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$ 5,500,000
Est. payment /mo
Active
296 S Palm Canyon DR Palm Springs, CA 92262
0.46 Acres Lot
UPDATED:
12/05/2024 03:24 AM
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR24146341
HOA Y/N No
Year Built 1973
Lot Size 0.460 Acres
Property Description
We are proud to present The Bank, located at 296 S. Palm Canyon Drive and encompassing 16,200± square feet of beautifully appointed single-tenant retail in a 2-story building and currently 100% occupied by Four Twenty The Bank. Attractive Seller financing offered of 75% LTV & 5.0% interest only.
The property is situated on 20,038± square feet of land in the city of Palm Springs, California, and was originally constructed in 1973 and recently extensively rehabbed with over $2 Million in capital improvements invested in property upgrades. These updates include replacement of all major systems, installation of fire protection system and both interior and exterior sprinklers just to name a few, and 100% interior remodel just to name a few.
296 Palm Canyon Drive is currently leased to Four Twenty The Bank one of the largest cannabis dispensaries in all of California. When entering the space, you first are greeted by an informal lobby that welcomes you into the impressive open floor plan.
Immediately upon entering the space, you can’t help but notice the cathedral ceilings, exposing the architecturally designed rafters which are highlighted by the natural light of the skylights above, truly a site to see.
In addition to the common area, the space offers 2 executive offices, and restrooms at either end, including additional storage room, as well as the original bank vault, which the tenant elected to keep and repurpose as a gaming room for customers.
The upstairs, which can be accessed by either the stairs or elevator, has been completely reimaged and operates as create space for the tenant and their employees, which includes a large breakroom with a full kitchen, dedicated space for their operator's podcasting, several large lounges and gaming rooms as well as additional executive offices with access to the outdoor patios.
The tenant is on a NNN lease with a monthly contract rent of $25,000 per month ($1.54/SF) which is substantially below the current market rate for the area. The lease calls for annual rent increases and provides (3) 3-year options to extend, with built-in escalations in rent. There is currently a temporary arrangement in place for a lesser rent to be paid.
In addition, the property offers 44 reserved parking spaces in the adjoining city parking structure and per an agreement with the city and owner, there is the ability to acquire additional parking spaces as a nominal one-time cost.
The property is situated on 20,038± square feet of land in the city of Palm Springs, California, and was originally constructed in 1973 and recently extensively rehabbed with over $2 Million in capital improvements invested in property upgrades. These updates include replacement of all major systems, installation of fire protection system and both interior and exterior sprinklers just to name a few, and 100% interior remodel just to name a few.
296 Palm Canyon Drive is currently leased to Four Twenty The Bank one of the largest cannabis dispensaries in all of California. When entering the space, you first are greeted by an informal lobby that welcomes you into the impressive open floor plan.
Immediately upon entering the space, you can’t help but notice the cathedral ceilings, exposing the architecturally designed rafters which are highlighted by the natural light of the skylights above, truly a site to see.
In addition to the common area, the space offers 2 executive offices, and restrooms at either end, including additional storage room, as well as the original bank vault, which the tenant elected to keep and repurpose as a gaming room for customers.
The upstairs, which can be accessed by either the stairs or elevator, has been completely reimaged and operates as create space for the tenant and their employees, which includes a large breakroom with a full kitchen, dedicated space for their operator's podcasting, several large lounges and gaming rooms as well as additional executive offices with access to the outdoor patios.
The tenant is on a NNN lease with a monthly contract rent of $25,000 per month ($1.54/SF) which is substantially below the current market rate for the area. The lease calls for annual rent increases and provides (3) 3-year options to extend, with built-in escalations in rent. There is currently a temporary arrangement in place for a lesser rent to be paid.
In addition, the property offers 44 reserved parking spaces in the adjoining city parking structure and per an agreement with the city and owner, there is the ability to acquire additional parking spaces as a nominal one-time cost.
Location
State CA
County Riverside
Area 332 - Central Palm Springs
Interior
Fireplace No
Laundry None
Building
Story 2
Water Public
Others
Tax ID 513154040
Special Listing Condition Standard
Listed by Raymond Rodriguez • Equity Union • 818-581-5829