For Sale
$2,100,000

202 Palm CtDelray Beach, FL 33444

Prime Delray location, high upside potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • 4,460 SF creative office building on a 0.48-acre lot in Delray Beach, FL.
  • Single-story Class B building with 3,458 RSF and 15 parking spaces.
  • Asking price: $2,100,000 ($470.85/SF), 7.00% cap rate (pro-forma 8.33%, $175,000 pro-forma NOI).
  • Corner lot with excellent visibility in a desirable area near Atlantic Avenue and the ocean.
  • Zoned RO City of Delray Beach; suitable for various professional uses, including daycare.
  • APN: 12434609290110070; 1031 exchange available; anticipated occupancy: September 1, 2024.

Property Details for 202 Palm Ct

Property type
Office properties, Office space
Square Feet
4,460 SF
Class
B
Year Built/Renovated
1949/2000
Buildings
1
Stories
1
Lot Size (sq. ft)
20,996 SF

Location Insight

City
Delray Beach
County
Palm Beach
State
Florida
Latitude
26.473462067936
Longitude
-80.071015765577
202 Palm Ct, Delray Beach, Florida

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202 Palm Ct
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