32475 Date Palm Drive , Cathedral City, CA 92234
Cathedral City, CA 92234
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.
Details
| MLS# | 219112526DA |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1991 |
| Days On Site | 103 |
| Listing Provided By | Keller Williams Realty 760-601-3000 | Darrell Phillips |
Features
| Acreage | 0.41 |
|---|
Market Activity 92234
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Learn More About This Property
| State | CA |
|---|---|
| County | Riverside |
| City | Cathedral City |
| Zip Code | 92234 |
| Area | 336 Cathedral City South |
| Listing VS Median (in 92234) | |
Price: $1,950,000 low | high Med: $1,249,500 On Site: 103 low | high Med: 236.000000 | |