Progressive Real Estate Partners Facilitates $6.1M Retail Sale In Desert Hot Springs
13000 Palm Drive
$6,100,000
$184/SF
Building Size
33,004 SF
Asset Type
Retail
Closing
Apr 3, 2024
AI
The retail property located at 13000-13160 Palm Drive in Desert Hot Springs, Coachella Valley was sold for $6.1 million in cash. Spanning 33,004 square feet, the property includes a multi-tenant building and two pad buildings, with one housing Chase Bank. The sale price per square foot was $185.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $6,100,000
- Address: 13000-13160 Palm Drive
- Market: Desert Hot Springs
- SF: 33,004
- BROKERS: Greg Bedell & Heather Sharp - Progressive Real Estate Partners
Greg Bedell represented the seller, an Orange County-based private investor, while Heather Sharp procured the buyer, a Los Angeles County-based private investor. Progressive Real Estate Partners facilitated the sale of the retail property, showcasing expertise in brokering deals across different counties within California.
Players
Desert Hot Springs Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93