2223 Palm Beach Lakes Blvd, West Palm Beach, FL 33409

Property Details for 2223 Palm Beach Lakes Blvd

Year built

2007

Lot size

1.75 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional West Palm Beach property, located at 2223 Palm Beach Lakes Blvd, offers a compelling investment opportunity with a pro-forma 9% cap rate. The 27,266 square foot building, situated on a 1.75-acre lot, features a mix of retail and medical office space, currently housing two tenants in a multi-tenant configuration. Built in 2007 and extensively renovated in 2018, the property boasts a new roof with a remaining 15-year transferable warranty. The building comprises two separate spaces of 16,500 and 11,000 square feet, each with its own electric meters and a total of seven HVAC systems. A state-of-the-art fire protection and sprinkler system is in place. The property benefits from ample parking in front, rear, and on the service road, along with monument and building signage opportunities. The current tenants include a high-end gym (operating until August 2023) and a discount furniture store. The asking price is $8,861,111, with a current NOI of $797,500. The property is zoned for Store and General Commercial use and offers lease options ranging from 1-3 years to 7-10 years. The current leases are modified gross with annual increases. Note that the pro-forma 9% cap rate is based on a buyer securing new tenants at market rent. This prime location is adjacent to major retailers including Red Lobster, PA BBQ, Twin Peaks, Walgreens, and Chipotle, and is conveniently situated between I-95 and Okeechobee Boulevard. The property is suitable for a 1031 exchange.

Location Insight

City

West Palm Beach

County

Palm Beach

State

Florida

Longitude

-80.0974

Latitude

26.7113