Northlake Plaza West Palm Beach,Florida

$4,550,000
Property type:Single-Tenant Net Lease

The space

  • Price: $4,550,000
  • Cap Rate: 6.50%
  • Total Square Feet: 15,842
  • Net Operating Income: $295,205
  • Price PSF: $287.21
  • Land Area: 1.32 Acres

Description

2863 Northlake Blvd.
West Palm Beach, FL 33403

Investment Highlights

  • Multi-Tenant Retail Center, 100% Occupied
  • Each Tenant has Annual Rent Increases
  • All Tenants are On Time and Up to Date with Rent
  • Billboard Located on Property is Not Included in Sale
  • Property Includes a Drive-Thru Window
  • 56 Parking Spaces With a Parking a Ratio of 3.5 Spaces for Every 1,000 Square Feet

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Northlake Plaza in West Palm Beach, Florida. Northlake Plaza is more than 15,000 square feet of multi-tenant retail space. This plaza has great accessibility with four ingress and egress points. The property also includes a drive-thru window and 56 parking spaces. Northlake Plaza is 100 percent occupied with all tenants having annual rent increases. All tenants are also on time and up to date with rent.

The surrounding area has exceptional demographics and traffic counts. Northlake Plaza is near the major intersection of Northlake Boulevard and Old Dixie Highway with a combined traffic count of 97,000 vehicles daily. The property is one mile from Interstate 95 which has a daily traffic count of approximately 187,500 vehicles. The population in a five-mile radius of the subject property is more than 160,000, with an average household income within three miles is $83,887, and $95,719 in five miles. The subject property is directly across the street from a large retail center anchored by Burlington, Hobby Lobby and Staples. Other surrounding national retailers include Lowe’s, Target, Kohl’s, Costco, Rooms To Go Outlet, Publix, The Home Depot, Home Goods, PetSmart, McDonald’s, Burger King, Taco Bell, Dunkin Donuts, Starbucks, Advance Auto Parts, Jiffy Lube, Wells Fargo, Chase Bank and many more.

The largest city in Palm Beach County, West Palm Beach is known for its many golf courses, country clubs and vacation resorts including PGA National Resort & Spa, home to five championship 18-hole golf courses, and less than six miles from Northlake Plaza. The property is three miles from Palm Beach State College which has an enrollment of more than 28,500 students. Also, four miles from the Atlantic Ocean and John D. MacArthur Beach State Park.

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