375 2Nd AveDelray Beach, FL 33483

Property Details for 375 2Nd Ave

Year built

1949

Construction

CONCRETE

Lot size

0.15 AC

Property size (Sq ft)

3,304 SF

Zone code

CBD

Property type

Showrooms

APN

12-43-46-16-04-088-0100

APU

12434616040880100

Description

This exceptional 0 sq ft lot at 375 SE 2nd Avenue in Delray Beach, Florida, presents a unique investment opportunity. Located in the heart of the Central Business District (CBD), this property boasts RC zoning, permitting both residential and commercial development. The current zoning allows for a density of 30 units per acre, and the site is approved for construction up to four stories high. Currently designated as Special Purpose, this 1-unit property, built in 1949, offers significant redevelopment potential. Demolition permits have already been submitted, streamlining the process for future construction. This property is particularly attractive due to its location and zoning flexibility, making it ideal for a mixed-use development or multi-family project. Consider this property as a standalone investment or as part of a larger portfolio, as it can be combined with adjacent properties at 369 SE 2nd, 383 SE 2nd, and 391 SE 2nd Avenues for a larger-scale development project. The asking price for this prime Delray Beach location is $6,400,000. This represents a rare chance to acquire a strategically located parcel in a thriving Florida market. The property's central location offers easy access to local amenities, transportation, and the vibrant Delray Beach community.

• CAP approach

  CAP return

  Valuation

  6%

  $1,493,799

  6.5%

  $1,378,891

  7%

  $1,280,399

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,230,723

  Geo Method

  $2,230,723

• Alternative Use

  Use

  Valuation

  Residential

  $1,163,146

  Hospitality

  $1,065,436

  Educational

  $886,430

  Medical

  $916,916

  Retail

  $1,378,891

Location Insight

City

Delray Beach

County

Palm Beach

State

Florida

Latitude

26.4548

Longitude

-80.0707

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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