Spacious Compound Near Pineapple
1650 NE 3rd Ave Delray Beach, FL 33444
1650 NE 3rd Ave, Delray Beach, FL, 33444
$2,700,000
For Sale
$2,700,000
Versatile property near downtown Delray, ideal for investment.
Property Size5,000 SF
Price / SF$540
Days on Market87
Property Features for 1650 NE 3rd Ave
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1965
Listing Agency
FPB Investment Properties, Inc.
(561) 566-6651
Listed by
Roman Fischer · License #3284948
(561) 566-6651
Source
Elliman
Added: Apr 24 Checked: Jul 17 at 3:10 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of FPB Investment Properties, Inc.
Investment Insights
Based on property information with market context.
This spacious property, exceeding 5000 square feet, is located steps from Pineapple Grove and downtown Delray. The property offers a versatile layout and presents an investment opportunity, potentially suitable for an assisted living facility or short-term rentals. The property includes a total of 5 bedrooms and 5 bathrooms. The original 1960s residence, spanning 1336 square feet, features 2 bedrooms and 2 bathrooms. A 3000+ square foot addition, completed in 2024, includes a 2-car garage, 3 bedrooms, and 3 bathrooms. A newly built pool is centrally located, creating an indoor/outdoor living space. The property is situated on a large lot with room for further development. The existing layout allows for potentially doubling the number of bedrooms. The bike score is 55, indicating bikeable conditions, and the walk score is 66, indicating that the area is somewhat walkable.
Key Highlights
- Prime location steps from Pineapple Grove and downtown Delray.
- Spacious 5000+ SF compound with versatile layout.
- Newly built pool creating functional indoor/outdoor living space.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $146.4k | $29.28 |
| − Vacancy | −$6.6k | −$1.32 |
| EGI | $139.8k | $27.96 |
| − OpEx | −$62.9k | −$12.58 |
| NOI | $76.9k | $15.38 |
5,000 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$961.2K – $1.28M
NOI $76,897 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.52M
$3.08M – $4.11M
NOI $246,490 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Assisted living facilities
Similar For Sale Nearby
Similar Off Market Nearby
- Highlite Home Care — Delray Beach, FL 33446
FAQs
What type of property is this?
Assisted living facility - Versatile property near downtown Delray, ideal for investment.
Where is this assisted living facility located?
The property is located at 1650 NE 3rd Ave Delray Beach, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Prime location steps from Pineapple Grove and downtown Delray.; Spacious 5000+ SF compound with versatile layout.; Newly built pool creating functional indoor/outdoor living space.
