Anchored Shopping Center with Pylon
For Sale
Contact for pricing
4370 Okeechobee Blvd, West Palm Beach, FL 33409
Anchored retail center with long-term NNN leases, national tenants, and direct access to I-95.
Property Size357,000 SF
Lot Size30.00 Acres
Price / SF$232.49
Days on Market161
Property Features for 4370 Okeechobee Blvd
General Information
Standard status
Active
Size
357,000 SF
Class
B
Lot size
30.00 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$5,000,000
Site & Location
Corner Location
Yes
Pylon Signage
Yes
Anchor Co-Tenants
Konn's, Ollie's Bargain Outlet, Presidente Supermarket
Traffic Count
126,500 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1998
Tenancy
Multi
Listing Agency:
FIND Real Estate
Listed By:
Yaniv Grinberg · License #NY #10401359296
Source:
Crexi
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 10:42PM
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 FIND Real Estate
Investment Insights
Based on property information with market context.
Cross Country Plaza is an anchored shopping center on approximately 30 acres, with 357,000 in reported property size and a 1998 construction date. The center includes multiple pylon signs, oversized parking fields, and long-term NNN leases associated with Ollie's Bargain Outlet and Presidente Supermarket. The source also identifies 20-year NNN lease terms for these national credit tenants.
The property occupies a corner along Okeechobee Boulevard at 4370 Okeechobee Blvd in West Palm Beach, Florida. It sits directly off I-95 and benefits from reported intersection traffic exceeding 126,500 AADT. The parking areas are identified as having potential for additional retail or residential development, subject to applicable approvals. Tenant operations are to remain undisturbed.
The property occupies a corner along Okeechobee Boulevard at 4370 Okeechobee Blvd in West Palm Beach, Florida. It sits directly off I-95 and benefits from reported intersection traffic exceeding 126,500 AADT. The parking areas are identified as having potential for additional retail or residential development, subject to applicable approvals. Tenant operations are to remain undisturbed.
Key Highlights
- Approximately 30 acres along Okeechobee Boulevard
- 357,000 reported property size; built in 1998
- Anchored by Ollie's Bargain Outlet and Presidente Supermarket
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$5,046,980
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$100,939,600
$100.9M
Cap Rate 7%
$72,099,714
$72.1M
Cap Rate 9%
$56,077,556
$56.1M
Market Conditions
NOI Build-Up for 357,000 SF
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.
Gross rent
$7.71M $21.60/SF
− Vacancy
−$501.2K −$1.40/SF
EGI
$7.21M $20.20/SF
− OpEx
−$2.16M −$6.06/SF
NOI
$5.05M $14.14/SF
Area
West Palm Beach, FL
Vacancy
6.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$100,939,600
Cap Rate 7%
$72,099,714
Cap Rate 9%
$56,077,556
Alternative Uses
Best Use
Retail
$72.10M
$63.09M – $84.12M
NOI $5,046,980 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$251.42M
$219.99M – $293.32M
NOI $17,599,357 @ 7.0% cap · market cap 21.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
126,500 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,709
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33409, FL
33,061
Population
13,715
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
80%
High-School Grad
6.3 sq mi
ZIP Area
5,248
Density / Sq Mi
$65,206
Median Household Income
$34,994
Median Earnings
$1,633
Median Rent
$282,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Anchored retail center with long-term NNN leases, national tenants, and direct access to I-95.
Where is this shopping center located?
The property is located at 4370 Okeechobee Blvd West Palm Beach, FL.
What is the asking price?
The asking price for this property is $83,000,000.
What are key features of this property?
This property features: Approximately 30 acres along Okeechobee Boulevard; 357,000 reported property size; built in 1998; Anchored by Ollie's Bargain Outlet and Presidente Supermarket
