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73759 Highway 111 4,100 SF 100% Leased Retail Building Palm Desert, CA 92260 $1,803,376 CAD ($439.85 CAD/SF) 6.55% Cap Rate
Executive Summary
* Point of Destination Location – 73759 Highway 111, a ±4,100 SF retail asset that is 100% leased to high-performing, trade area appropriate tenants
* Founded in 1980, Pete Carlson’s Golf & Tennis Shop is the Coachella Valley’s premier and largest selection of golf, tennis, and pickleball gear, offering custom fittings, and professional repair services
* Sapporo Ramen & Grill – A relaxed sit-down restaurant and popular bar has operated at this location since 2018
* Below Market Rents – Property-wide, lease rates are on average 16% below current market rates, allowing the in-place rents to be easily replaced, if not improved if a tenant was to roll
* Excellent Location – The property is well-located along Highway 111 (±34,360 CPD) Coachella’s main arterial and is immediately proximate to El Paseo, a pedestrian-friendly shopping destination offering over 300 upscale retail shops, restaurants and specialty services
* Growing Coachella Valley Demographics – Coachella Valley has recently experienced a resurgence in full-time residents, which has increased +26% in the past decade (far outpacing both state and national averages)
* The population in the Coachella Valley is expected to double in the next ten years
* Founded in 1980, Pete Carlson’s Golf & Tennis Shop is the Coachella Valley’s premier and largest selection of golf, tennis, and pickleball gear, offering custom fittings, and professional repair services
* Sapporo Ramen & Grill – A relaxed sit-down restaurant and popular bar has operated at this location since 2018
* Below Market Rents – Property-wide, lease rates are on average 16% below current market rates, allowing the in-place rents to be easily replaced, if not improved if a tenant was to roll
* Excellent Location – The property is well-located along Highway 111 (±34,360 CPD) Coachella’s main arterial and is immediately proximate to El Paseo, a pedestrian-friendly shopping destination offering over 300 upscale retail shops, restaurants and specialty services
* Growing Coachella Valley Demographics – Coachella Valley has recently experienced a resurgence in full-time residents, which has increased +26% in the past decade (far outpacing both state and national averages)
* The population in the Coachella Valley is expected to double in the next ten years
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,100 SF
Building Class
C
Year Built
1960
Price
$1,803,376 CAD
Price Per SF
$439.85 CAD
Cap Rate
6.55%
NOI
$118,129 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.43
Lot Size
0.22 AC
Zoning
D - Downtown district
Walk Score®
Very Walkable (88)
Nearby Major Retailers
Property Taxes
| Parcel Number | 627-221-002 | Improvements Assessment | $1,270,974 CAD |
| Land Assessment | $299,050 CAD | Total Assessment | $1,570,024 CAD |
Property Taxes
Parcel Number
627-221-002
Land Assessment
$299,050 CAD
Improvements Assessment
$1,270,974 CAD
Total Assessment
$1,570,024 CAD
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73759 Highway 111
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