650 Congress Ave Delray Beach, FL 33445-3429
Property profile & analytics
650 Congress Ave Delray Beach, FL 33445-3429
- Banks
- 9,488 SF
- 0.91 lot acres
Property ID
US18-5214510
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Durocher Adele / Insurance Agency
- LAKE IDA PLAZA / Shopping Center & Mall
- Regions Bank / Bank / Loan Service
- ATM (Regions Bank) / Atm
- Western Union / Bank / Credit Union
Property Details for 650 Congress Ave
- Year built
- 1982
- Construction
- CONCRETE
- Lot size
- 0.91 lot acres
- Property size
- 9,488 SF
- Zone code
- PC
- Property type
- Banks
- APN
- 12-43-46-07-01-001-0205
- APU
- 12434607010010205
Description
This fee-simple, two-story, 9,488 square foot Regions Bank building in Delray Beach, Florida, presents a compelling investment opportunity. Located on busy N Congress Ave, the property boasts excellent visibility and high foot traffic, with over 30,000 vehicles passing daily. The current tenant, Regions Bank, a highly creditworthy institution (S&P: A-2), has occupied the site for over 40 years, demonstrating strong commitment. The lease expires February 28, 2025, offering flexibility for owner-occupancy or securing new tenants. The property features ample parking and is ADA compliant with ramps and elevators. The 0.91-acre lot is zoned PC, allowing for mixed commercial use and potential redevelopment. With a strong NOI of $423,134 and a 10.96% cap rate, this property benefits from Delray Beach's thriving economy, low vacancy rates (under 3%), and the positive impact of the new high-speed railway connecting major Florida cities. The building's 5,000 square feet per floor maximizes space utilization. Annual rent bumps of 3% are included, and lease options of 1 or 3 years are available. The asking price is $3,860,000, translating to $406.83 per square foot. This is a prime opportunity in a high-demand market.
Value Estimations
based on Realmo’s proprietary methodology
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,199,000
Market price range: $2.13M - $5.67M -
Alternative Use
- Use
- Estimation
- FINANCIAL BUILDING
- $3,505,000 Current use
- AUTO REPAIR, GARAGE
- $4,685,000 Change: +34% Conversion: Difficult
- OFFICE BUILDING
- $4,465,000 Change: +27% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Delray Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0925
- Latitude
- 26.4722
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$50,494
$1,104,152
$1,476,343
$2,580,495
-
$1,104,152
$1,476,343
$2,580,495
