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353 S Palm Canyon Dr
Palm Springs, CA 92262
Office Property For Sale
Investment Highlights
- Fantastic Downtown Location
- Cannabis License Transfer
Executive Summary
Exceptional property and Downtown Palm Springs location. No land lease, Fee Simple. ownership. Two story structure including a private off street parking lot and elevator. Highly upgraded Dispensary on the main floor and Cannabis Lounge on the second floor. All office / Retail leasing options available. Owner / Tenant will vacate at closing. Cannabis license can be transferred! NO NEW Licenses issued until after 12/31/2027. Commercial Financing options are available but limited for its current use. City planning to restrict / limit Palm Springs licenses in 2028, considering 10 as the limit. Private financing possible with a substantial downpayment in excess of 50%. Highly upgraded with newer mechanical systems, high end interior and exterior improvements, upgrades and finishes. Expansive outdoor space with exceptional mountain and city views. Excellent visibility, ADA compliant. Contact listing agent for Projected income and expense summary. Restricted access must contact listing agent for showing appointments. Please DO NOT disturb tenant. 4 panels of 200 amp service (totalling 800amps), 3-Phase. There are 40 tons of total AC.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Building Size
6,561 SF
Building Class
C
Year Built/Renovated
2000/2017
Price
$2,950,000
Price Per SF
$449.63
Cap Rate
6.56%
NOI
$193,438
Percent Leased
75%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
3,281 SF
Slab To Slab
10’
Building FAR
0.41
Lot Size
0.37 AC
Zoning
CBD - Central Business District
Parking
20 Spaces (3.05 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Air Conditioning
- Smoke Detector
Property Taxes
| Parcel Number | 513-203-017 | Improvements Assessment | $2,002,498 |
| Land Assessment | $703,580 | Total Assessment | $2,706,078 |
Property Taxes
Parcel Number
513-203-017
Land Assessment
$703,580
Improvements Assessment
$2,002,498
Total Assessment
$2,706,078
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