639 East Ocean Ave, Boynton Beach, FL

Office for Sale - $15,000,000 - 40,000 Sq. Ft. on 1.7 acres


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Agent Info

NameDouglas Hauck

Property Info

CIMLS #810462
Location639 East Ocean Ave
Boynton Beach FL 33435
Last UpdatedApril 7th, 2018
TypeOffice
Price$15,000,000
Building40,000 Sq. Ft.
Land1.7 acres

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Property Description

This portfolio includes 5 Commercial Properties in the greater Boynton Beach market. The portfolio is has been aggregated by owner over the past several years. The properties have been renovated to a medium, market standard. The neighborhoods in which the properties reside can best be described as B quality, with school ratings and rental rates that are average relative to the market. Historical occupancy can best be described as very high (100%). Properties in the portfolio have historically taken only days to lease. The downtown area is sought after growing area with shopping, bars and restaurants. Several large construction projects are underway, and in planning. All located within 1 square mile (12 city blocks) in Boynton Beach FL 33435, all east of I-95.

Downtown Boynton Beach is on the move. After decades of anti-development thought - large PUD developments are completing, and underway. Boynton Beach Downtown is positioning itself as a major attraction.

500 Ocean, a $4.4 million multi-use complex with 341 luxury rentals, 13,300 square feet of retail and 6,600 square feet of office space at 101 S. Federal Highway, on the corner of Ocean Avenue and Federal Highway.

Casa Del Mar, a gated waterfront community with 69 luxury town-homes and three multimillion-dollar single-family homes on the Intracoastal, at 2632 N. Federal Highway.

As part of the project, LeCesse Development Corp. will construct a six-story building with apartments; another building with offices, restaurants and retail businesses; and a seven-story parking garage with more than 600 parking spaces on the 4.7-acre site. "It's pivotal to Ocean Avenue because it starts the development process," said Vivian Brooks, executive director for the Boynton Beach Community Redevelopment Agency. City officials anticipate that with more than 300 rental units, the development could bring close to 600 new residents. 500 Ocean is the first major project to break ground since 2009, but there are more to come.

Townhomes in Casa Del Mar are expected to be three and four stories and start at $300,000. The development will include a marina, boat slips, cabana and 14 docks.

"Casa Del Mar shows that Boynton Beach has growth potential and is moving forward," said Boynton Beach Commissioner David Merker. "It represents a new refinement in Boynton Beach — it's elegant and it's positive."

Much development is centric to Ocean Avenue and Federal Hwy. Large PUD developments exist, or in major development, on the NE and SW corner of the intersection, with an additional large tract directly on the NE corner poised for development. Boynton Beach Downtown is positioning itself as a major attraction with large residential, commercial, and retail high density target that will explode this previously under-developed sleepy area into a bustling go-to spot.


Financials

Also available 5 units rented as a performing asset

see http://eastof95.com/FirstFinancial

for financials


Location & Street View