621 53Rd StBoca Raton, FL 33487

Property Details for 621 53Rd St

Year built

1985

Construction

STEEL FRAME

Lot size

3.23 AC

Property size (Sq ft)

241,089 SF

Zone code

LIRP

Property type

Office buildings

APN

06-43-47-06-06-002-0020

APU

6434706060020020

Description

This Class A, seven-story office tower, One Park Place, offers 237,331 rentable square feet in Boca Raton's premier Park at Broken Sound community. Built in 1985 and renovated in 1990, the property boasts a 40% occupancy rate with significant upside potential. Located on 6.5 acres, it features 875 structured parking spaces (3.71/1,000 SF), a shaded courtyard, and unique wrap-around balconies. Its prime location on the I-95 corridor (270,000 vehicles per day) provides exceptional visibility and signage opportunities, potentially generating substantial additional revenue. The building's proximity to the Boca Raton Tri-Rail station ensures convenient access for employees and tenants throughout the Tri-County area. The existing leases offer an 18.5% mark-to-market opportunity, presenting a compelling value-add investment prospect. The upper two vacant floors present a unique chance to create a headquarters location with private elevator access, potential for extensive signage, and space for amenities like training rooms and a fitness center. This property represents a rare opportunity to acquire a significantly under-leased asset in a thriving market, allowing for substantial returns on investment. There is no ground lease on this property.

• CAP approach

  CAP return

  Valuation

  6%

  $70,503,296

  6.5%

  $65,079,968

  7%

  $60,431,400

• Comparable approach

  Method

  Valuation

  Relative Method

  $46,580,804

  Geo Method

  $46,580,804

• Alternative Use

  Use

  Valuation

  Residential

  $80,699,160

  Hospitality

  $73,920,000

  Educational

  $61,500,568

  Medical

  $63,615,668

  Retail

  $95,667,552

Location Insight

City

Boca Raton

County

Palm Beach

State

Florida

Latitude

26.3972

Longitude

-80.0954

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

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.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].