367 3Rd AveDelray Beach, FL 33444

Property Details for 367 3Rd Ave

Year built

1966

Construction

CONCRETE

Lot size

0.06 AC

Property size (Sq ft)

1,600 SF

Zone code

CBD

Property type

Other commercial real estate

Property subtype

Showrooms

APN

12-43-46-16-01-089-0100

APU

12434616010890100

Description

This exceptional retail property, located at 367 NE 3rd Avenue in the vibrant Arts District of Delray Beach, Florida, presents a unique investment opportunity. Built in 1966, this property boasts a prime location within walking distance of numerous art galleries, boutiques, shops, and restaurants. The highly sought-after Ray Hotel is also just steps away, ensuring high foot traffic and visibility. Its strategic position near Atlantic Avenue, renowned for its bustling nightlife, diverse dining options, and extensive shopping, guarantees a constant flow of both local and tourist clientele. Delray Beach's continued growth as a desirable destination for businesses and entrepreneurs makes this an ideal investment in a rapidly expanding market. The property's location offers unparalleled access to a thriving community, attracting a diverse range of potential customers. While the lot size is not specified, the high visibility and foot traffic in this dynamic area more than compensate. Priced at $3,500,000, this property represents a significant chance to establish or expand a business in a highly desirable and lucrative location. The property's proximity to key attractions and its position within a high-growth area make it an exceptional investment prospect with significant potential for future returns. This is a rare opportunity to secure a foothold in one of South Florida's most dynamic and sought-after commercial districts.

• CAP approach

  CAP return

  Valuation

  6%

  $723,389

  6.5%

  $667,744

  7%

  $620,048

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,080,254

  Geo Method

  $1,080,254

• Alternative Use

  Use

  Valuation

  Residential

  $563,267

  Hospitality

  $515,950

  Educational

  $429,264

  Medical

  $444,027

  Retail

  $667,744

Location Insight

City

Delray Beach

County

Palm Beach

State

Florida

Latitude

26.4683

Longitude

-80.0701

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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