OWNER-USER or 7.9% CAP 100% occupied
27,500 SF | Vacant | Retail Building | West Palm Beach, FL 33409 | $8,805,380 ($320/SF) | 7.90% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,805,380
- Property Type
-
Retail
- Square Feet
- 27,500 SF
- Price / Square Foot
- $320
Listing Contacts
H. Alan Welles
Verified Profile
- Property Info
Property Overview
***Financials: 27,500 SF Current Leases call for an approx. NOI of $695,625 which is $25.29 NNN with a Cam of $5.25 PSF
My opinion is market rent should be about $34 PSF Gross. My CAM is significantly lower than market cam of around $9.00 +/-
Tenants are going through changes so lease rates may or may not be paying rent per their leases however my rents are lower than market therefore if the tenants pay per their leases you have a 7.9% Cap. If re-tenanted at market rent of $29.00 psf the noi would increase to $797,500 @ 7% Cap value would be $11,392,857 (29% inc above current asking price). With a higher credit tenant @ 5.5% Cap value would be $14,500,000 (65% inc above current asking price). ***
Prime retail location next to Red Lobster, PA BBQ, Twin Peaks, Walgreens, Chipotle and more. Between I-95 and Okeechobee Blvd. newer 20 Year Roof installed in 2017. Parking in Front, Rear and on service road. Monument and Building signage available. 16,500 SF High-End Gym / Fitness center fully set up and operated through August 2023.
Additional Potential available space is 11,000 SF. Current use is a furniture store with maintenance room, restroom core and private restrooms and storage with an overhead door.
Currently the building is 100% occupied by a Furniture store, with 5 South Florida locations(11,000 sf) who is paying however has defaults per their lease. Top of the line full-service gym (16,500 sf) has a new owner operator as of March 2024. Gym has a 4.8 Star rated gym according to google reviews. New owner is restructuring the business to increase revenue to meet the financial obligations per the lease. There is a conversation to be had if a buyer or tenant wanted to lease part or all of the building. Call Broker for more information.
Landlord is responsible for roof which has about 15 remaining on warranty (Transferable) and building Structure.
My opinion is market rent should be about $34 PSF Gross. My CAM is significantly lower than market cam of around $9.00 +/-
Tenants are going through changes so lease rates may or may not be paying rent per their leases however my rents are lower than market therefore if the tenants pay per their leases you have a 7.9% Cap. If re-tenanted at market rent of $29.00 psf the noi would increase to $797,500 @ 7% Cap value would be $11,392,857 (29% inc above current asking price). With a higher credit tenant @ 5.5% Cap value would be $14,500,000 (65% inc above current asking price). ***
Prime retail location next to Red Lobster, PA BBQ, Twin Peaks, Walgreens, Chipotle and more. Between I-95 and Okeechobee Blvd. newer 20 Year Roof installed in 2017. Parking in Front, Rear and on service road. Monument and Building signage available. 16,500 SF High-End Gym / Fitness center fully set up and operated through August 2023.
Additional Potential available space is 11,000 SF. Current use is a furniture store with maintenance room, restroom core and private restrooms and storage with an overhead door.
Currently the building is 100% occupied by a Furniture store, with 5 South Florida locations(11,000 sf) who is paying however has defaults per their lease. Top of the line full-service gym (16,500 sf) has a new owner operator as of March 2024. Gym has a 4.8 Star rated gym according to google reviews. New owner is restructuring the business to increase revenue to meet the financial obligations per the lease. There is a conversation to be had if a buyer or tenant wanted to lease part or all of the building. Call Broker for more information.
Landlord is responsible for roof which has about 15 remaining on warranty (Transferable) and building Structure.
Property Details
- Class
- B
- Year Built/Renovated
- 1980/2017
- Stories
- 1
- Property Subtype
- Storefront Retail/Office, Freestanding, Storefront, Other Health Care
- Lot Size (sq. ft)
- 76,230 SF
Highlights
- Two Tenant 100% Occupied Retail Property with Modified Gross Leases (like NNN Lease) Perfect 1031 Property
- Two Brand New 10+ Year Leases with Annual Increases Modified Gross Leases
- Minimal owner management and responsibilities(Perfect 1031 Property)
- Prime Retail Location on Palm Beach Lakes Blvd. and Community Drive next to Red Lobster, PA BBQ and Twin Peaks
- 2 Large Street Signs: Pylon for Rock Fitness and Monument for Furniture Direct
- Abundant Parking with bright LED outside lighting
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