Bought with Coastal Real Estate Co
$1,500,000
$1,800,000
16.7%For more information regarding the value of a property, please contact us for a free consultation.
6 Baths
8,169 SqFt
SOLD DATE : 09/15/2022
Key Details
Sold Price $1,500,000
Property Type Commercial
Sub Type Office
Listing Status Sold
Purchase Type For Sale
Square Footage 8,169 sqft
Price per Sqft $183
Subdivision Model Land Co
MLS Listing ID RX-10780119
Sold Date 09/15/22
Year Built 1977
Annual Tax Amount $19,543
Tax Year 2021
Lot Size 0.750 Acres
Property Sub-Type Office
Property Description
Free standing single story office building with well established tenant in place. Buyer MUST be willing to buy with the current tenant in place until November 2026. Tenant has option for 2 additional 5 year terms. Being sold with tenant in place on 5 year NNN leases at $120k/year. 3% rent escalation per year. Tenant pays ALL expenses, capital expenditures, taxes, and insurance. 6% estimated CAP rate going up as rent escalation goes up. Showings need to be scheduled around tenants.
Location
State FL
County Palm Beach
Area 5660
Zoning CG(cit
Interior
Heating Central
Cooling Central
Flooring Other
Fireplaces Type None
Exterior
Utilities Available Cable, Electric, Public Sewer, Public Water, Separate Meter
Roof Type Built-Up,Tar/Gravel
Building
Story 100.00
Foundation CBS
Others
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
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