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Detail

Updated on January 22, 2019 at 9:11 pm

  • Property ID: RF-4336
  • Price: $3,200,000.00
  • Property Size: 0.89 Acres/Sq.Ft.
  • Year Built: 2006
  • Property Type: Office
  • Property Status: For Sale
  • Building Class:: B
  • Tenancy (use numbers):: 2
  • Parking:: Yes
  • Zoning:: R2-CUP
  • Square Feet:: 8,776

Description

First time sale offering of a quality, two tenant office building strategically located in the strong Palm Springs Market.

BUILDING FACTS

A two tenant building containing 8,776 s/f feet and a 2,886 s/f basement. Suite “A” is 5,567 s/f with the access to the basement. Suite “B” is 3,209 s/f. Both units are fully built out.

Suite “A” has 5 production offices, a conference room, and 2 executive offices. There is both a staff and public restroom. The reception area is spacious with more production space adjacent to the reception area. The staff kitchen is spacious with all amenities: range, dishwasher, refrigerator and microwave oven. Ample storage space plus a computer server room are on the first floor.

Suite “B” has two standard offices and an executive office plus two conference rooms. Break room area, two restrooms and an inviting reception area. There are 14 work stations for staff Realtors.


Financials

The Seller’s occupy Suite “A” and offer a number of options to the buyer. First, they could vacate and a buyer could occupy the space. Or, it may be possible to relocate the tenant in Suite “B” to the larger space and a buyer could occupy the smaller space.

The Seller could also consider a 2 or 3 year lease in their existing space at $2.00 s/f NNN with the following results:

Suite “A” 5567 s/f @ $2.00 monthly = $11,134

Suite “B” 3209 s/f @ $1.30 monthly = $ 4,172*

Projected Monthly Income = $15,306 x 12 months = $183,668

*Existing lease is for 5 years at $1.30 s/f with annual COL adjustments.

Leases are NNN, but allowing for 5% owner’s expenses the projected net income is $174,485.

CAP rates vary but the following demonstrates the buildings value:

5% CAP = $3,489,700

6% CAP = $2,908,083

  • Address: 200 N Sunrise Way
  • City: Palm Springs
  • State/county: California
  • Zip/Postal Code: 92262
  • Country: United States

WalkScore

walkscore61 / Somewhat Walkable more details here

Page Views

Contact info

John Stiles
John Stiles
(760) 327-6644(760) 327-6644

Enquire about this property

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