450 S Palm Canyon Dr 10,490 SF 100% Leased Retail Building Palm Springs, CA 92262 $6,437,637 CAD ($613.69 CAD/SF) 4.70% Cap Rate

- 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.
- Rare two-tenant restaurant building offering an owner-user or upside investor an opportunity to own an easy to manage property in the high barrier to entry core Palm Springs market. One seasoned tenant is well below market rent with no renewal options creating an occupancy opportunity for an operator or a 4.7% Cap NNN investment while an upside investor positions the property for a new restaurant tenant in 2027.
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- Attractive Yield in a Supply-Constrained Market: Offered at $4,700,000 with a 4.7% cap rate, 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.