32475 Date Palm Drive

Cathedral City, CA 92234

$1,950,000

List Price

N/A

bed Beds

shower Baths

N/A sqft

straighten / sqft

1991

calendar_month Built

Property Description

This commercial income investment offers a robust Cap Rate of 8.5% with minimal operating expenses and has maintained 100% rental occupancy over the past 24 months. The property features a 6,250 SF building situated on an 18,730 SF lot, providing approximately 20 parking spaces. Building is in full compliance with ADA codes.The building comprises two suites of approximately 1,185 SF and 5,065 SF, including common areas. It currently houses two tenants: a Barber/Hair Salon and a Cannabis Testing Lab. The hair salon's lease is month to month, asking for a new 5 year lease, while the Cannabis Testing Lab has 3-year lease, started May 1st 2024, rent is $14,490 monthly. Starting May 1st 2025 next 2 years rent reduces to $10,500 monthly. This well-maintained building has undergone extensive remodeling inside and out to accommodate the cannabis testing lab. The Lab owner has spent over $500,000 on improvements Including new flooring, upgraded electrical panel, wiring, and lighting throughout, with new plumbing, new A/C units and duct work, and a new roof. Tenants are responsible for their own repairs and maintenance.The property includes five bathrooms, break rooms, storage areas, newly built-in trash containers, and landscaped areas. It is ideally located on Date Palm Drive in the heart of Cathedral City.The location is surrounded by commercial amenities such as Starbucks, Applebee's, AutoZone, El Pollo Loco, and is near Palm Springs Airport and the I-10 freeway.

Listing Information

List Price $1,950,000
Status Active
MLS 219112526DA
HOA $0
Type Commercial
Year Built 1991
Lot Size 17,860
Structure Size N/A
DOM 63
Courtesy Of Keller Williams Realty
Listing Agent Darrell Phillips DRE#02012975

Interior Features

Total Bedroom
Bedrooms N/A

Exterior Information

Maps

Listing information courtesy of: Darrell Phillips, Keller Williams Realty . *Based on information from the Association of REALTORS/Multiple Listing as of Aug 7th, 2024 at 3:47 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.