602 Lucerne Ave Lake Worth, FL 33460

Property Details for 602 Lucerne Ave

Construction

CONCRETE

Lot size

0.39 lot acres

Zone code

DT

Property type

Retail space

APN

38-43-44-21-15-022-0210

APU

38434421150220210

Description

This exceptional retail investment opportunity presents a 4,875 square foot, multi-tenant storefront building situated in the heart of Downtown Lake Worth Beach, Florida. The property boasts a prime corner location with high traffic counts and ample parking (30 spaces) for tenants and customers. Comprising two single-story buildings constructed in 1948 and 1951, with renovations completed 5 years ago, the property is currently 100% occupied by five tenants under gross leases. The remaining lease term averages 2 years, presenting a value-add opportunity for the next owner. The property sits on a 0.39-acre lot and is zoned DT (Downtown City of Lake Worth Beach). With a current asking price of $2,499,000, the property offers a 5.00% cap rate and a price per square foot of $512.62. The building is classified as Class B and is an excellent investment for owner-users or investors seeking a strong return in a thriving downtown area. Long-term tenants contribute to consistent income, and the large lot size provides potential for future expansion or redevelopment. This is a rare opportunity to acquire a well-maintained property in a rapidly growing market. The property's location offers excellent visibility and accessibility, making it an attractive destination for businesses and customers alike.

Location Insight

City

Lake Worth

County

Palm Beach

State

Florida

Longitude

-80.0546

Latitude

26.6168

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments