341 2Nd AveDelray Beach, FL 33483

Property Details for 341 2Nd Ave

Lot size

0.31 AC

Zone code

CBD

Property type

Residential income properties

Property subtype

Mobile home & RV parks

APN

12-43-46-16-01-081-0030

APU

12434616010810030

Description

This exceptional mixed-use property at 341 SE 2nd Avenue in Delray Beach, Florida, presents a unique investment opportunity. Boasting 4,960 square feet on a double lot totaling 13,260 square feet, this 7-unit building offers significant upside potential. Constructed in 1957, the property benefits from a highly desirable CBD-RC zoning designation in the thriving SofA District, allowing for both residential and commercial uses. The zoning permits the construction of a mixed-use building up to five stories high, significantly increasing the potential density. Current zoning allows for 30 units per acre, with the possibility of 70 units per acre if 20% of the units are designated as workforce housing. The property's versatility extends to light industrial, warehouse, and multi-family uses. Currently, the building houses long-term, month-to-month tenants, providing a stable income stream for the new owner. Its prime location, just blocks from Atlantic Avenue and the beach, ensures high visibility and strong rental demand. This is a rare opportunity to acquire a substantial property in a rapidly developing area with significant redevelopment potential. The asking price is $3,150,000. Serious inquiries only. Please do not disturb tenants.

• CAP approach

  CAP return

  Valuation

  6%

  $5,169,970

  6.5%

  $4,772,280

  7%

  $4,431,402

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,629,482

  Geo Method

  $5,629,482

• Alternative Use

  Use

  Valuation

  Residential

  $4,772,280

  Hospitality

  $4,371,382

  Educational

  $3,636,939

  Medical

  $3,762,019

  Retail

  $5,657,461

Location Insight

City

Delray Beach

County

Palm Beach

State

Florida

Latitude

26.4687

Longitude

-80.071

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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