For Sale
$1,400,000

601 Congress AveDelray Beach, FL 33445

High-yield dental office, stabilized income.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 2,329 square foot, Class B medical office condo located at 601 N. Congress Ave, Delray Beach, FL 33445. The property, built in 2004, features a single-tenant, triple-net (NNN) lease with a dental practice as the occupant. The current lease has 1.5 years remaining on a 5-year term, with three 5-year renewal options and 1.5% annual rent bumps. The property boasts 100% occupancy since January 20, 2020, generating a substantial net operating income (NOI) of $75,821, resulting in a compelling 5.41% cap rate at the asking price of $1,400,000 ($601.12 per square foot). The building is a tilt-wall construction with impact windows and includes 12 parking spaces. The interior features six operatories (five currently in use, one plumbed and ready), a full bathroom with shower, a breakroom/kitchen, and a dental lab with washer and dryer hookups. This prime location in the Congress Commerce Center offers excellent visibility at the corner of Congress Avenue and Lake Ida Road, with convenient access to I-95 and downtown Delray Beach. The surrounding area has a high population density (over 103,000 within a three-mile radius) and strong average household income (exceeding $74,000). This presents a low-maintenance, high-return investment with significant long-term potential.

Highlights

  • Large corner dental office with full bath and shower.
  • Five operational operatories, plus one plumbed-ready operatory.
  • On-site dental lab.
  • Washer/dryer hookups in storage.
  • Breakroom/kitchen.
  • Two bathrooms total.

Property Details for 601 Congress Ave

Property type
Office properties, Medical offices
Square Feet
2,329 SF
Class
B
Year Built
2004

Location Insight

City
Delray Beach
County
Palm Beach
State
Florida
Latitude
26.4700769
Longitude
-80.0922086
601 Congress Ave, Delray Beach, Florida

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601 Congress Ave
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