For Sale
$2,499,000

602 Lucerne AveLake Worth Beach, FL 33460

Prime Downtown location, 5-unit retail building.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional retail investment opportunity presents a 4,875 square foot, multi-tenant storefront building situated in the heart of Downtown Lake Worth Beach, Florida. The property boasts a prime corner location with high traffic counts and ample parking (30 spaces) for tenants and customers. Comprising two single-story buildings constructed in 1948 and 1951, with renovations completed 5 years ago, the property is currently 100% occupied by five tenants under gross leases. The remaining lease term averages 2 years, presenting a value-add opportunity for the next owner. The property sits on a 0.39-acre lot and is zoned DT (Downtown City of Lake Worth Beach). With a current asking price of $2,499,000, the property offers a 5.00% cap rate and a price per square foot of $512.62. The building is classified as Class B and is an excellent investment for owner-users or investors seeking a strong return in a thriving downtown area. Long-term tenants contribute to consistent income, and the large lot size provides potential for future expansion or redevelopment. This is a rare opportunity to acquire a well-maintained property in a rapidly growing market. The property's location offers excellent visibility and accessibility, making it an attractive destination for businesses and customers alike.

Highlights

  • 4,875 SF multi-tenant retail building in Downtown Lake Worth Beach, FL.
  • Prime corner location with 30 parking spaces.
  • Two single-story buildings (1948 & 1951 construction), renovated 5 years ago, currently 100% occupied.
  • Five tenants under gross leases with an average remaining lease term of 2 years.
  • 0.39-acre lot, DT zoning, $2,499,000 asking price, 5.00% cap rate, $512.62/SF.

Property Details for 602 Lucerne Ave

Property type
Retail properties, Retail space
Square Feet
4,875 SF
Class
B
Year Built/Renovated
1948/5
Buildings
2
Stories
1
Lot Size (sq. ft)
16,988 SF
Units
5

Location Insight

City
Lake Worth Beach
County
Palm Beach
State
Florida
Latitude
26.616557259597
Longitude
-80.054471524529
602 Lucerne Ave, Lake Worth Beach, Florida

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602 Lucerne Ave
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