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College Station, LLC & 1331 S. Mission Rd., LLC Acquire Retail Condo On Hwy 111 In Inland Empire/Coachella Valley

Property Image
SOLD
$8,911,000

California

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Retail16,939 SF
Sold 12/23/2019
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Property Image
SOLD

College Station, LLC & 1331 S. Mission Rd., LLC Acquire Retail Condo On Hwy 111 In Inland Empire/Coachella Valley

74520 State Highway 111, Palm Desert, CA, USA

See Similar Deals
Retail16,939 SF
Sold 12/23/2019
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$526
Total Square Footage:16,939 SF
Transaction Type:Sale

Located in the Inland Empire/Coachella Valley market, this retail condo at 74600-74520 Hwy 111 was recently sold. The property spans 16,939 square feet and consists of 11 units. The transaction was completed on 12/23/2019.

Summary of Transaction Details

  • Property Type: Retail Condo
  • Transaction Amount: $8,911,000
  • Price per Square Foot: $526.06
  • Units: 11
  • Price per Unit: $810,090
  • Buyer: College Station, LLC & 1331 S. Mission Rd., LLC
  • Seller: Howard Abel Trust
  • Broker: Pablo Rodriguez - NAI Capital

Pablo Rodriguez of NAI Capital represented both the buyer and the seller in this transaction. The property is fully occupied and features a variety of tenants, including Starbucks, Panda Express, Fantastic Sams, and Dominos Pizza. This sale achieved a record pricing for multi-tenant retail properties in the Coachella Valley/Inland Empire market.

Players

Pablo Rodriguez
Newmark
Pablo Rodriguez
5 deals$38.3M volume(909) 974-4065
BROKER
T
Trust
SELLER

Details

SOLD
IMAGE: Pablo Rodriguez @pabloescrowbarr DATE: 12/23/2019 ADDRESS: 74600-74520 Hwy 111 MARKET: Inland Empire/Coachella Valley ASSET TYPE: Retail Condo PRICE: $8,911,000 SF: 16,939 PPSF: $526.06 UNITS: 11 PPU: $810,090 BUYER: College Station, LLC & 1331 S. Mission Rd., LLC SELLER: Howard Abel Trust BROKERS: Pablo Rodriguez - NAI Capital NOTES: 100% occupied Albertson's grocery shadow anchored multi-tenant pad buildings occupied by Starbucks, Panda Express, Fantastic Sams, Dominos Pizza and more. Record pricing achieved for multi-tenant retail in the Coachella Valley/Inland Empire. Both parties represented by Pablo Rodriguez of NAI Capital.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$475,253.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$31,658.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,242.69
Annual Debt Service$506,912.23