360 N Palm Canyon Drive, Palm Springs, California 92262, Palm Springs, 92262 - 6 bed, 9 bath
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Palm Springs, California 92262
Analysis of 360 N Palm Canyon Drive, Palm Springs, California 92262 is currently available with a list price of $3,995,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Palm Springs Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
Built in 1946, this mixed-use property is functional and well-maintained but shows clear signs of aging infrastructure. The listing's emphasis on 'value-add potential' and 'strategic renovations' indicates that the residential units and retail spaces, while operational, feature outdated kitchens, bathrooms, and systems that have not undergone a full modern renovation in recent decades.
Situated directly on Palm Canyon Drive, the property benefits from exceptional visibility and heavy year-round foot traffic within Palm Springs' premier pedestrian and tourism corridor.
The mixed-use configuration, featuring two ground-floor retail suites and nine residential units, provides a balanced and resilient revenue profile that mitigates vacancy risks.
With a projected 6.81% proforma cap rate and a motivated seller, there is a clear opportunity to increase asset value through strategic renovations and market-rate lease adjustments.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =22216, other record lot size in square feet = 18730. Living area discrepancy between mls listing and other public or private record. mls listing living area = 14078, other record living area = 10302.
Originally constructed in 1946, the property likely requires substantial ongoing maintenance and capital expenditure to modernize systems and meet contemporary building standards.
Managing a mixed-use asset with both commercial retail and multiple residential units (studios and 1-beds) demands more intensive oversight and higher management resources than single-use properties.
Prime Net Lease is pleased to present a rare mixed-use investment opportunity in the heart of Downtown Palm Springs, California. This +/-14,078 SF property offers a dynamic blend of retail and residential uses, featuring 9 apartment (6 1bed/1bath and 3 studios) units and 2 ground-floor retail suites. With its prime location, strong tenant base, and significant value-add potential, the asset represents a premier acquisition in one of Southern California's most desirable resort markets. Located along Palm Canyon Drive, Palm Springs' premier pedestrian corridor, the property benefits from exceptional visibility and heavy year-round foot traffic driven by surrounding restaurants, boutiques, luxury hotels, and entertainment venues. The site is positioned adjacent to the newly developed 168-room Thompson Hotel and within walking distance to major attractions including the Palm Springs Art Museum, Agua Caliente Cultural Plaza, and the Palm Springs Convention Center. The property is further supported by robust demographics and strong tourism demand. Within three miles, the average household income exceeds $99,000, and the area draws from both affluent local residents and more than 14 million annual visitors to the Coachella Valley. Palm Springs International Airport, less than 10 minutes away, serves over 3 million passengers annually, connecting the city to major domestic and international markets. 6.81% Proforma Cap Rate Possible within 12 months (call lead agent Marvin Alverdin at (714) 804-5245 for details) Seller is motivated. Please see the attached marketing brochure for full details.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 6.0 | 3.0 | 98% |
| Baths | 9.0 | 2.0 | 100% |
| Square foot | 14,078 | 1,914 | 100% |
| Lot Size | 22,216 | 9,583 | 97% |
| Price | $4.00M | $875.0K | 97% |
| Price per sq ft | $284 | $481 | 9% |
| Built year | 1946 | 1986 | 5% |
| HOA | $0 | $0 | 50% |
| Days on market | 50 | 185 | 3% |
Mar 4, 2026
$3,995,000
Initial Listing
Mar 31, 2010
$2,000,000
Public Record