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3677 23rd Ave S
Lake Worth Beach, FL 33461 Outer Greenacres

$1,500,000 USD

Distribution Condo For Sale  •  4,400 SF

Property Details

  • Property Type Distribution
  • Total Building Size 13,626 SF
  • Lot Size 4 AC
  • Building Class B
  • Year Built 2008
  • Cap Rate 5.25 %
  • Tenancy Multiple
  • Zoning I-POC
0 Transit Score
24 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit B107 Flex 4,400 SF $1,500,000 USD
  • Unit Size: 4,400 SF
  • Condo Use: Flex
  • Price: $1,500,000 USD
  • Sale Type: Investment
  • Price/SF: $340.91 USD
Description
4400 SF light industrial flex space investment - perfect for investor or 1031 Buyer.  The condo association takes acre of all exterior maintenance and the Tenant takes care of the interior maintenance.
This is a Sale Leaseback opportunity with a well-established pharma company. They have a 5-year Lease, with built-in rent increases each year, and two 5-year options, so long-term income is assured.  Initial cash-on-cash return is just over 5%.

Sale Notes
2025 rental income is $116,400.  2025 expenses include condo fees of $15,600 and real estate taxes of $16,200.  Factoring in a 5% contingency for possible expenses, the cash-on-cash return is just over 5%.

Description 

21st Century Light industrial condos near I95 in Lake Worth Beach. 21st century concrete construction with impact-resistant glass doors and windows, and offices and restrooms already built. Two oversized and wind-tested overhead doors. Perfect for contractor, distributor, ecommerce, distribution, warehousing and storage.  24-hour advance notice needed. Call Chris or BarbaraJayne for appointment.

Highlights

21st Century, storm-ready flex space
Offices and restrooms already built
Near I95, PBIA and everywhere!

Property Flyers

Financial Summary

Cap Rate: 5.25 %
Total Expenses: $0 USD

Major Tenants

Tenant SF Occupied Lease End Date
Capzer Pharma 4,400 SF 10/31/2030

Amenities

  • 24 Hour Access
  • Controlled Access
  • Fenced Lot
  • Air Conditioning
  • Smoke Detector

Public Transportation

Commuter RailDriveWalkDistance
Lake Worth (Tri-County Commuter - South Florida Regional Transportation Authority (Tri-Rail)) 4 min - 1.3 mi
Boynton Beach (Tri-County Commuter - South Florida Regional Transportation Authority (Tri-Rail)) 10 min - 6.2 mi
AirportDriveWalkDistance
Palm Beach International 15 min - 7.5 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 35
Type: Surface
Included in Rent: Yes
Christina Morrison 561-573-7083 Christina Morrison, P.A., CPM
Christina Morrison 561-573-7083 Christina Morrison, P.A., CPM