Trophy Class A Retail Building. Highly Sought After East Boca Raton Location. Main Retail Corridor. This property is offered based on a significantly below replacement cost price per SF. This is not a CAP rate play.
Well Maintained, Trophy, Class A Retail building located in the heart of East Boca Raton. This offering is an entire block parcel with a 48,000 SF, 2 Story Building on 1.56 acres with 3 ingress/egress points. Situated on the east side of Federal Highway with approximately 300 linear feet of frontage and exposure to over 31,807 VPD, between Linton Rd (Delray Beach( and Yamato Blvd. CBS Construction with floor to ceiling, wrap around glass windows and abundant parking. Built in 1989. Excellent condition.
Priced well below replacement cost with significantly under market rent. Tenant paying only $4.95 per SF. Market rent in this area is $30-$35/SF+. Currently 100% leased to Corporately Guaranteed, Haverty’s Furniture. 5 years remaining on current term. 5% Rent increases every 5 Years. The offering represents an easy to manage, single tenant asset. The tenant responsible for real estate taxes, insurance, and all common area maintenance. Landlord responsible for roof and structure. A brand new, 20-year, TPO roof was installed in 2016. Zoned Commercial RB-1.
Surrounding retailers include La-z-boy Furniture, Rooms to Go Furniture, Sklar Furniture, Natuzzi Italia Furniture, Interiors by Brown, SoBe Furniture, East Coast Furniture, CVS, Walgreens, Office Depot, Advanced Auto, West Marine, Crown Wine & Spirits, ABC Wine & Spirits, Mattress Firm, Murphy Bed USA, Melting Pot, Whole Foods, Publix and many more.
The local market is extremely affluent with average household income exceeding $124,000 in a one-mile radius and $110,000 in a 5-mile radius. Median home value in a one-mile radius is $424,591. Boca Raton is the second largest city in Palm Beach County, 20 minutes north of Fort Lauderdale and 40 minutes north of Miami. Average retail rent in the East Boca Raton submarket is $32.74/SF.