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2050 45th St
West Palm Beach, FL 33407
Walgreens | Rare Prime S.FL Covered Land Play · Retail Property For Sale
Investment Highlights
- Tremendous South Florida real estate with massive long term upside redevelopment potential
- Minimal landlord obligations providing for hands off ownership while tenant is in place
- Hard-corner signalized intersection – less than 1,000’ from the I-95 on-ramp | I-95 at this location carries over 192,000+ cars daily
- Long standing lease with Walgreens — 27 Year Operating History | Significantly below market rent
- High-traffic corridor w/ regional connectivity, directly on 45th St. near I-95, Congress Ave & Palm Beach Lakes Blvd, capturing commuter traffic
- Zoned CPD allowing grocery, medical, retail, service, and multi-tenant commercial
Executive Summary
CBRE is pleased to present the exclusive listing for the Walgreens located at 2050 45th Street in West Palm Beach, Florida. This offering represents an extremely rare opportunity in the single tenant net lease sector. The lease is secured by Walgreens who has been operating at this location for over 27+ years.
The underlying real estate is the key here though – the oversized parcel at one of the markets busiest intersections and below market rent – this opportunity allows for future redevelopment and INCREASE VALUE SIGNIFICANTLY. The property is strategically located less than 1,000 feet from the Interstate 95 on-ramp, with exposure to over 192,000± vehicles-per-day. Additionally, the property benefits from Commercial Planned Development (CPD) zoning, unlocking maximum flexibility for a wide range of future uses, including grocery, medical, retail, service, and multi-tenant commercial development.
This opportunity is ideal for a savvy real estate investor who not only desires a hands-off investment but also understands the tremendous future upside potential.
The underlying real estate is the key here though – the oversized parcel at one of the markets busiest intersections and below market rent – this opportunity allows for future redevelopment and INCREASE VALUE SIGNIFICANTLY. The property is strategically located less than 1,000 feet from the Interstate 95 on-ramp, with exposure to over 192,000± vehicles-per-day. Additionally, the property benefits from Commercial Planned Development (CPD) zoning, unlocking maximum flexibility for a wide range of future uses, including grocery, medical, retail, service, and multi-tenant commercial development.
This opportunity is ideal for a savvy real estate investor who not only desires a hands-off investment but also understands the tremendous future upside potential.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
13,200 SF
Building Class
C
Year Built
1998
NOI
$403,809 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
1.84 AC
Opportunity Zone
Yes
Zoning
CPD - Commercial - Flexible zoning allows for a wide range of future uses, including grocery, medical, retail, service, and multi-tenant commercial
Parking
75 Spaces (4.98 Spaces per 1,000 SF Leased)
Frontage
187’ on 45th St
Amenities
- Pylon Sign
- Signage
- Drive Thru
Property Taxes
| Parcel Number | 74-43-43-06-14-000-0021 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $4,841,364 CAD |
Property Taxes
Parcel Number
74-43-43-06-14-000-0021
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$4,841,364 CAD
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