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450 NE 20th St 16,668 SF 63% Leased Retail Building Boca Raton, FL 33431 For Sale
INVESTMENT HIGHLIGHTS
- Significant NOI Growth Potential- The Property is positioned to increase NOI from approximately $228,000 in place to nearly $628,000 at stabilization.
- Prime East Boca Location- Situated less than one mile from Mizner Park, Downtown Boca Raton, and Florida Atlantic University.
- High-Barrier-to-Entry Market- East Boca Raton’s restrictive zoning and limited land availability, ensures strong long-term supply/demand.
- Leasing & Rent Upside- ±6,200 SF of vacancy, offering potential to boost occupancy from 63% to 100%. Many tenants are paying 10–20% below market rents
- Affluent Trade Area- The Property benefits from a dense, high-income population base, with an average household income of $123,000 within three miles.
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present Shore Center, a ±16,668 square-foot retail center on ±1.9 acres at 450 NE 20th Street in Boca Raton, Florida. Currently 63 percent occupied, the property offers investors immediate value-add potential through the lease-up of approximately 6,200 square feet and the ability to capture mark-to-market rent growth. Many tenants are on short-term or below-market leases, allowing a new owner to quickly enhance returns as renewals are completed and new tenants are secured. The Property also benefits from recent capital improvements, with the roof replaced in 2013, and features an ample parking ratio of 5.9 spaces per 1,000 square feet, ensuring convenient access for both tenants and customers.
Shore Center is positioned less than one mile from Mizner Park, Downtown Boca Raton, and Florida Atlantic University, placing it at the center of one of South Florida’s most active and sought-after retail corridors. The property benefits from convenient access, drawing from a strong consumer base of students, professionals, and nearby residents. The trade area is dense and affluent, with more than 77,700 residents and average household incomes of $123,000 within three miles, fueling strong tenant demand. With high barriers to entry and limited new development in East Boca, Shore Center represents a compelling opportunity to acquire a well-located retail asset with significant leasing and income growth potential.
Shore Center is positioned less than one mile from Mizner Park, Downtown Boca Raton, and Florida Atlantic University, placing it at the center of one of South Florida’s most active and sought-after retail corridors. The property benefits from convenient access, drawing from a strong consumer base of students, professionals, and nearby residents. The trade area is dense and affluent, with more than 77,700 residents and average household incomes of $123,000 within three miles, fueling strong tenant demand. With high barriers to entry and limited new development in East Boca, Shore Center represents a compelling opportunity to acquire a well-located retail asset with significant leasing and income growth potential.
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Retail
Building Size
16,668 SF
Building Class
B
Year Built
1985
Percent Leased
63%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.20
Lot Size
1.90 AC
Zoning
B4 - Commercial
Parking
98 Spaces (5.88 Spaces per 1,000 SF Leased)
Frontage
320’ on 20th St
AMENITIES
- Air Conditioning
Walk Score®
Very Walkable (85)
Bike Score®
Biker's Paradise (91)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 06-43-47-17-09-006-0100 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $4,308,800 |
PROPERTY TAXES
Parcel Number
06-43-47-17-09-006-0100
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$4,308,800
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450 NE 20th St
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