Moorhouse Professional Plaza West Palm Beach, Florida

$2,450,000
Cap Rate: 7.75%
Available
Property type: Multi-Tenant / Shopping Center

Property Details

Cap Rate: 7.75%
Price: $2,450,000
Rentable Square Feet: 11,730
Net Operating Income: $189,891
Price PSF: $209.00
Land Area: 1.30 Acres
Year Built: 1981

3472 Forest Hill Blvd
West Palm Beach, Florida 33406

Investment Highlights

  • All Leases Have Three to Four Percent Annual Rent Bumps
  • One Vacancy; Property is 85 Percent Occupied
  • Over $100,000 in Expense Reimbursements
  • Located on Forest Hill Boulevard with a Daily Traffic Count of More Than 47,000 Vehicles
  • Less Than Two Miles from Interstate 95 with a Daily Traffic Count of 245,000 Vehicles
  • Population Over 300,000 Within a Five-Mile Radius of the Subject Property

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a multi-tenant office building located in West Palm Beach, Florida. Moorhouse Professional Plaza is more than 11,000 square feet of medical office space and is 85 percent occupied. All the leases have three to four percent annual rent increase, and total expense reimbursements come to more than $100,000.

The immediate area has strong demographics with a population of over 300,000 within a five-mile radius of the subject property. The Plaza is located on Forest Hill Boulevard with a daily traffic count of more than 47,000 vehicles, and less than two miles from Interstate 95 with 245,000 vehicles. Surrounding national retailers in the immediate area include Walmart Neighborhood Market, Publix, Rent-A-Center, Bealls Outlet, Family Dollar, Tire Kingdom, Burger King, McDonald’s, Taco Bell, Wells Fargo, TD Bank, Walgreens and many more.

The subject property is just minutes from the beaches of the Atlantic Ocean, and Trump International Golf Club West Palm Beach, a well-known, private country club and championship golf course. West Palm Beach is located in Palm Beach County which is Florida’s third most populous county with 1.4 million people. The area is expected to add more than 97,000 citizens through 2023.

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