202 Palm Ct Delray Beach, FL 33444

This exceptional 4,460 square foot creative office building, situated on a 0.482-acre lot in desirable Delray Beach, Florida, presents a rare investment opportunity. Built in 1949 and renovated in 2000, the single-story Class B property boasts 3,458 square feet of net rentable space and 15 parking spaces. Currently configured as a single-tenant occupancy, the property offers significant potential for renovation and repositioning. The asking price is $2,100,000, representing a price per square foot of $470.85 and a 7.00% cap rate, with a pro-forma cap rate of 8.33% and a pro-forma NOI of $175,000. The property is zoned RO City of Delray Beach and enjoys a corner location with excellent visibility in a neighborhood of professional offices and luxury residences. Its proximity to Atlantic Avenue, the Atlantic Ocean, and the city center adds to its appeal. The property is ideally suited for a variety of professional uses, including daycare facilities, and offers substantial upside potential for a savvy investor. The anticipated occupancy date is September 1, 2024. The property's APN is 12434609290110070 and is available for a 1031 exchange. This is a unique chance to acquire a substantial property in a thriving area.