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235-245 NE 4th Ave 10,800 SF 84% Leased Office Building Delray Beach, FL 33483 $4,900,000 ($453.70/SF) 3.23% Cap Rate

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Investment Highlights

Hot Delray Beach Market 3 Blocks N. of Atlantic Avenue
Currently 10,800 sf of Fully Leased Office fronting with its own private Parking Lot
Build New and Increased Office Space on Southbound Federal with Parking Garage and Go up 4 Stories, ask to see plans

Fronts on Both Southbound Federal Highway (5th Ave) and NE 4th Ave. Next Door to the New Hampton Hotel
Change use to Residential or Mixed Use. Many Condos and Townhouse Projects in the Immediate Area. Hot Market for This Use.
Zoning CBD-RC .67 ACRES. Call Laura 561-350-3103 or Cecelia 561-302-8978 for More Details

Executive Summary

SIGNIFICANT PRICE IMPROVEMENT! Cash flowing 10,800 sq ft building with multiple tenants, located three blocks north of East Atlantic Ave. This property fronts on both Federal Highway (NE 5th Avenue) and NE 4th Ave, adjacent to new Hampton Inn Hotel. This property is well positioned within one mile of the Beach and one mile of I-95. The site contains two free standing buildings totaling 10,800 sf of multi-tenant office and retail use. This parcel also contains its own private parking lot with 42 parking spaces, fronting NE 5th Avenue, in addition there is ample street parking. Possible space available for owner user at closing or reposition with new tenants at current market, several short-term leases currently in place.

Property Facts

Sale Type

Investment or Owner User

Property Type

Office

Property Subtype

Loft/Creative Space

Building Size

10,800 SF

Building Class

Year Built

1969

Price

$4,900,000

Price Per SF

$453.70

Cap Rate

3.23%

NOI

$158,166

Percent Leased

84%

Tenancy

Multiple

Building Height

2 Stories

Typical Floor Size

5,400 SF

Building FAR

0.37

Lot Size

0.67 AC

Zoning

CBD-RC - CBD-RC Zoning.

Parking

42 Spaces (3.89 Spaces per 1,000 SF Leased)

Air Conditioning

Space Availability

Space
Size
Space Use
Condition
Available

2nd Fl-Ste 201B
1,700 SF
Office
Full Build-Out
Now

Part of the Downtown Core of Hot Delray Beach. Large Open space with 10 workstations, private office, kitchen and one restroom. Tons of On-Site Parking. Plenty of natural light. Three blocks from Atlantic Ave and Two blocks from Pineapple Grove. Reasonable Modified gross Rent. $4800.00 month.