202 Palm CtDelray Beach, FL 33444

Property Details for 202 Palm Ct

Year built

1949

Lot size

0.48 AC

Property size (Sq ft)

4,460 SF

Property type

Office properties

Property subtype

Other office properties

Description

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.

Location Insight

City

Delray Beach

County

Palm Beach

State

Florida

Latitude

26.4735

Longitude

-80.071

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