The Bank: Stunning Single Tenant Retail Space | 296 S Palm Canyon Dr
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The Bank: Stunning Single Tenant Retail Space 296 S Palm Canyon Dr
16,200 SF Retail Building Palm Springs, CA 92262 $5,500,000 ($340/SF) 5.45% Cap Rate
Investment Highlights
- The property can be delivered vacant
- Tenancy is currently month to month
- Attractive cost per square foot
- 9.72% pro-forma cap rate
- Attractive Seller financing option of 75% LTV at 5% interest only
- $2M + in capital improvements & tasteful renovations
Executive Summary
Lucrum Real Estate Group is proud to present The Bank, located at 296 S. Palm Canyon Drive and encompassing 16,200± square feet of beautifully appointed single-tenant retail in a 2-story building and currently 100% occupied by Four Twenty The Bank. Attractive Seller financing offered of 75% LTV & 5.0% interest only!
The property is situated on 20,038± square feet of land in the city of Palm Springs, California, and was originally constructed in 1973 and recently extensively rehabbed with over $2 Million in capital improvements invested in property upgrades. These updates include replacement of all major systems, installation of fire protection system and both interior and exterior sprinklers, and 100% interior remodel just to name a few.
296 Palm Canyon Drive is currently leased to Four Twenty The Bank one of the largest cannabis dispensaries in all of California. When entering the space, you first are greeted by an informal lobby that welcomes you into the impressive open floor plan.
Immediately upon entering the space, you can’t help but notice the cathedral ceilings, exposing the architecturally designed rafters which are highlighted by the natural light of the skylights above, truly a site to see.
In addition to the common area, the space offers 2 executive offices, and restrooms at either end, including additional storage room, as well as the original bank vault, which the tenant elected to keep and repurpose as a gaming room for customers.
The upstairs, which can be accessed by either the stairs or elevator, has been completely reimaged and operates as create space for the tenant and their employees, which includes a large breakroom with a full kitchen, dedicated space for their operator’s podcasting, several large lounges and gaming rooms as well as additional executive offices with access to the outdoor patios.
This property is truly a site to see and is considered by both residents and visitors as one of the premier destinations on all of Palm Canyon Dr.
The property can be delivered vacant, and the tenant is on a NNN lease with a monthly contract rent of $25,000 per month ($1.54/SF) which is substantially below the current market rate for the area. The lease calls for annual rent increases and provides (3) 3-year options to extend, with built-in escalations in rent. There is currently a temporary arrangement in place for a lesser rent to be paid.
In addition, the property offers 44 reserved parking spaces in the adjoining city parking structure and per an agreement with the city and owner, there is the ability to acquire additional parking spaces as a nominal one-time cost.
296 S. Palm Canyon Dr is truly a spectacular opportunity located on the most prominent street in all of Coachella Valley benefiting from both tourist traffic and local patronage in Palms Springs’s most dynamic retail corridor.
Palm Springs, California, is a renowned desert city located in the Coachella Valley, approximately 100 miles east of Los Angeles. Known for its stunning natural landscapes, mid-century modern architecture, vibrant arts scene, and year-round sunny weather, Palm Springs has long been a favored destination for tourists, retirees, and increasingly, young professionals.
The Bank which is located on Palm Canyon Dr. is considered the heart and soul of Palm Springs, California. This bustling retail corridor stretches through the downtown area, offering a unique blend of shopping, dining, entertainment, and cultural experiences. Known for its vibrant atmosphere, iconic mid-century modern architecture, and stunning desert backdrop, Palm Canyon Drive is a must-visit destination for both locals and tourists.
Palm Canyon Drive is home to an eclectic mix of shops and boutiques that cater to a diverse array of tastes and preferences. Visitors can explore a variety of retail options, including high-end fashion stores offering the latest trends and luxury brands, art galleries showcasing contemporary art, sculpture, photography, and works by local artists, as well as a treasure trove of vintage furniture, decor, and collectibles, reflecting the mid-century modern aesthetic for which Palm Springs is famous.
In addition, Palm Canyon Drive is considered the epicenter for Palms Springs’s dynamic culinary scene, entertainment, and nightlife with a wide range of dining options. Whether you’re in the mood for fine dining, casual eateries, or trendy cafes, you’ll find something to satisfy your palate. Some highlights include and as the sun sets, Palm Canyon Drive transforms into a lively nightlife hub. The area offers an array of entertainment options, including live music venues that host local and touring bands. In bars and nightclubs, from upscale cocktail bars to laid-back lounges, there’s a spot for every mood.
Palm Canyon Drive is not just about shopping and dining; it also offers a rich cultural experience. Key attractions include The Palm Springs Art Museum, Historic Landmarks as well as the annual Palm Springs International Film Festival.
The retail corridor of Palm Canyon Drive plays a significant role in Palm Springs’ economy. The area attracts thousands of visitors each year, contributing to the city’s tourism revenue. The success of businesses along the drive also supports local employment and fosters a thriving small business community.
Palm Canyon Drive continues to evolve, with ongoing development and revitalization projects aimed at enhancing the area’s appeal. New businesses, renovations, and public improvements ensure that the corridor remains a vibrant and dynamic destination.
Palm Canyon Drive is a cornerstone of Palm Springs’s identity, offering a rich tapestry of retail, dining, entertainment, and cultural experiences. Its unique blend of historic charm and modern amenities makes it a beloved destination for residents and visitors alike. Whether you’re exploring its shops, savoring a meal, or simply enjoying the vibrant street life, Palm Canyon Drive captures the essence of Palm Springs’ allure.
Location Highlights
+ Located on the most desirable retail corridor in all of Palms Springs
+ Situated on the hard corner of Palm Canyon Dr & W. Baristo Road
+ Daily traffic volume of over 15,000 vehicles per day
+ Steps from shopping, dining, entertainment
+ Only minutes from Palm Springs International Airport
+ Centrally located near the 10 Freeway
The property is situated on 20,038± square feet of land in the city of Palm Springs, California, and was originally constructed in 1973 and recently extensively rehabbed with over $2 Million in capital improvements invested in property upgrades. These updates include replacement of all major systems, installation of fire protection system and both interior and exterior sprinklers, and 100% interior remodel just to name a few.
296 Palm Canyon Drive is currently leased to Four Twenty The Bank one of the largest cannabis dispensaries in all of California. When entering the space, you first are greeted by an informal lobby that welcomes you into the impressive open floor plan.
Immediately upon entering the space, you can’t help but notice the cathedral ceilings, exposing the architecturally designed rafters which are highlighted by the natural light of the skylights above, truly a site to see.
In addition to the common area, the space offers 2 executive offices, and restrooms at either end, including additional storage room, as well as the original bank vault, which the tenant elected to keep and repurpose as a gaming room for customers.
The upstairs, which can be accessed by either the stairs or elevator, has been completely reimaged and operates as create space for the tenant and their employees, which includes a large breakroom with a full kitchen, dedicated space for their operator’s podcasting, several large lounges and gaming rooms as well as additional executive offices with access to the outdoor patios.
This property is truly a site to see and is considered by both residents and visitors as one of the premier destinations on all of Palm Canyon Dr.
The property can be delivered vacant, and the tenant is on a NNN lease with a monthly contract rent of $25,000 per month ($1.54/SF) which is substantially below the current market rate for the area. The lease calls for annual rent increases and provides (3) 3-year options to extend, with built-in escalations in rent. There is currently a temporary arrangement in place for a lesser rent to be paid.
In addition, the property offers 44 reserved parking spaces in the adjoining city parking structure and per an agreement with the city and owner, there is the ability to acquire additional parking spaces as a nominal one-time cost.
296 S. Palm Canyon Dr is truly a spectacular opportunity located on the most prominent street in all of Coachella Valley benefiting from both tourist traffic and local patronage in Palms Springs’s most dynamic retail corridor.
Palm Springs, California, is a renowned desert city located in the Coachella Valley, approximately 100 miles east of Los Angeles. Known for its stunning natural landscapes, mid-century modern architecture, vibrant arts scene, and year-round sunny weather, Palm Springs has long been a favored destination for tourists, retirees, and increasingly, young professionals.
The Bank which is located on Palm Canyon Dr. is considered the heart and soul of Palm Springs, California. This bustling retail corridor stretches through the downtown area, offering a unique blend of shopping, dining, entertainment, and cultural experiences. Known for its vibrant atmosphere, iconic mid-century modern architecture, and stunning desert backdrop, Palm Canyon Drive is a must-visit destination for both locals and tourists.
Palm Canyon Drive is home to an eclectic mix of shops and boutiques that cater to a diverse array of tastes and preferences. Visitors can explore a variety of retail options, including high-end fashion stores offering the latest trends and luxury brands, art galleries showcasing contemporary art, sculpture, photography, and works by local artists, as well as a treasure trove of vintage furniture, decor, and collectibles, reflecting the mid-century modern aesthetic for which Palm Springs is famous.
In addition, Palm Canyon Drive is considered the epicenter for Palms Springs’s dynamic culinary scene, entertainment, and nightlife with a wide range of dining options. Whether you’re in the mood for fine dining, casual eateries, or trendy cafes, you’ll find something to satisfy your palate. Some highlights include and as the sun sets, Palm Canyon Drive transforms into a lively nightlife hub. The area offers an array of entertainment options, including live music venues that host local and touring bands. In bars and nightclubs, from upscale cocktail bars to laid-back lounges, there’s a spot for every mood.
Palm Canyon Drive is not just about shopping and dining; it also offers a rich cultural experience. Key attractions include The Palm Springs Art Museum, Historic Landmarks as well as the annual Palm Springs International Film Festival.
The retail corridor of Palm Canyon Drive plays a significant role in Palm Springs’ economy. The area attracts thousands of visitors each year, contributing to the city’s tourism revenue. The success of businesses along the drive also supports local employment and fosters a thriving small business community.
Palm Canyon Drive continues to evolve, with ongoing development and revitalization projects aimed at enhancing the area’s appeal. New businesses, renovations, and public improvements ensure that the corridor remains a vibrant and dynamic destination.
Palm Canyon Drive is a cornerstone of Palm Springs’s identity, offering a rich tapestry of retail, dining, entertainment, and cultural experiences. Its unique blend of historic charm and modern amenities makes it a beloved destination for residents and visitors alike. Whether you’re exploring its shops, savoring a meal, or simply enjoying the vibrant street life, Palm Canyon Drive captures the essence of Palm Springs’ allure.
Location Highlights
+ Located on the most desirable retail corridor in all of Palms Springs
+ Situated on the hard corner of Palm Canyon Dr & W. Baristo Road
+ Daily traffic volume of over 15,000 vehicles per day
+ Steps from shopping, dining, entertainment
+ Only minutes from Palm Springs International Airport
+ Centrally located near the 10 Freeway
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
16,200 SF
Building Class
C
Year Built/Renovated
1973/2020
Price
$5,500,000
Price Per SF
$340
Cap Rate
5.45%
NOI
$300,000
Tenancy
Single
Building Height
2 Stories
Building FAR
0.81
Lot Size
0.46 AC
Zoning
C1
Parking
44 Spaces (2.72 Spaces per 1,000 SF Leased)
Amenities
- Banking
- Corner Lot
- Air Conditioning
Walk Score ®
Very Walkable (86)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 513-154-040 | Improvements Assessment | $1,047,499 |
| Land Assessment | $444,312 | Total Assessment | $1,491,811 |
PROPERTY TAXES
Parcel Number
513-154-040
Land Assessment
$444,312
Improvements Assessment
$1,047,499
Total Assessment
$1,491,811
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The Bank: Stunning Single Tenant Retail Space | 296 S Palm Canyon Dr
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