650 Congress AveDelray Beach, FL 33445

Property Details for 650 Congress Ave

Year built

1982

Construction

CONCRETE

Lot size

0.91 AC

Property size (Sq ft)

9,488 SF

Zone code

PC

Property type

Banks

APN

12-43-46-07-01-001-0205

APU

12434607010010205

Description

This fee-simple, two-story, 9,488 square foot Regions Bank building in Delray Beach, Florida, presents a compelling investment opportunity. Located on busy N Congress Ave, the property boasts excellent visibility and high foot traffic, with over 30,000 vehicles passing daily. The current tenant, Regions Bank, a highly creditworthy institution (S&P: A-2), has occupied the site for over 40 years, demonstrating strong commitment. The lease expires February 28, 2025, offering flexibility for owner-occupancy or securing new tenants. The property features ample parking and is ADA compliant with ramps and elevators. The 0.91-acre lot is zoned PC, allowing for mixed commercial use and potential redevelopment. With a strong NOI of $423,134 and a 10.96% cap rate, this property benefits from Delray Beach's thriving economy, low vacancy rates (under 3%), and the positive impact of the new high-speed railway connecting major Florida cities. The building's 5,000 square feet per floor maximizes space utilization. Annual rent bumps of 3% are included, and lease options of 1 or 3 years are available. The asking price is $3,860,000, translating to $406.83 per square foot. This is a prime opportunity in a high-demand market.

• CAP approach

  CAP return

  Valuation

  6%

  $4,289,698

  6.5%

  $3,959,722

  7%

  $3,676,884

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,405,903

  Geo Method

  $6,405,903

• Alternative Use

  Use

  Valuation

  Residential

  $3,340,174

  Hospitality

  $3,059,581

  Educational

  $2,545,536

  Medical

  $2,633,080

  Retail

  $3,959,722

Location Insight

City

Delray Beach

County

Palm Beach

State

Florida

Latitude

26.4722

Longitude

-80.0925

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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