266 Palm Canyon DR new Save Request In-Person Tour Request Virtual Tour
Palm Springs,CA 92262
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%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