For Sale
$8,861,111

2223 Palm Beach Lakes BlvdWest Palm Beach, FL 33409

High-yield retail/medical office, 9% cap rate potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional West Palm Beach property, located at 2223 Palm Beach Lakes Blvd, offers a compelling investment opportunity with a pro-forma 9% cap rate. The 27,266 square foot building, situated on a 1.75-acre lot, features a mix of retail and medical office space, currently housing two tenants in a multi-tenant configuration. Built in 2007 and extensively renovated in 2018, the property boasts a new roof with a remaining 15-year transferable warranty. The building comprises two separate spaces of 16,500 and 11,000 square feet, each with its own electric meters and a total of seven HVAC systems. A state-of-the-art fire protection and sprinkler system is in place. The property benefits from ample parking in front, rear, and on the service road, along with monument and building signage opportunities. The current tenants include a high-end gym (operating until August 2023) and a discount furniture store. The asking price is $8,861,111, with a current NOI of $797,500. The property is zoned for Store and General Commercial use and offers lease options ranging from 1-3 years to 7-10 years. The current leases are modified gross with annual increases. Note that the pro-forma 9% cap rate is based on a buyer securing new tenants at market rent. This prime location is adjacent to major retailers including Red Lobster, PA BBQ, Twin Peaks, Walgreens, and Chipotle, and is conveniently situated between I-95 and Okeechobee Boulevard. The property is suitable for a 1031 exchange.

Highlights

  • Pro-forma 9% cap rate (based on market rent from new tenants).
  • Prime West Palm Beach location near major retailers (Red Lobster, PA BBQ, Twin Peaks, Walgreens, Chipotle) between I-95 and Okeechobee Boulevard.
  • 27,266 SF building on a 1.75-acre lot, renovated in 2018 with a new roof (15-year transferable warranty).
  • Two separate spaces (16,500 SF & 11,000 SF) with individual electric meters and seven HVAC systems; state-of-the-art fire protection and sprinkler system.
  • Ample parking (front, rear, and service road), monument and building signage opportunities; currently houses a high-end gym (until August 2023) and a discount furniture store; $8,861,111 asking price, $797,500 current NOI.

Property Details for 2223 Palm Beach Lakes Blvd

Property type
Lifestyle centers, Power centers
Square Feet
27,266 SF
Class
B
Year Built/Renovated
2007/2018
Buildings
1
Stories
1
Lot Size (sq. ft)
76,230 SF
Units
2

Location Insight

City
West Palm Beach
County
Palm Beach
State
Florida
Latitude
26.7113167
Longitude
-80.097444
2223 Palm Beach Lakes Blvd, West Palm Beach, Florida

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2223 Palm Beach Lakes Blvd
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