266 S Palm Canyon DR new Save Request In-Person Tour Request Virtual Tour
Palm Springs,CA 92262
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 7,000 sqft
Price per Sqft $728
MLS Listing ID 219122310
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 Location
Located 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 - Palm Springs Central
Interior
Heating Central,Forced Air
Building
Lot Description Corners Marked,Landscaped,Rectangular Lot
Story 2
Others
Acceptable Financing All Inclusive Trust Deed,Fractional Interest,Owner May Carry
Listing Terms All Inclusive Trust Deed,Fractional Interest,Owner May Carry
Special Listing Condition Standard