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PRIME PALM SPRINGS OFFICE BUILDING
Listing was updated at: 10/22/2018
Property Overview
Price/Rent PSF $ 3,200,000.00
Asset Type Office
Trade Type Sale
SQ. FT. Available 8,776
Date Available 11/30/2018
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Description

OPPORTUNITY First time sale offering of a quality, two tenant office building strategically located in the strong Palm Springs Market. BUILDING FACTS A two tenant building containing 8,776 s/f feet and a 2,886 s/f basement. Suite "A" is 5,567 s/f with the access to the basement. Suite "B" is 3,209 s/f. Both units are fully built out. (See attached floor plans) Suite "A" has 5 production offices, a conference room, and 2 executive offices. There is both a staff and public restroom. The reception area is spacious with more production space adjacent to the reception area. The staff kitchen is spacious with all amenities: range, dishwasher, refrigerator and microwave oven. Ample storage space plus a computer server room are on the first floor. Suite "B" has two standard offices and an executive office plus two conference rooms. Break room area, two restrooms and an inviting reception area. There are 14 work stations for staff Realtors. LOCATION Subject property is located on North Sunrise Way one block north of Tahquitz Canyon Way. Tahquitz and Sunrise is one of 2 or 3 major intersections in the City of Palm Springs. According to the City of Palm Springs Engineering Department there is about 46,157 cars per day going north or south on Sunrise Way. The building gets excellent exposure from this traffic flow. In the immediate area is The Gas Company, Verizon, Eisenhower Medical Building, and major retailers including Rite Aid Pharmacy and the 99 cent store. Easy access to the Riverside Court House, Palm Springs City Hall, and the Palm Springs International Airport just minutes east of the building location. Just west is downtown Palm Springs with all types of services. MARKET The Palm Springs Office market has been strong in recent years. Recent prices on Palm Canyon Drive, the city's main street have moved about $400 s/f. Strong demand and limited building availability account for the pricing. There have been significant remodels of older office buildings, but no recent Palm Springs Investment 2 Tenant Office Building Prime Office Building Investment 200 N Sunrise Way, Palm Springs, CA 92262 Prepared by John Stiles, Stiles & Associates Oct 17, 2018 on DACIE 760-567-9219 [M] 760-567-9219 [O] [email protected] California Real Estate License: 00816328 construction. Two, older potential Palm Canyon office buildings are on the market at $2,950,000 and $3,600,000. Both, when sold, will require extensive remodeling costs to bring the properties to market. At $364.63 s/f the subject building is priced at the market. This building, built in 2006 is one of the newer and better buildings in the market. FINANCIAL PROJECTIONS The Seller's occupy Suite "A" and offer a number of options to the buyer. First, they could vacate and a buyer could occupy the space. Or, it may be possible to relocate the tenant in Suite "B" to the larger space and a buyer could occupy the smaller space. The Seller's occupy Suite "A" and offer a number of options to the buyer. First, they could vacate and a buyer could occupy the space. Or, it may be possible to relocate the tenant in Suite "B" to the larger space and a buyer could occupy the smaller space. The Seller could also consider a 2 or 3 year lease in their existing space at $2.00 s/f NNN with the following results: Suite "A" 5567 s/f @ $2.00 monthly = $11,134 Suite "B" 3209 s/f @ $1.30 monthly = $ 4,172* Projected Monthly Income = $15,306 x 12 months = $183,668 *Existing lease is for 5 years at $1.30 s/f with annual COL adjustments. Leases are NNN, but allowing for 5% owner's expenses the projected net income is $174,485. CAP rates vary but the following demonstrates the buildings value: 5% CAP = $3,489,700 6% CAP = $2,908,083 SUMMARY Based on location, the current resale market, building condition and flexibility, and projected income the Liberty Escrow Building offers a quality investment to an investor or owner user.

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