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707-745 N Palm Canyon Dr 8,830 SF 100% Leased Retail Building Palm Springs, CA 92262 $5,986,244 CAD ($677.94 CAD/SF) 6.20% Cap Rate
Investment Highlights
- Fantastic foot traffic
- Amazing visibility
Executive Summary
Step into a rare opportunity to own a truly iconic piece of Palm Springs' architectural and cultural history. Located in the bustling Uptown Design District, this ±8,830SF retail/restaurant building with large private parking lot (Lot size: 0.72AC) is a masterwork of Mid-Century Modern architecture. Originally designed in 1962 by the legendary John Porter Clark and Albert Frey. Known locally as the iconic Turonnet Building, this architecturally significant property features original travertine walls and preserved interior elements that pay homage to its origins as a bank and art gallery. Anchored by two of Palm Springs' most celebrated tenants—the nationally acclaimed TRIO Restaurant and the popular The SHAG store art gallery—this asset offers not only irreplaceable architectural value but also rock-solid investment fundamentals. TRIO, occupying three suites (707, 715 & 725 subleased to Time+Space Limited), has been a staple in the community for years and continues to thrive in one of the city's most trafficked corridors. Their tenancy offers a combination of stability and upside.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Restaurant
Building Size
8,830 SF
Building Class
C
Year Built
1962
Price
$5,986,244 CAD
Price Per SF
$677.94 CAD
Cap Rate
6.20%
NOI
$371,147 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.24
Lot Size
0.86 AC
Zoning
C1AA
Parking
38 Spaces (4.3 Spaces per 1,000 SF Leased)
Frontage
139’ on N Palm Canyon Dr
Amenities
- Corner Lot
- Restaurant
- Tenant Controlled HVAC
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 505-283-007 | Improvements Assessment | $777,792 CAD |
| Land Assessment | $636,741 CAD | Total Assessment | $1,414,533 CAD |
Property Taxes
Parcel Number
505-283-007
Land Assessment
$636,741 CAD
Improvements Assessment
$777,792 CAD
Total Assessment
$1,414,533 CAD
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707-745 N Palm Canyon Dr
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