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Address not disclosed Palm Springs, CA 92262
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Key Details
Sold Price $1,925,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CC317010
Sold Date 04/23/13
HOA Y/N No
Year Built 1926
Lot Size 0.460 Acres
Property Sub-Type Retail
Property Description
9% CAP RATE WITH NEW 5 YEAR LEASE. One of the most successful restaurants in town. Five bars, beautiful restaurant, Two fun and profitable patios. Five + year track record of increasing sales. Existing business staying in place and will lease back from new owner. $15,000 per month--- A 9% cap rate! Palm Canyon Dr. north of Amado Rd. West side of street. City parking lot just to the north of the property
WOW! Be sure to get one of the few downtown properties and businesses before the new downtown redevelopment begins. Measure J passed in November 2011 and construction will start soon on the fashion mall, a 1/2 block away. Interest and property values are sure to increase once construction begins. This will change forever the energy and attraction of Palm Springs to visitors.. Comments Title: Successful Restaurant/Nightclub. Location:In the heart of Downtown Palm Springs.
Location
State CA
County Riverside
Area 332 - Central Palm Springs
Zoning C-1
Interior
Fireplace No
Exterior
Total Parking Spaces 23
Building
Lot Description Sprinkler System, Flat
Story 2
Others
Tax ID 513082035
Security Features Security System
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition Standard
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Bought with Ingrid Baddour • Baddour & Associates