73730 El Paseo

The Newmark Capital Markets team and Steven Gordon are pleased to present a rare investment opportunity: the acquisition of a 100% leased multi-tenant retail building located at 73730 El Paseo, Palm Desert, California. This 5,425-square-foot building is situated on a 0.24-acre parcel in the most walkable and affluent shopping district in the Coachella Valley. Built in 2007 and offered fee simple, the property boasts four retail tenants with rents that are well below market rates, just above $2.25 per square foot per month, offering significant upside potential. The building is located within a block of the Gardens Shopping Center and on the block are some of the top restaurants and jewelry stores in the area: Restaurants on the block include Thai Smile, Ristoranti Mamma Gina, Pizza Vino, Cafe Des Beaux-arts, Sweet Basil and jewelry stores include Leeds & Sons, Robann's Jewelers and Brandon Boswell Diamonds.
The seller in 2007 undertook a comprehensive renovation, taking the building down to the studs and ensuring it is in pristine condition. The building’s façade features distinctive architectural elements that blend modern design with the classic charm of the El Paseo district, making it a standout property in the area. Additionally, the city, within the last two years, completely remodeled and maintains the rear parking lot directly behind the building providing ample parking for tenants and customers further enhancing the building’s appeal. This is the busiest parking lot in the area with many of the businesses main customer entrances fronting on the parking lot. Some of those businesses include Pete Carlson's, Keedy's, Casuelas Cafe, and Koutouki Greek Estiatorio. There is as much business activity from the rear parking lot as there is on El Paseo.
Palm Desert is recognized as the cultural and retail hub of the desert communities, just 14 miles (22 minutes) from Palm Springs, a city that attracts approximately 1 million tourists annually. The region is also experiencing significant growth and development. To the west, the newly opened Acrisure Arena, a major entertainment venue, is expected to draw even more visitors to the area. Nearby Rancho Mirage is home to the Cotino, Storyliving by Disney project, a residential community that promises to enhance the region's allure and attract additional residents and tourists.
This affluent community boasts some of the highest income levels in Southern California, with a strong base of wealthy residents and visitors alike. The area is also known for its celebrity residents, with numerous high-profile individuals, including part-time residents such as actors, musicians, and athletes, who are drawn to the luxury lifestyle and privacy the desert offers. The combination of high-income levels, celebrity appeal, and ongoing development makes this property a prime investment in a highly desirable market.