Country Grove Plaza West Palm Beach, Florida

$3,265,000
Cap Rate: 7.00%
Property type: Multi-Tenant / Shopping Center

Property Details

Cap Rate: 7.00%
NOI: $228,617
Current Occupancy: 100%
Total Gross Leasable Area (GLA): 16,652 SF
Year Built: 1989
Lot Size: 1.86 Acres
Parking Spaces: 75 spaces

Investment Highlights

  • High Traffic Volume off of South Military Trail and Forest Hill Blvd with Over 41,440 VPD
  • Located on A Primary North-South Corridor Through Palm Beach County Between the Florida Turnpike and Interstate 95
  • Excellent Investment Opportunity of an 100% Occupied Retail Strip Center
  • New Roof Coatings with 10- Year Roof Warranties
  • Desirable location, minutes away from Palm Beach International Airport and Downtown West Palm Beach
  • Located on South Military Trail, the primary north-south corridor through Palm Beach County between the Florida Turnpike and Interstate 95
  • Dense Population of Over 328,868 residents within a 5-mile radius
  • Surrounding national retailers include Publix, Chase, Sears, McDonald’s, AutoZone, Walgreens, Dunkin Donuts, TD Bank, Boston Market and many more

 

Investment Overview

Marcus & Millichap is pleased to offer for sale to qualified investors, the opportunity to purchase Country Grove Plaza located at 1336 S. Military Trail, West Palm Beach, FL 33415.  Country Grove Plaza is on a 1.86-acre parcel consisting of 16,652 SF of occupied retail space plus.  There are currently 14 tenants with a variety of uses operating under leases which have all been structured with annual increases to the base rent. The roof on one of the buildings was coated in 2017, and the other was just coated in 2018; both have new 10-year warranties.  With no vacancy, this opportunity presents itself as a stabilized center and a strong, long-term investment.

Country Grove Plaza is ideally situated with excellent access and visibility off South Military Trail and Forest Hill Blvd with a daily traffic count of 41,440 Vehicles.  South Military Trail is a primary north-south corridor through Palm Beach County between the Florida Turnpike and Interstate 95. Surrounding national retailers include Publix, Chase, Sears, McDonald’s, AutoZone, Walgreens, Dunkin Donuts, TD Bank, Boston Market and many more.  The subject property’s location is exceptional, just 4 miles from the Palm Beach International Airport and 7 miles from Downtown West Palm Beach.

Nicknamed the “Gold Coast” from the tales of shipwrecks containing treasure, Palm Beach County, benefits from attractive demographics.  Palm Beach County has almost fifty miles of shoreline which attracts nearly seven million tourists every year.  Palm Beach County is one of the nation’s wealthiest counties and home to more than 1.4 Million people with an expected addition of 93,200 residents through 2022.  Residents of Palm Beach County take home the highest average income in the state.    Palm Beach County has a favorable tax structure, strong job growth and an economic base with strengths in technology, manufacturing and agriculture.

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