650 Congress AveDelray Beach, FL 33445

  • Retail properties
  • 9,488 SF
For Sale
$3,860,000 View listing

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
Retail properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
650 Congress Ave, Delray Beach, Florida

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$50,494
$1,104,152
$1,476,343
$2,580,495
-
$1,104,152
$1,476,343
$2,580,495

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