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$4,999,995

Est. payment - /mo

7,405 Sqft Lot

Active

266 Palm Canyon DR Palm Springs, CA 92262

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Chris Mardelli

chris@therealupside.com +1(310) 571-5761

UPDATED:

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID 219122310PS

HOA Y/N No

Year Built 1981

Tax Year 2024

Lot Size 7,405 Sqft

Property Description

This is an unparalleled opportunity to own an iconic, trophy building situated in the vibrant heart of downtown Palm Springs. The Village, a legendary and thriving establishment, has been a cornerstone of the city's dynamic entertainment scene since its inception in 1996. Conceived as a high-energy venue with an international flair, The Village filled a unique niche by offering a seamless blend of dining, entertainment, and nightlife--serving great food, providing captivating entertainment, and hosting dancing until 2 a.m., seven nights a week.Over the years, The Village has maintained its status as a cutting-edge destination, continuously adapting and evolving under progressive management. Today, it remains a premier venue catering to a diverse clientele for dining, drinks, and dancing.Prime Downtown LocationLocated in the bustling heart of downtown Palm Springs, this property benefits from unparalleled visibility and foot traffic, making it a prime location for business success. Surrounded by popular tourist attractions, luxury hotels, and renowned shopping and dining venues, The Village enjoys a constant flow of visitors and locals alike.The property is currently occupied with a successful business in place, generating reliable rental income:Lease Income: $28,000 per month ($336,000 annually)Cap Rate: 6.12%Annual Increases: 5%These favorable financial metrics offer a solid return on investment, with built-in growth potential from annual rent escalations.

Location

State CA

County Riverside

Area 332 - Central Palm Springs

Interior

Heating Central, Forced Air, Natural Gas

Fireplace No

Exterior

Exterior Feature Misting System

Utilities Available Electricity Connected, Natural Gas Available, Phone Connected, Underground Utilities

Roof Type Fire Proof,Metal

Building

Lot Description Landscaped, Near Public Transit, Rectangular Lot, Sprinkler System, Street Level

Story 2

Others

Tax ID 513154016

Security Features Carbon Monoxide Detector(s),Fire Detection System,24 Hour Security,Smoke Detector(s)

Acceptable Financing Owner May Carry

Listing Terms Owner May Carry

Special Listing Condition Standard

Virtual Tour https://my.matterport.com/show/?m=CW3MiKXccb2&mls=1

Listed by Zoltan Posa Coldwell Banker Realty

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