266 Palm Canyon Drive, Palm Springs, CA 92262
List Price: $4.7M
Listing Status: Active
0Days on Market: 153
0 Bedrooms · 0 Bathrooms
Property Type: CommercialSale
Year Built: 1981
Lot Size: 7,405 sq ft
MLS Number: 219142335PS
About This Property
This is an unparalleled opportunity to own an iconic, trophy building situated in the vibrant heart of downtown Palm Springs. The Village, a legendary and thriving establishment, has been a cornerstone of the city's dynamic entertainment scene since its inception in 1996. Conceived as a high-energy venue with an international flair, The Village filled a unique niche by offering a seamless blend of dining, entertainment, and nightlife--serving great food, providing captivating entertainment, and hosting dancing until 2 a.m., seven nights a week.Over the years, The Village has maintained its status as a cutting-edge destination, continuously adapting and evolving under progressive management. Today, it remains a premier venue catering to a diverse clientele for dining, drinks, and dancing.Prime Downtown LocationLocated in the bustling heart of downtown Palm Springs, this property benefits from unparalleled visibility and foot traffic, making it a prime location for business success. Surrounded by popular tourist attractions, luxury hotels, and renowned shopping and dining venues, The Village enjoys a constant flow of visitors and locals alike.The property is currently occupied with a successful business in place, generating reliable rental income:Lease Income: $29,400 per month ($352,800 annually!)Cap Rate: 6.26%Annual Lease Increases of 5% will be a 10.4 cap by year 9!These favorable financial metrics offer a solid return on investment, with built-in growth potential from annual rent escalations.
Listing provided by: Zoltan Posa DRE #01207667 (714) 348-2350 zoltan.posa@cbrealty.com, Coldwell Banker Realty