7880 Glades RdBoca Raton, FL 33434

Property Details for 7880 Glades Rd

Year built

1986

Construction

CONCRETE

Lot size

0.18 AC

Property size (Sq ft)

5,431 SF

Zone code

CG

Property type

Retail properties

Property subtype

Turn key restaurants

APN

00-42-47-16-00-000-7020

APU

424716000007020

Description

This exceptional 36,230 square foot retail center in Boca Raton, Florida, presents a compelling investment opportunity. Boasting 100% occupancy across ten tenants, the property features a diverse mix of restaurant, shopping center, and storefront spaces. Recently renovated in 2024, upgrades include landscaping, façade improvements, a new HVAC system, and elevator modernization. Multiple tenants have recently extended their leases, converting to triple-net (NNN) agreements, creating a value-add opportunity for the buyer to further enhance returns by converting remaining tenants to NNN leases. Strategically located on Glades Road, a major east-west artery with over 49,000 vehicles daily, the center benefits from its prime position at the intersection of Glades Road and the Florida Turnpike, experiencing a combined daily traffic count of approximately 160,000 vehicles. Its proximity to I-95 ramps (over 225,000 vehicles daily) further enhances its visibility and accessibility. The property sits on a 6.88-acre lot and was originally built in 1986. The strong demographics of the area, with over 100,000 residents within three miles and over 250,000 within five miles, boast an average annual household income of $138,223 within one mile, projected to reach $151,494 by 2028. The area is experiencing significant residential growth, with several new developments adding thousands of homes in close proximity. The asking price is $10,000,000, representing a price per square foot of $276.01 and a 6.58% cap rate, with a current Net Operating Income (NOI) of $658,008. An adjacent parcel offers a potential purchase option through Bank OZK.

• CAP approach

  CAP return

  Valuation

  6%

  $1,911,488

  6.5%

  $1,764,450

  7%

  $1,638,418

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,644,295

  Geo Method

  $2,644,295

• Alternative Use

  Use

  Valuation

  Residential

  $1,488,380

  Hospitality

  $1,363,348

  Educational

  $1,134,290

  Medical

  $1,173,300

  Retail

  $1,764,450

Location Insight

City

Boca Raton

County

Palm Beach

State

Florida

Latitude

26.3661

Longitude

-80.1672

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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