3091 Military Trl Palm Springs, FL 33461

Property Details for 3091 Military Trl

Year built

2006

Lot size

2.07 lot acres

Property size

10,000 SF

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.

Location Insight

City

Palm Springs

County

Palm Beach

State

Florida

Longitude

-80.0926

Latitude

26.6212