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$ 8,950,000
Est. payment | /mo
32,000 SqFt
$ 8,950,000
Est. payment | /mo
32,000 SqFt
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 32,000 sqft
Price per Sqft $279
MLS Listing ID 219155382
HOA Y/N No
Year Built 1973
Lot Size 3.350 Acres
Acres 3.35
Property Sub-Type Office
Property Description
An exceptional opportunity to acquire Kaptur Plaza, an iconic architectural landmark prominently situated in the heart of downtown Palm Springs. Designed by renowned Mid-Century Modern architect Hugh Kaptur, this historically significant property underwent a comprehensive restoration in 2018, including upgrades to its mechanical, electrical and plumbing systems, along with new roofs, preserving its architectural character while modernizing its infrastructure.
Recognized for its architectural significance and award-winning design, Kaptur Plaza benefits from an existing Mills Act agreement providing substantial annual property tax savings.
The offering encompasses two parcels totaling approximately 145,926 square feet (3.35 acres) of fee simple land, with approximately 32,000 square feet of interior space. Strategically positioned along the prominent Tahquitz Canyon corridor within the Section 14 Specific Plan area, this substantial landholding represents a rare investment opportunity in one of Palm Springs' most desirable commercial locations. Zoning accommodates a variety of uses, including professional offices, retail and medical services.
Kaptur Plaza features a diversified tenant mix, including Koffi, reportedly its highest-performing Coachella Valley location, Revive Wellness and V Wine Lounge. The property also offers executive office suites with receptionist services and shared amenities, accommodating a broad range of professional tenants. Historically strong occupancy, diversified income sources and professional on-site management by Realty Trust Asset Management further enhance its investment appeal.
Adding to its long-term potential is the proposed Nexus Development project on adjacent land behind Kaptur Plaza, with construction anticipated to begin in 2027. Plans contemplate a significant development featuring luxury hotel accommodations and high-rise residential condominiums. Subject to applicable approvals and development timelines, this project could further elevate the surrounding corridor, increase pedestrian activity and strengthen the property's strategic downtown position.
Combining architectural distinction, substantial fee simple land ownership, diversified tenancy and long-term appreciation potential, Kaptur Plaza represents a compelling investment opportunity.
Please do not disturb tenants. Financial information available to prequalified buyers.
Recognized for its architectural significance and award-winning design, Kaptur Plaza benefits from an existing Mills Act agreement providing substantial annual property tax savings.
The offering encompasses two parcels totaling approximately 145,926 square feet (3.35 acres) of fee simple land, with approximately 32,000 square feet of interior space. Strategically positioned along the prominent Tahquitz Canyon corridor within the Section 14 Specific Plan area, this substantial landholding represents a rare investment opportunity in one of Palm Springs' most desirable commercial locations. Zoning accommodates a variety of uses, including professional offices, retail and medical services.
Kaptur Plaza features a diversified tenant mix, including Koffi, reportedly its highest-performing Coachella Valley location, Revive Wellness and V Wine Lounge. The property also offers executive office suites with receptionist services and shared amenities, accommodating a broad range of professional tenants. Historically strong occupancy, diversified income sources and professional on-site management by Realty Trust Asset Management further enhance its investment appeal.
Adding to its long-term potential is the proposed Nexus Development project on adjacent land behind Kaptur Plaza, with construction anticipated to begin in 2027. Plans contemplate a significant development featuring luxury hotel accommodations and high-rise residential condominiums. Subject to applicable approvals and development timelines, this project could further elevate the surrounding corridor, increase pedestrian activity and strengthen the property's strategic downtown position.
Combining architectural distinction, substantial fee simple land ownership, diversified tenancy and long-term appreciation potential, Kaptur Plaza represents a compelling investment opportunity.
Please do not disturb tenants. Financial information available to prequalified buyers.
Location
State CA
County Riverside
Area 332 - Palm Springs Central
Interior
Heating Central, Forced Air
Exterior
Exterior Feature Lighting
Utilities Available Phone Connected, Underground Utilities, Electricity Connected, Water Connected, Sewer Connected, Natural Gas Connected
Building
Lot Description Front Yard, Landscaped
Story 1
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by Realty Trust
Schools and Properties Nearby