Investment Overview

Marcus & Millichap is pleased to present for sale this Development Site located at 3818 South Congress Avenue in Palm Springs, Florida. Palm Springs is a city in Palm Beach County, and it has a population of 26,844. In 2020, Palm Springs had a workforce of 12,225 people. As a business center, the city also experiences significant daytime population increases. The property consists of a ±20,390 SF (0.47 acres) land parcel. Sitting on 4 Signal Intersection, the property has two points of ingress/egress on Congress Avenue and 2nd Avenue North. It is strategically located on the Corner of South Congress Avenue and 2nd Avenue North with 43,000 vehicles per day and less than 1.5-Miles west of I-95.The property is serving the surrounding suburbia with 6,814 households within a 1-Mile Radius and Palm Beach State College with over 35,999 students. Vacancy in the West Palm Beach Retail submarket is 3.5%. Rents are around $28.00/SF, which is a 9.3% increase from where they were a year ago. In the past three years, rents have increased a cumulative 24.5%. About 18,000 SF is under construction, representing a minimal 0.1% expansion of inventory. The largest industries in Palm Springs in terms of the number of employees were construction, health care, social assistance, and retail trade. With this, the major employers in the surrounding area consist of Soverign Heathcare Medicana, United State Postal Service, Florida Military Department, and School Board Palm Beach County. Within a 1-Mile Radius of the property, the average household income exceeds $54,269 and a population of 17,900. The property sits 0.5 Miles away from the Palm Beach State College. Many colleges and schools are a few minutes from this property including Palm Beach State College, Saint Luke Catholic School, Palm Beach Preparatory Charter Academy, John I. Leonard Highschool, and Lake Worth Middle School. Shopping malls and shopping centers nearby include Boynton Beach Mall, Palm Springs Plaza, Waterside Plaza, Polo Grounds Mall, Boynton Lakes Plaza, and Mil Lake Plaza. There are many national and regional retailers in the immediate area including Aldi, Publix, Walmart, Presidente Supermarket, Ross, Beall’s, Wawa, Mc. Donald’s, Burger King, and many more.