For Sale
$3,860,000

650 Congress AveDelray Beach, FL 33445

High-yield Regions Bank investment.

Overview

Added:
Dec 11, 2024
Days on market:
114
This fee-simple, two-story, 9,488 square foot Regions Bank building in Delray Beach, Florida, presents a compelling investment opportunity. Located on busy N Congress Ave, the property boasts excellent visibility and high foot traffic, with over 30,000 vehicles passing daily. The current tenant, Regions Bank, a highly creditworthy institution (S&P: A-2), has occupied the site for over 40 years, demonstrating strong commitment. The lease expires February 28, 2025, offering flexibility for owner-occupancy or securing new tenants. The property features ample parking and is ADA compliant with ramps and elevators. The 0.91-acre lot is zoned PC, allowing for mixed commercial use and potential redevelopment. With a strong NOI of $423,134 and a 10.96% cap rate, this property benefits from Delray Beach's thriving economy, low vacancy rates (under 3%), and the positive impact of the new high-speed railway connecting major Florida cities. The building's 5,000 square feet per floor maximizes space utilization. Annual rent bumps of 3% are included, and lease options of 1 or 3 years are available. The asking price is $3,860,000, translating to $406.83 per square foot. This is a prime opportunity in a high-demand market.

Highlights

  • $3,860,000 asking price for a 9,488 SF retail property.
  • Regions Bank occupies the single-tenant building with a lease expiring February 28, 2025.
  • The property boasts a 10.96% cap rate and a $423,134 NOI.
  • Located at 650 N Congress Ave, Delray Beach, FL, on a 0.91-acre lot, in a high-traffic area.
  • Features a two-story building with 3% annual rent bumps and a fee-simple ownership.

Property Details for 650 Congress Ave

Property type
Retail properties, Banks
Square Feet
9,488 SF
Year Built
1982
Stories
2
Lot Size (sq. ft)
39,640 SF

Location Insight

City
Delray Beach
County
Palm Beach
State
Florida
Latitude
26.4722907
Longitude
-80.0925577
650 Congress Ave, Delray Beach, Florida

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650 Congress Ave
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