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t r a n s l a t e

Congress Center North | 100% Occupied West Palm Beach Office Building

4400 N Congress Avenue
West Palm Beach, FL 33407
PRICE : $8,605,000
CAP RATE: 7%
PROPERTY TYPE: Office
SITE SIZE: 2.29 Acres
BUILDING SIZE: 41,861 SF
YEAR BUILT: 1986

Highlights

  • 100% occupied with stable tenants
  • 100% collections through COVID
  • 2.5% to 3% escalations in every lease
  • Weighted-average lease term just under 6 years
  • Rents average $22.55/SF - Comparable rents in submarket average $26-27/SF
  • 41,861 SF building on 2.29-acre corner site
  • 172 parking spaces, 40 covered, 4.6 per 1,000 SF
  • New TPO membrane roof in 2015 with warranty through 2035
  • Florida is a no income tax state
  • Delivered debt free at closing
  • Bull Realty Florida License # 1026029

Description

Opportunity to acquire a 7% cap rate, fully-occupied, two-story, 41,861 SF, suburban office building in West Palm Beach, Florida. Congress Center North is 100% occupied, with established mostly non-profit tenants, and achieved 100% collections through COVID. The property provides a stable income and offers upside potential by increasing rents closer to market levels.

The property is well-located and convenient to JFK Medical Center, St. Mary's Medical Center, Palm Beach International Airport, Magnolia Park Commuter Station, Bear Lakes Country Club, Palm Beach Outlets, downtown West Palm Beach, the Florida Turnpike, and Interstate-95.

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