Neighborhood Retail Center with 5
1620 Ave E West Palm Beach, FL 33404
1620 Ave E, West Palm Beach, FL, 33404
$750,000
For Sale
$750,000
Neighborhood retail center with five approximately 860 SF units on a 0.31-acre parcel, offering 80% occupancy.
Property Size4,146 SF
Lot Size0.31 Acres
Price / SF$180.90
Days on Market17
Property Features for 1620 Ave E
General Information
- Standard status
- Active
- Size
- 4,146 SF
- Lot size
- 0.31 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1966
Listing agency
Keller Williams Realty of the Palm Beaches
(862) 324-3094
Listed by
Thomas Sinner
(862) 324-3094
Source
Elliman
Added: Jul 5 Updated: Jul 20 at 11:21PM Checked: Jul 21 at 5:34AM
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 Keller Williams Realty of the Palm Beaches
Investment Insights
Based on property information with market context.
This neighborhood retail center totals 4,146 SF and is configured with five approximately 860 SF storefront units. Current occupancy is 80%, with four established tenants and one vacant unit. Tenant leases are structured on a modified gross basis, including 5% annual rent increases, plus provisions for reimbursement of utilities and operating expense increases.
The property recently received exterior improvements, including a fresh building repaint and newly re-striped parking. It sits on a 0.31-acre parcel and is identified with DG zoning. The center is positioned for convenient access to major thoroughfares, with surrounding residential neighborhoods and ongoing redevelopment activity in Riviera Beach.
From an operational standpoint, the mix supports in-place cash flow through existing long-term leases, while the remaining vacancy presents a straightforward path to improve occupancy.
The property recently received exterior improvements, including a fresh building repaint and newly re-striped parking. It sits on a 0.31-acre parcel and is identified with DG zoning. The center is positioned for convenient access to major thoroughfares, with surrounding residential neighborhoods and ongoing redevelopment activity in Riviera Beach.
From an operational standpoint, the mix supports in-place cash flow through existing long-term leases, while the remaining vacancy presents a straightforward path to improve occupancy.
Key Highlights
- Neighborhood retail center built in 1966 with 5 approximately 860 SF units totaling 4,146 SF
- Located on a 0.31‑acre parcel with DG zoning
- Currently 80% occupied: four established tenants plus one vacant unit for potential lease‑up upside
Local Financial Insights For Retail
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 | $89.6k | $21.60 |
| − Vacancy | −$5.8k | −$1.40 |
| EGI | $83.7k | $20.20 |
| − OpEx | −$25.1k | −$6.06 |
| NOI | $58.6k | $14.14 |
4,146 SF · lease $21.60/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$837.3K
$732.7K – $976.9K
NOI $58,613 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.55M – $3.41M
NOI $204,389 @ 7.0% cap · market cap 27.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
FAQs
What type of property is this?
Shopping center - Neighborhood retail center with five approximately 860 SF units on a 0.31-acre parcel, offering 80% occupancy.
Where is this shopping center located?
The property is located at 1620 Ave E West Palm Beach, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Neighborhood retail center built in 1966 with 5 approximately 860 SF units totaling 4,146 SF; Located on a 0.31‑acre parcel with DG zoning; Currently 80% occupied: four established tenants plus one vacant unit for potential lease‑up upside
