8903 Glades RdBoca Raton, FL 33434

Property Details for 8903 Glades Rd

Year built

1987

Construction

CONCRETE

Lot size

17.79 AC

Property size (Sq ft)

61,019 SF

Zone code

CG

Property type

Retail properties

Property subtype

Community centers

APN

00-42-43-27-05-076-0492

APU

424327050760492

Description

Somerset Shoppes, a Class B retail center in Boca Raton, Florida, offers 187,650 square feet of space across seven single-story buildings situated on 17.78 acres. This multi-tenant property is located at the northeast corner of Glades Road and Lyons Road, a high-traffic area within a densely populated region experiencing significant new retail development. The center boasts a diverse tenant mix, including established national brands such as Michael's, TJ Maxx, Saks Off 5th, Lenscrafters, Men's Warehouse, Orange Theory Fitness, Jersey Mike's Subs, Jenny Craig, Vitamin Shoppe, and Chase. Units are available from a minimum of 900 square feet, with 6,354 square feet currently vacant. The property was originally built in 1987 and underwent renovations in 2024, enhancing its curb appeal and functionality. The center is zoned for commercial use and features no elevators. This presents a unique opportunity to invest in a well-located, established retail center with strong co-tenancy and significant upside potential in a thriving Boca Raton market. The property's prominent location and recent upgrades make it an attractive option for a variety of retail businesses.

• CAP approach

  CAP return

  Valuation

  6%

  $21,476,170

  6.5%

  $19,824,158

  7%

  $18,408,146

• Comparable approach

  Method

  Valuation

  Relative Method

  $29,709,492

  Geo Method

  $29,709,492

• Alternative Use

  Use

  Valuation

  Residential

  $16,722,419

  Hospitality

  $15,317,646

  Educational

  $12,744,101

  Medical

  $13,182,391

  Retail

  $19,824,158

Location Insight

City

Boca Raton

County

Palm Beach

State

Florida

Latitude

26.3693

Longitude

-80.1848

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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