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Progressive Real Estate Partners Facilitates $6.1M Retail Sale In Desert Hot Springs
SOLD
$6,100,000
California
See Similar DealsRetail33,004 SF
Sold 04/03/2024
SOLD
Progressive Real Estate Partners Facilitates $6.1M Retail Sale In Desert Hot Springs
13000 Palm Drive
See Similar DealsRetail33,004 SF
Sold 04/03/2024
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$184
Total Square Footage:33,004 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$325,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,672.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,917.11
Annual Debt Service$347,005.34
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