US Bank | 500 S Indian Canyon Dr
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US Bank 500 S Indian Canyon Dr
8,214 SF Retail Building Palm Springs, CA 92264 $4,557,700 ($555/SF) 5% Cap Rate
Investment Highlights
- Zero Landlord Responsibilities - NNN lease with tenant maintaining all aspects of the property including roof, structure, parking lot and maintenance
- Below Market Rent - average in-place rent for similar space in the trade area exceeds $3.00/PSF, while current in-place rent with US Bank is $2.60/PSF
- Drive-Thru Location - with five (5) public points of ingress & egress
- Walkable distance to downtown Palm Springs; retail, boutique resorts, trendy restaurants, and elite neighborhoods, including notable retail tenants
Executive Summary
Trophy Single-Tenant NNN Lease with US Bank (formerly Union Bank). US Bank has occupied this site for over 20 years and has Two (2) - Five (5) year options to renew. Per the FDIC’s website, this location has over $76 Million in deposits. This highly visible location at the signalized corner of E. Ramon Rd., and S. Indian Canyon Drive is one of the most highly-traveled commercial intersections in the trade area. There are zero Landlord responsibilities, due to the NNN lease, and the tenant maintains all aspects of the property including the roof, structure, parking lot and maintenance.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
8,214 SF
Building Class
C
Year Built
1978
Price
$4,557,700
Price Per SF
$555
Cap Rate
5%
NOI
$227,885
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Land Acres
0.88 AC
Zoning
C1, Palm Springs - Commercial
Parking
40 Spaces (4.87 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Signalized Intersection
- Drive Thru
Walk Score ®
Very Walkable (86)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $3,227,108 | |
| Land Assessment | $1,082,709 | Total Assessment | $4,309,817 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,082,709
Improvements Assessment
$3,227,108
Total Assessment
$4,309,817
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US Bank | 500 S Indian Canyon Dr
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