For Sale
$2,499,000

602 Lucerne Ave Lake Worth Beach, FL 33460

Prime Downtown location, 5-unit retail building.

Overview

Added:
Dec 11, 2024
Days on market:
138
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

FAQs

What type of property is this?
Retail property - Prime Downtown location, 5-unit retail building.
Where is the retail property located?
The property is located at 602 Lucerne Ave Lake Worth Beach, FL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 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.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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602 Lucerne Ave
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