Auction - REIT Sale | Former Rite Aid 47985 Monroe St 17,393 SF Retail Building Indio, CA 92201 $346,018 CAD ($19.89 CAD/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing retail building located at 47985 Monroe Street in Indio, California 92201 (the “Property”). Formerly occupied by Rite Aid, the Property is being offered significantly below replacement cost, creating an exceptional opportunity for investors to acquire a highly visible, strategically positioned asset in the Coachella Valley submarket with substantial value enhancement potential.
Constructed in 2008, the Property consists of a ±17,393 square foot, single-story retail building situated on a ±1.685-acre parcel (±73,413 SF). The site features a drive-thru, two curb cuts for convenient ingress and egress, and 70 surface parking spaces, supporting a wide range of retail and service-oriented users. Positioned at a hard-corner, signalized intersection, the Property offers excellent visibility with approximately ±175 feet of frontage along Monroe Street (±20,579 VPD) and ±248 feet of frontage along Avenue 48 (±15,573 VPD). Previously leased to Rite Aid on a triple-net (NNN) basis, the Property presents an immediate value-add opportunity through re-tenanting at market rates (CoStar estimated retail rents of $16–$27/SF NNN). The site is located within an affluent residential community and supported by numerous big box retailers, benefiting from strong traffic and consistent consumer draw. Zoned NC, Neighborhood Center, the Property offers flexible zoning that accommodates a broad range of retail, service, and commercial uses.
Indio is a city in Riverside County strategically located in the Coachella Valley submarket approximately 125 miles east of Los Angeles, 23 miles east of Palm Springs, and 130 miles north of San Diego. The market benefits from strong regional visibility and consumer draw, with proximity to the Indian Wells Tennis Garden—home of the BNP Paribas Open—and convenient access to a deep roster of national retailers and big-box shopping destinations throughout the surrounding trade area. As one of Riverside County’s most established retail nodes, the area is supported by a concentration of retailers including Walmart, Costco, Home Depot, Lowe’s, Target, Hobby Lobby, Trader Joe’s, Kohl’s, Sprouts, Best Buy, Starbucks, Walgreens. Indio is the commercial and services hub for the region, supporting surrounding communities including Coachella, Palm Desert, and Palm Springs. Healthcare demand is anchored by JFK Memorial Hospital, a 145-bed acute-care hospital located ±2-min from the Property, providing an important source of steady employment and daily traffic. The immediate trade area is further anchored by government offices, schools, and municipal services that generate consistent daytime activity and year-round consumer demand, positioning the Property. Regional connectivity is provided via I-10, located approximately ±3.5-Mi from the Property, and Ca-111, which offer direct access to Palm Springs and the broader Riverside County region. The surrounding ±5-Mi trade area is home to ±193,482 residents with an average household income (AHHI) of ±$113,243. Collectively, these fundamentals reinforce the Property’s exposure to a growing desert submarket within the broader Coachella Valley, supported by tourism, event-driven traffic, expanding residential growth, and established regional retail demand.