621 NW 53Rd St Boca Raton, FL 33487

Property Details for 621 NW 53Rd St

Year built

1985

Construction

STEEL FRAME

Lot size

3.23 lot acres

Property size

241,089 SF

Zone code

LIRP

Property type

Office buildings

APN

06-43-47-06-06-002-0020

APU

6434706060020020

Description

This Class A, seven-story office tower, One Park Place, offers 237,331 rentable square feet in Boca Raton's premier Park at Broken Sound community. Built in 1985 and renovated in 1990, the property boasts a 40% occupancy rate with significant upside potential. Located on 6.5 acres, it features 875 structured parking spaces (3.71/1,000 SF), a shaded courtyard, and unique wrap-around balconies. Its prime location on the I-95 corridor (270,000 vehicles per day) provides exceptional visibility and signage opportunities, potentially generating substantial additional revenue. The building's proximity to the Boca Raton Tri-Rail station ensures convenient access for employees and tenants throughout the Tri-County area. The existing leases offer an 18.5% mark-to-market opportunity, presenting a compelling value-add investment prospect. The upper two vacant floors present a unique chance to create a headquarters location with private elevator access, potential for extensive signage, and space for amenities like training rooms and a fitness center. This property represents a rare opportunity to acquire a significantly under-leased asset in a thriving market, allowing for substantial returns on investment. There is no ground lease on this property.

Location Insight

City

Boca Raton

County

Palm Beach

State

Florida

Longitude

-80.0954

Latitude

26.3972

CBSA code

33100

CBSA name

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

Property Tax & Assessments