650 Congress Ave Delray Beach, FL 33445-3429

Property Details for 650 Congress Ave

Year built

1982

Construction

CONCRETE

Lot size

0.91 lot acres

Property size

9,488 SF

Zone code

PC

Property type

Banks

APN

12-43-46-07-01-001-0205

APU

12434607010010205

Description

This fee-simple, two-story, 9,488 square foot Regions Bank building in Delray Beach, Florida, presents a compelling investment opportunity. Located on busy N Congress Ave, the property boasts excellent visibility and high foot traffic, with over 30,000 vehicles passing daily. The current tenant, Regions Bank, a highly creditworthy institution (S&P: A-2), has occupied the site for over 40 years, demonstrating strong commitment. The lease expires February 28, 2025, offering flexibility for owner-occupancy or securing new tenants. The property features ample parking and is ADA compliant with ramps and elevators. The 0.91-acre lot is zoned PC, allowing for mixed commercial use and potential redevelopment. With a strong NOI of $423,134 and a 10.96% cap rate, this property benefits from Delray Beach's thriving economy, low vacancy rates (under 3%), and the positive impact of the new high-speed railway connecting major Florida cities. The building's 5,000 square feet per floor maximizes space utilization. Annual rent bumps of 3% are included, and lease options of 1 or 3 years are available. The asking price is $3,860,000, translating to $406.83 per square foot. This is a prime opportunity in a high-demand market.