,Flex Space, Mixed Use for Sale

for Sale

Price $4,700,000.00

• Lot size 52097
• Year Build 1990
• Waterfront
• Zip 33404
• Style
• Parking Description
• Pool Yes
• Status Active

Description

This functional small bay industrial/flex property in Riviera Beach, FL, has been fully occupied by national and regional tenants for over 15 years. The current leases are nearing their ends, with 2 and 3 years remaining. With a current NOI of $264,393, which is below market rent, there's potential for increased revenue in 2027 and 2028 based on the actual market value of $25 per square foot (NNN). The property features a versatile layout with 9 grade-level doors, office and showroom frontage on a prominent road, and easy access to I-95 via major boulevards. All NNN leases enable investors to transfer future operating cost increases to tenants. With its prime location and functionality, this property is an excellent investment opportunity for both owner-users and investors.

CALL ALEJANDRO AMADOR 786-486-9841. Current NOI is $264,393 with a 3% annual escalation and a cap rate of 5.63%. Rent is significantly below market at $14.85 and $15.71 per square foot. Projecting rent to $25 per square foot will yield a cap rate over 9% by Year 4. NOTE: The property is tenant-occupied, and in-person tours will be arranged upon acceptance of the LOI.

CENTRAL INDUSTRIAL PARK NORTH LOT 1 BLK 3

This functional small bay industrial/flex property in Riviera Beach, FL, has been fully occupied by national and regional tenants for over 15 years. The current leases are nearing their ends, with 2 and 3 years remaining. With a current NOI of $264,393, which is below market rent, there's potential for increased revenue in 2027 and 2028 based on the actual market value of $25 per square foot (NNN). The property features a versatile layout with 9 grade-level doors, office and showroom frontage on a prominent road, and easy access to I-95 via major boulevards. All NNN leases enable investors to transfer future operating cost increases to tenants. With its prime location and functionality, this property is an excellent investment opportunity for both owner-users and investors.

City:West Palm Beach,Zoning:IL,List A O R:A-Miami Association of REALTORS,Stories:1,Tax Year:2023,Latitude:26.7964054,List Price:4700000,Listing Id:A11624171,Longitude:-80.0915685,Mls Status:Active,Year Built:1990,Inclusions:Leases,Postal Code:33404,Coordinates:1:26.7964054,Photos Count:6,Business Type:1:Showroom,Days On Market:12,Lot Size Acres:1.3148,Lot Size Units:Square Feet,M I A M I R E_ Area:4340,On Market Date:2024-07-23,Parcel Number:00434219050030010,Property Type:Commercial Sale,Stories Total:1,Public Remarks:This functional small bay industrial/flex property in Riviera Beach, FL, has been fully occupied by national and regional tenants for over 15 years. The current leases are nearing their ends, with 2 and 3 years remaining. With a current NOI of $264,393, which is below market rent, there's potential for increased revenue in 2027 and 2028 based on the actual market value of $25 per square foot (NNN). The property features a versatile layout with 9 grade-level doors, office and showroom frontage on a prominent road, and easy access to I-95 via major boulevards. All NNN leases enable investors to transfer future operating cost increases to tenants. With its prime location and functionality, this property is an excellent investment opportunity for both owner-users and investors.,County Or Parish:Palm Beach County,List Office Name:Douglas Elliman,Private Remarks:CALL ALEJANDRO AMADOR 786-486-9841. Current NOI is $264,393 with a 3% annual escalation and a cap rate of 5.63%. Rent is significantly below market at $14.85 and $15.71 per square foot. Projecting rent to $25 per square foot will yield a cap rate over 9% by Year 4. NOTE: The property is tenant-occupied, and in-person tours will be arranged upon acceptance of the LOI.,Standard Status:Active,Living Area Units:Square Feet,Major Change Type:New,Postal Code Plus4:1757,Property Sub Type:Flex Space,State Or Province:FL,Tax Annual Amount:36548,Unparsed Address:3555 Fiscal Ct, West Palm Beach FL 33404,Listing Agreement:Exclusive Right To Sell,Year Built Details:Resale,Building Area Total:17417,Building Area Units:Square Feet,Lot Size Square Feet:52097,Number Of Buildings:1,Original List Price:4700000,I D X Participation Y N:1,Syndication Remarks:This functional small bay industrial/flex property in Riviera Beach, FL, has been fully occupied by national and regional tenants for over 15 years. The current leases are nearing their ends, with 2 and 3 years remaining. With a current NOI of $264,393, which is below market rent, there's potential for increased revenue in 2027 and 2028 based on the actual market value of $25 per square foot (NNN). The property features a versatile layout with 9 grade-level doors, office and showroom frontage on a prominent road, and easy access to I-95 via major boulevards. All NNN leases enable investors to transfer future operating cost increases to tenants. With its prime location and functionality, this property is an excellent investment opportunity for both owner-users and investors.,Listing Contract Date:2024-07-23,Originating System I D:miamire,Public Survey Section:19,Showing Instructions:Call Listing Agent,Street Number Numeric:3555,Tax Legal Description:CENTRAL INDUSTRIAL PARK NORTH LOT 1 BLK 3,Originating System Name:Miami Association of REALTORS?,M I A M I R E_ Internet Remarks:Highly functional small bay industrial/flex property. Fully occupied by national & regional tenants. Significant revenue potential. Prime location!,Contract Status Change Date:2024-07-23,M I A M I R E_ Ok To Advertise List:No,Transaction Broker Compensation:2%,Internet Entire Listing Display Y N:1,M I A M I R E_ Compensation Disclaimer:BBC: 2%, The offer of compensation is made only to participants of the MLS where the listing is filed.,Transaction Broker Compensation Type:%,