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235-245 NE 4th Ave 10,800 SF 85% Leased Office Building Delray Beach, FL 33483 $4,800,000 ($444.44/SF) 3.30% Cap Rate
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! Reduced to $4,800,000! 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
Building Size
10,800 SF
Building Class
B
Year Built
1969
Price
$4,800,000
Price Per SF
$444.44
Cap Rate
3.30%
NOI
$158,166
Percent Leased
85%
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)
Amenities
- Outdoor Seating
- Air Conditioning
- Backup Power / Generators
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
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.
| Space | Size | Space Use | Build-Out | Available |
| 2nd Fl-Ste 201B | 1,700 SF | Office | Full Build-Out | Now |
2nd Fl-Ste 201B
| Size |
| 1,700 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 201B
| Size | 1,700 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | 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.
Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $3,968,690 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$3,968,690
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