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Sage Place - Main & Main of El Paseo 73255 El Paseo 25,590 SF 88% Leased Retail Building Palm Desert, CA 92260 $11,200,000 ($437.67/SF) 6% Cap Rate
Investment Highlights
- MAIN & MAIN OF THE PREMIER EL PASEO LUXURY RETAIL DESTINATION
- COMPETITIVE LEASING ADVANTAGES - PREMIER CORE EL PASEO LOCATION WITH RARE COVERED PARKING
- ATTRACTIVE CORE-PLUS INVESTMENT OPPORTUNITY
- EXCELLENT PHYSICAL CONDITION AND RECENT CAPITAL IMPROVEMENTS
- STRONG IN-PLACE CASH FLOW WITH FUTURE UPSIDE
Executive Summary
Sage Place is a ±25,590 SF high-street retail center located at the "Main & Main" of Palm Desert's premier El Paseo corridor, the luxury retail corridor of the Coachella Valley. Offered at $11.2M ($445/SF) with a 6.0% cap rate and 90% occupancy, the property combines strong in-place cash flow (~$668K NOI Year 1) with strong scheduled rent growth and upside through lease-up and mark-to-market rent growth. The asset The asset features exceptional frontage at El Paseo's main entrance, with an estimated 500,000 pedestrian counts per year and strong vehicular traffic counts (39,462 CPD on Hwy 111), and rare covered on-site parking (79 spaces), all within one of the Coachella Valley's most affluent and supply-constrained retail markets. Overall, Sage Place represents a trophy core-plus investment opportunity in one of Southern California's most coveted retail destinations
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
25,590 SF
Building Class
B
Year Built/Renovated
1977/2017
Price
$11,200,000
Price Per SF
$437.67
Cap Rate
6%
NOI
$672,000
Percent Leased
88%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.45
Lot Size
1.31 AC
Zoning
C1
Parking
79 Spaces (3 Spaces per 1,000 SF Leased)
Frontage
15’ on El Paseo
Amenities
- 24 Hour Access
- Bus Line
- Corner Lot
- Courtyard
- Signage
- Tenant Controlled HVAC
- Air Conditioning
- Balcony
Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 627-251-001 | Improvements Assessment | $6,305,440 |
| Land Assessment | $2,089,052 | Total Assessment | $8,394,492 |
Property Taxes
Parcel Number
627-251-001
Land Assessment
$2,089,052
Improvements Assessment
$6,305,440
Total Assessment
$8,394,492
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Sage Place - Main & Main of El Paseo | 73255 El Paseo
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