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
$8,911,000
$526/SF
Building Size
16,939 SF
Asset Type
Retail
Closing
Dec 22, 2019
AI
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
Palm Desert 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
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93