1422 Lucerne Ave Lake Worth Beach, FL 33460
- Retail space
- 2,500 SF
- 0.31 lot acres
Current Use by Public Records
- Premium Painters - West Palm Beach / Painter
Property Details for 1422 Lucerne Ave
- Year built
- 1950
- Lot size
- 0.31 lot acres
- Property size
- 2,500 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 38-43-44-21-15-006-0280
Description
This exceptional mixed-use property in Lake Worth Beach, Florida, presents a compelling investment opportunity. Located at 1422 Lucerne Ave, this 0.31-acre parcel boasts 2,500 square feet of net rentable space currently occupied by two buildings: an 800 sq ft commercial building and a 1700 sq ft single-family home. Both structures underwent complete renovations in 2022, featuring updated interiors, impact-resistant windows and doors, and new AC systems. The property benefits from a strong net operating income (NOI) of $60,000 annually, generated from existing leases with two tenants, currently at 100% occupancy since March 1, 2022. These leases are net leases and expire February 28, 2025. The property is zoned MU-E (Mixed Use-East), allowing for a wide range of commercial and residential applications. The maximum base density permits eight residential units, but incorporating city programs could increase this to 22 units. The property includes five parking spaces. This corner location offers significant development potential within a thriving arts district experiencing substantial mixed-use development. A Zoning Verification Letter from the City of Lake Worth Beach is available. The asking price is $1,600,000. This is a Class B property built in 1950, with two one-story buildings.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lake Worth Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0631309
- Latitude
- 26.6169648
