1620 Congress Ave, Palm Springs, FL 33461
18,342 SF | 100% Leased | Office Building | Palm Springs, FL 33461 | $6,500,000 ($354/SF) | 7% Cap Rate
For Sale
Active
Asking Price $6,500,000
- Property Type
-
Office
- Square Feet
- 18,342 SF
- Price / Square Foot
- $354
Listing Contacts
- Property Info
Property Overview
Northmarq is pleased to offer to qualified investors the opportunity to purchase fee-simple interest in the 100% occupied 18,340 SF multi-tenant medical office building and ambulatory surgery center located at 1620 S Congress Ave in Palm Springs, FL (the “Property”).
Sitting on 1.01 ACs, the 2-story Property is 100% NNN leased to 4 medical tenants, and anchored by Blue Cloud Pediatric Surgery Center, the nation’s largest Pediatric Dental Ambulatory Surgery Center group operating 23 locations across 9 states. Blue Cloud occupies 40% of the building with +/- 9.3 years of lease term remaining and attractive 3% annual rental escalations.
Situated as a Publix Anchored Neighborhood Center out-parcel on the heavily trafficked S Congress Ave (34k+ VPD), the Property features outstanding roadside visibility with multiple points of ingress/egress. With strong surrounding demographics of over 161k+ residents living within a 3 mile radius earning an average household income of over $79k, the Asset’s highly coveted South Florida location boasts high intrinsic real estate value sitting within 3-miles of 86 medical facilities, the HCA Florida JFK Hospital (486 beds), Palm Beach International Airport (73k+ annual flights), Palm Beach State College (36k+ students), and a plethora of national retailers amid the dense multi-million SF retail-trade area. With 100% occupancy and below market rents, this investment represents an exceptional opportunity for investors to acquire a stable surgery center with further value-add potential in a premier South Florida market.
Sitting on 1.01 ACs, the 2-story Property is 100% NNN leased to 4 medical tenants, and anchored by Blue Cloud Pediatric Surgery Center, the nation’s largest Pediatric Dental Ambulatory Surgery Center group operating 23 locations across 9 states. Blue Cloud occupies 40% of the building with +/- 9.3 years of lease term remaining and attractive 3% annual rental escalations.
Situated as a Publix Anchored Neighborhood Center out-parcel on the heavily trafficked S Congress Ave (34k+ VPD), the Property features outstanding roadside visibility with multiple points of ingress/egress. With strong surrounding demographics of over 161k+ residents living within a 3 mile radius earning an average household income of over $79k, the Asset’s highly coveted South Florida location boasts high intrinsic real estate value sitting within 3-miles of 86 medical facilities, the HCA Florida JFK Hospital (486 beds), Palm Beach International Airport (73k+ annual flights), Palm Beach State College (36k+ students), and a plethora of national retailers amid the dense multi-million SF retail-trade area. With 100% occupancy and below market rents, this investment represents an exceptional opportunity for investors to acquire a stable surgery center with further value-add potential in a premier South Florida market.
Property Details
- Class
- B
- Year Built
- 1997
- Stories
- 2
- Property Subtype
- Medical
- Lot Size (sq. ft)
- 43,996 SF
Highlights
- Stable Anchor Tenancy - Blue Cloud Pediatric Surgery Center, the Nation’s largest Pediatric Dental Ambulatory Surgery Center group
- Below Market Rents - 51% of the Property pays at least 20% below market rental rates
- Highly coveted medical location, situated among 86 medical facilities and the HCA JFK Hospital, in the heart of Palm Beach’s premier medical district
- Licensed Ambulatory Surgery Center
- 100% NNN leased featuring attractive 3% annual rental escalations
- Strong demographics with a population of over 161k residents living within a 3-mile radius
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