1200 Atlantic AveDelray Beach, FL 33483

This exceptional mixed-use property at 1200 E Atlantic Avenue in Delray Beach, Florida, presents a compelling investment opportunity. The property, with APN 12434616280020032, consists of three buildings totaling 6,700 square feet on a lot approximately 90' x 110', offering significant upside potential. Currently operating at 100% occupancy with six units, the property generates income with a 2.00% cap rate and is priced at $8,500,000. Built in 1951 and extensively renovated in 2022, this Class B property boasts a permitted CBD zoning designation. The property includes 10 parking spaces. Architectural plans, provided by Randall Stofft Architects, are available for a major luxury condo development, leveraging the substantial 10,000 square feet of available air rights. This prime location, just one block from the ocean in Palm Beach County (zip code 33483), offers a unique chance to capitalize on the thriving Delray Beach market. The property is a two-story structure, and presents a buy-and-hold strategy for future appreciation or redevelopment into five specialty retail spaces and five luxury condos.