Current Use by Public Records
- Lifestyle centers
Property Details for 3091 Military Trl
- Year built
- 2006
- Lot size
- 2.07 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a fee-simple ownership of a 10,000-square-foot, multi-tenant shopping center in Lake Worth Beach, Florida. The property, built in 2006 and renovated in 2024, sits on a 2.07-acre lot and boasts a 9,924-square-foot net rentable area. Currently 100% occupied with nine units, the center generates a substantial net operating income (NOI) of $323,398, representing an 8.98% cap rate. The asking price is $3,600,000, translating to $362.75 per square foot. Leases are absolute NNN with a remaining term of two years, commencing December 1, 2024, and expiring December 31, 2026, featuring a 3% annual rent bump. The property includes a high-performing express car wash with 21 vacuum stations and updated equipment, complemented by a fully occupied retail center with a waiting list of prospective tenants. This dual-income stream provides consistent cash flow, regardless of weather conditions. Located on South Military Trail, a high-traffic area exceeding 43,000 vehicles daily, the center benefits from strong demographics, with approximately 345,000 residents within a five-mile radius and an average household income of nearly $80,000. The property's prime location and robust financial performance make it an attractive investment in Palm Beach County's thriving retail market. The car wash has seen a 51% increase in NOI over the past six months compared to the previous six months. This property offers significant tax savings via accelerated bonus depreciation.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Palm Springs
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0926
- Latitude
- 26.6212
