1200 Atlantic AveDelray Beach, FL 33483

This exceptional mixed-use property at 1200 E Atlantic Avenue in Delray Beach, Florida, presents a lucrative investment opportunity. The 11,300 square foot building, constructed in 1951, sits on a lot with an undisclosed size and currently boasts 90% occupancy across its six units. Priced at $8,500,000, it offers a compelling 5.00% cap rate, promising strong returns on investment. The property's prime location on East Atlantic Avenue in the desirable Palm Beach County provides immediate income generation, while its redevelopment potential is significant. Architectural renderings from Randall Stofft Architects showcase the possibility of transforming the existing structure into five distinct retail spaces and five luxurious condominiums. This presents a dual opportunity: hold for long-term appreciation or capitalize on the substantial redevelopment potential to create a high-value mixed-use development. The property's current income stream provides a solid foundation for future growth, making it an attractive proposition for both seasoned investors and developers seeking a prime location in a thriving Florida market. The zip code is 33483.