Mixed-Use

Beg for More Izakaya Restaurant / Office

504 E Atlantic Ave, Delray Beach, FL 33483

Listing Price: $2,250,000

Cap Rate
6.13%
Number of Suites
4
Gross SF
3,010
Rentable SF
3,010
Price/Gross SF
$747.51
Lot Size
0.07 acres
Year Built
1935

Investment Overview

This property is located in the heart of Delray Beach just off the corner of East Atlantic Avenue and Federal Highway. It includes a net leased restaurant with seasoned operators who currently operate three concepts in South Florida as well as two office suites on the 2nd floor. The restaurant lease has seven years left of its original lease term.

There is upside in replacing one of the office tenants that is currently paying 60% of the market rate for their lease. There is also the opportunity to move the two office leases to a net lease structure which would increase the overall returns as well. One office tenant is paying $2,400 a month and the other is paying $1,500 a month with only a year of term and no options.

This property is easy to manage as there is no real landscaping to maintain and the anchor restaurant tenant pays 100% of the water bill for the entire property. The restaurant also pay 50% of the house electric meter and 50.25% of all CAM costs. The liquor license is also included in the sale with a note of $200,000 in place that the restaurant pays $1,000 a month in interest payments to the landlord for its use. The interest only note co-terminates with the lease and 4COP liquor license goes back to the Landlord.

Investment Highlights

  • Easy to Manage Property
  • Strong location in Downtown Delray Beach on Atlantic Avenue and Federal Highway
  • Public Parking Lot located directly behind the property
  • The Sale includes a 4COP Liquor License
  • Seasoned Restaurant Operator currently on their 3rd year of a 10 year initial term
  • Upside in office suites turning leases into net structure and bringing to market rent

Exclusively Listed By

Mixed-Use

Beg for More Izakaya Restaurant / Office

Listing Price: $2,250,000

Cap Rate
6.13%
Number of Suites
4
Gross SF
3,010
Rentable SF
3,010
Price/Gross SF
$747.51
Lot Size
0.07 acres
Year Built
1935

Investment Highlights

  • Easy to Manage Property
  • Strong location in Downtown Delray Beach on Atlantic Avenue and Federal Highway
  • Public Parking Lot located directly behind the property
  • The Sale includes a 4COP Liquor License
  • Seasoned Restaurant Operator currently on their 3rd year of a 10 year initial term
  • Upside in office suites turning leases into net structure and bringing to market rent

Investment Overview

This property is located in the heart of Delray Beach just off the corner of East Atlantic Avenue and Federal Highway. It includes a net leased restaurant with seasoned operators who currently operate three concepts in South Florida as well as two office suites on the 2nd floor. The restaurant lease has seven years left of its original lease term.

There is upside in replacing one of the office tenants that is currently paying 60% of the market rate for their lease. There is also the opportunity to move the two office leases to a net lease structure which would increase the overall returns as well. One office tenant is paying $2,400 a month and the other is paying $1,500 a month with only a year of term and no options.

This property is easy to manage as there is no real landscaping to maintain and the anchor restaurant tenant pays 100% of the water bill for the entire property. The restaurant also pay 50% of the house electric meter and 50.25% of all CAM costs. The liquor license is also included in the sale with a note of $200,000 in place that the restaurant pays $1,000 a month in interest payments to the landlord for its use. The interest only note co-terminates with the lease and 4COP liquor license goes back to the Landlord.

Exclusively Listed By

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