$5,200,000
Details
Price : $5,200,000
Cap Rate : 7.91%
NOI : $411,432.56
Price Per SF : $163.34
Building Size : 31,888 Sq Ft
Lot Size (AC) : 2.87 Acres
Year Built : 1982
Lease Type : NNN
Lease Expiration : Various
Renewal Options : Various
Rental Increases : Various
Status : Available
Property Type : Retail
Investment Highlights
Strong traffic count with over 41,500 VPD on 10th Ave and over 185,000 VPD on I-95
FDOT just completed lane expansion at the 10th Ave/I-95 interchange to accommodate rapidly increasing traffic
Extremely low vacancy in the West Palm Beach submarket with 6% population growth projected over the next 5 years
Strategically located on 10th Avenue North, a busy retail and commercial artery in Palm Beach County located just west of Interstate I-95
The Tenant mix at 2121 Plaza is comprised of a solid mixture of established local businesses diversely represented by retail, restaurant, medical, and professional services providing internet resistant stability to the income stream.
2121 Plaza has enjoyed historically high occupancy levels that are supported by a young, densely populated middle income residential demographic profile. The population within a three mile radius is 130,000 with an average household income of $60,751 and an average age of 38.4.
Description
This property consists of a single-story multi-tenant retail center with 15 bays. 2121 Plaza offers an investor a highly visible, well-maintained strip center, located on a major commercial artery, in an established and densely populated area of Lake Worth. 2121 Plaza has benefited from historically high occupancy levels with consistently strong demand for space in this very healthy retail submarket. Below market rents in 47% of center assures significant value-add potential and strong positive rent growth.
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