovated in 2022, the property features modernized improvements, prominent storefronts, excellent signage, and outdoor patio components that enhance the guest experience.
- High Barriers to Entry & Consistent Demand: Located in a low-vacancy, high-demand restaurant corridor with limited new supply, strong demographics, and consistent year-round tourism driving restaurant sales.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
10,490 SF
Building Class
C
Year Built
1960
Price
$6,478,950 CAD
Price Per SF
$617.63 CAD
Cap Rate
6.27%
NOI
$406,230 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.30
Lot Size
0.80 AC
Zoning
C1
Parking
57 Spaces (5.43 Spaces per 1,000 SF Leased)
Frontage
122’ on S Palm Canyon Dr
AMENITIES
- Signage
Walk Score®
Very Walkable (84)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 513-214-013 | Improvements Assessment | $2,039,125 CAD |
| Land Assessment | $1,547,687 CAD | Total Assessment | $3,586,813 CAD |
PROPERTY TAXES
Parcel Number
513-214-013
Land Assessment
$1,547,687 CAD
Improvements Assessment
$2,039,125 CAD
Total Assessment
$3,586,813 CAD
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450 S Palm Canyon Dr
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