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Net Lease

Off Lease Only

1589 S Military Trail, West Palm Beach, FL 33415

Listing Price: $7,700,000

Cap Rate
6.29%
Gross SF
12,881
Price/Gross SF
$597.78
Lot Size
9.73 acres
Year Built
1985
Rentable SF
12,881

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale Off Lease Only (the Property), a +/- 9.73 Acre auto sales and service site with +/- 12,881 total gross square feet of improvements comprised of three separate small buildings located on the the west side of Military Trail just north of Forest Hill Boulevard in West Palm Beach, Florida. A legacy family asset available for the first time in many years, the Property is on a 10 year absolute net lease with Off Lease Only, Inc., (the "Tenant") with 5 years remaining as of August 1, 2021 and with one 5 year option to renew. 3% annual increases create a nice hedge against inflation while this no oversight asset provides steady cash flow. Its well located high traffic commercial corridor in a land constrained market presents a compelling future land development opportunity on this large ten acre site zoned UI - Urban Infill. Its permitted use of auto sales extends the opportunity for the Property to operate in its current capacity. This is a unique opportunity to own a cash flowing investment property maintained entirely by the Tenant, who has made $1,000,000 in improvements to the Property, while the market matures before potentially developing and creating significant additional value.

Investment Highlights

  • +/- 9.73 Acres of Improved Land Including a +/- 1.95 Acre Retention Pond
  • Long Time Tenant on Absolute Net Lease Thru 07/31/2026 with One Five-Year Option
  • Ideal Covered Land Play in a High Traffic Commercial Location and Land Constrained Market

Exclusively Listed By

Listing Price: $7,700,000

Cap Rate
6.29%
Gross SF
12,881
Price/Gross SF
$597.78
Lot Size
9.73 acres
Year Built
1985
Rentable SF
12,881

Investment Highlights

  • +/- 9.73 Acres of Improved Land Including a +/- 1.95 Acre Retention Pond
  • Long Time Tenant on Absolute Net Lease Thru 07/31/2026 with One Five-Year Option
  • Ideal Covered Land Play in a High Traffic Commercial Location and Land Constrained Market

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale Off Lease Only (the Property), a +/- 9.73 Acre auto sales and service site with +/- 12,881 total gross square feet of improvements comprised of three separate small buildings located on the the west side of Military Trail just north of Forest Hill Boulevard in West Palm Beach, Florida. A legacy family asset available for the first time in many years, the Property is on a 10 year absolute net lease with Off Lease Only, Inc., (the "Tenant") with 5 years remaining as of August 1, 2021 and with one 5 year option to renew. 3% annual increases create a nice hedge against inflation while this no oversight asset provides steady cash flow. Its well located high traffic commercial corridor in a land constrained market presents a compelling future land development opportunity on this large ten acre site zoned UI - Urban Infill. Its permitted use of auto sales extends the opportunity for the Property to operate in its current capacity. This is a unique opportunity to own a cash flowing investment property maintained entirely by the Tenant, who has made $1,000,000 in improvements to the Property, while the market matures before potentially developing and creating significant additional value.

Exclusively Listed By

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