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8000 N Federal Highway, Boca Raton, FL 33487

$7,512,000
Property Type: Comm/Industry Baths: 8 Square Footage: 26,655 Status: Closed
Current Price: $7,512,000 Last Modified: 3/26/2024

Description

Compass Commercial is pleased to offer for sale 8000 North Federal Highway, a 26,655 SF premier office building located in Boca Raton's high-growth Northeast commercial corridor. The property provides a beautiful and professional setting with ample parking, including covered parking spaces and an excess 0.2-acre pad for overflow parking, additional structures, or additional rental revenues. Situated directly on US-1 (Federal Hwy), the property offers unmatched visibility and fantastic accessibility to capture all traffic flowing between Boca Raton and Delray Beach. The property provides direct access to numerous retailers, high housing density, and prominent amenities.

Supplements: The property is further enhanced by more than $200,000 of recent capital improvements and new development occurring on neighboring parcels. The property is currently 97% leased, with additional revenues from a corporate cellular tower and building signage. The diverse tenant mix provides credit risk mitigation, while staggered lease expirations allow for tremendous upside with the migration of tenants to net lease structures at market rents. A buyer may also achieve vastly increased value via efficient management and identifying additional profit centers from the excess 0.2-acre parcel, rooftop revenues, telecom charges, and signage income. Historically, the property maintains high occupancy, but demand in the building has skyrocketed over recent months, yielding record-high rentals rates on new leases. Current ownership is dissolving its partnership, opening the opportunity for an investor to capitalize on increased management efficiency while participating in Boca Raton's unprecedented growth and surge in demand for high-end suburban office space.

More Information MLS# RX-10744454

Contract Information

Auction: No List Price/Bldg SqFt: 296.19 Status: Closed Original List Price: 7895000 Sold Price: $7,512,000 Current Price: $7,512,000 Listing Date: 2021-09-09

General Property Description

For Sale: Yes For Lease: No Property Desc: 18568 / 61 Acres: 1.13 Built Desc: Resale Waterfront: Yes SqFt Source: Tax Rolls # of Stories: 3 Total Units: 24 % Air Conditioned: 100 Type: Industrial Subdivision: S/D OF 32-46-43 IN Year Built: 1984 SqFt - Living: 26655 Baths - Total: 8

Location, Tax & Legal

Geo Area: PB02 State/Province: FL Tax Year: 2020 Zoning: RB1(ci Real Estate Taxes: 73099.2 Area: 4180 County: Palm Beach Parcel ID: 06434632120090090 Street #: 8000 Street Dir: N Street Name: Federal Street Suffix: Highway Zip Code: 33487 Legal Desc: 32-46-43, SLY 200 FT OF N 500 FT OF LT 9 LYG E OF & ADJ TO US HWY # 1 & SW OF & ADJ TO C-15 CNL R/W Geo Lat: 26.421598 Geo Lon: -80.073503

Remarks & Misc

Directions: US-1, just south of the Delray/Boca bridge. East side of highway.

Office/Member Info

DXORIGMLNO: RX-10744454 DXORIGMLSID: RML

Status Change Info

Terms of Sale: Cash Sold Price/Bldg SqFt: 281.82 Under Contract Date: 2021-12-02 Sold Date: 2022-02-22 Sold Price: $7,512,000

Type of Building

Commercial: 1 Income: 1 Office Space: 1 Office/Professional: 1 Office/Retail: 1 Other: 1

Sale Includes

Building and Land: 1 Fixtures: 1 Furniture: 1 Inventory: 1

Avail Info

Books & Records: 1 Copies of Lease: 1 Drawings: 1 Existing Survey: 1 Full Financials: 1 Investment Analysis: 1 Owner managed: 1 Photos: 1

Avail Docs

Abstract: 1 Aerial: 1 Previous Title: 1

Waterfront Details

Canal Width 1 - 80: 1

Cooling

Central Individual: 1

Heating

Central Building: 1

Tenant Pays

None: 1

Use

Income: 1 Mixed: 1 Professional Office: 1

Flooring

Carpet: 1 Ceramic Tile: 1 Terrazzo Floor: 1

Utilities

Cable: 1 Electric: 1 Gas Natural: 1 Municipal Water: 1 Public Sewer: 1

Fire Protect

Sprinkler: 1

Roof

Tar/Gravel: 1

Terms Considered

Cash: 1 Conventional: 1

Possession

At Closing: 1

Showing Instructions

Text Listing Agent: 1

Lease

None: 1

Contingencies

Financing: 1 Inspection: 1

Property Features

Use: Income; Mixed; Professional Office Type of Building: Commercial; Income; Office Space; Office/Professional; Office/Retail; Other Sale Includes: Building and Land; Fixtures; Furniture; Inventory Avail Docs: Abstract; Aerial; Previous Title Avail Info: Books & Records; Copies of Lease; Drawings; Existing Survey; Full Financials; Investment Analysis; Owner managed Flooring: Carpet; Ceramic Tile; Terrazzo Floor Cooling: Central Individual Heating: Central Building Fire Protect: Sprinkler Tenant Pays: None Utilities: Cable; Electric; Gas Natural; Municipal Water; Public Sewer Waterfront Details: Canal Width 1 - 80 Roof: Tar/Gravel Terms Considered: Cash; Conventional Lease: None Possession: At Closing Showing Instructions: Text Listing Agent Contingencies: Financing; Inspection
Listing Office: Compass Florida LLC
IDX
Last Updated: March - 26 - 2024
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