505 Northwood Road

Description

Excellent investment opportunity in trendy Northwood Area of West Palm Beach. This sale includes a total of 4 adjacent buildings containing a total of +/-7,654 SF and 7 units. The property is fully occupied with the majority of the tenants on short term leases at below market rents. There is ample on-site and street parking available. There are a number of proposed developments in the Northwood Area including the a project at the city-owned Anchor Site, at the western terminus of Northwood Road, that will include about 350 apartments as well as offices, shops and possibly a grocery store. Additionally, the City of West Palm Beach plans to invest $8 million rejuvenating Currie Park along the waterfront to the east of the subject property. Meanwhile developer Jeff Greene is planninga series of mid- to high-rise residential buildings on land he owns surrounding Currie Park. The City of West Palm Beach sponsoring a street event the last Friday of every month, brings in additional traffic. 505 Northwood Road - Freestanding commercial building containing +/-2,572 SF with ample on-site parking 507 Northwood Road - 2-story mixed use building containing +/-1,952 SF with ground floor retail/office space and 2nd floor apartment 509 Northwood Road - Single tenant commercial building containing +/-680 SF 511/513 Northwood Road - Multi-tenant commercial building containing +/-2,450 SF. Currently configured to accommodate (3) tenants (2 retail tenants and 1 restaurant). Current financial and lease information available upon request.