Opportunity to purchase a small bay warehouse complex in Delray Beach, Fl. This property features two buildings of 11,100 SF each, for 22,200 SF of rentable space. The lot size is 87,830 SF zoned MIC – Mixed Industrial & Commercial, allowing a wide range of new development possibilities self storage, industrial, office, & affordable housing multifamily. It’s 100% occupied by 8 tenants, w/ current rents well below market rate. Providing a rare value-add opportunity or covered land play for future development.
Stabilizing the property at current market lease rates would generate an estimated gross income of $529,000 ($24/SF), & a net income of $384,960 ($17.34/SF). Most current tenants have short lease terms remaining. Phenomenal location w/ 260+ ft of direct frontage on N Congress Avenue.