716 Lk AveLake Worth Beach, FL 33460

Property Details for 716 Lk Ave

Year built

1945

Construction

CONCRETE

Lot size

0.16 AC

Property size (Sq ft)

7,460 SF

Zone code

DT

Property type

Retail properties

Property subtype

Retail space

APN

38-43-44-21-15-508-0120

APU

38434421155080120

Description

This exceptional value-add opportunity presents a 9,745 square foot multi-tenant retail property in the heart of historic Downtown Lake Worth Beach, Florida. The property consists of two buildings totaling 9,745 square feet on a 0.24-acre lot, with addresses 716 Lake Ave, zip code 33460. Built in 1925 and 1945, the buildings feature a combined three units. Currently, occupancy is at 28.7%, with two established restaurant tenants occupying 2,745 square feet and 7,000 square feet of retail space available. The property boasts 115 feet of prime frontage on Lake Avenue, a bustling thoroughfare known for its pedestrian-friendly atmosphere and eclectic mix of shops, restaurants, and entertainment venues. Ample street parking and proximity to a public parking lot enhance customer convenience. The property is zoned CAC/DT and offers a unique blend of immediate income and significant upside potential through lease-up and rent increases. This is a fee simple ownership opportunity, first available in twenty years, situated in a vibrant area hosting numerous annual events and festivals, attracting high foot traffic and creating a strong retail environment. The property's location provides exceptional access and attractions, including proximity to beaches and parks. This is a rare chance to acquire a significant retail presence in a thriving Florida coastal community.

• CAP approach

  CAP return

  Valuation

  6%

  $2,818,094

  6.5%

  $2,601,318

  7%

  $2,415,509

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,229,562

  Geo Method

  $5,229,562

• Alternative Use

  Use

  Valuation

  Residential

  $2,194,309

  Hospitality

  $2,009,975

  Educational

  $1,672,276

  Medical

  $1,729,788

  Retail

  $2,601,318

Location Insight

City

Lake Worth

County

Palm Beach

State

Florida

Latitude

26.6161

Longitude

-80.0558

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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