Outstanding Location with Exceptionally Strong Market Fundamentals
- Affluent North Palm Beach Neighborhood - Average household income within 1-mile radius of subject property is $115,094, and average home value is $620,828.
- Situated directly across the street is the Water Club—luxurious waterfront residential communities that sell from $1.3M - $3M.
- Abundant Neighboring Amenities - Include walking distance to North Palm Beach Country Club, Old Port Cove, world class beaches & more!
- Immediate Proximity to Regional Thoroughfares - Strong visibility along Highway 1, and close access to Interstate 95.
Class A Luxury ±60,920 SF Outdoor Retail Center
- High Occupancy of 94.8% - Excellent commercial tenant mix, incuding on-site restaurants, a four-story elevator served Class A office building, and a high-end ground retail.
- Newly Renovated & Upscale Center - Crystal Cove Commons offers attractive facade, ample parking with 200 surface spaces, 100 covered spaces, and a ratio of 4.00/1,000 SF. Excellent accessibility with six (6) ingress/egress and three (3) street access.
- Exceptionally Managed - Property has been professionally managed & well-mantained with stable occupancy.
Rentable SF ±60,920 sf - Luxury Retail
Land Area ±5.53 acres
Year Built / Renovated 1982 / 2018
Occupancy 94.8% Occupied Two (2) vacant units
Parking 200 Surface Spaces (4/1,000 SF)
Zoning C1 - Neighborhood Commercial
Price $29,950,000
In Place Cap Rate 6.3%
North Palm Beach County
The North Palm Beach area of Florida was developed by philantropist John D. MacArthur. The Village of North Palm Beach is located on the east coast of Florida, 9 miles north of West Palm Beach in Palm Beach County. The Village is a residential community with a population of about 13,000 year-round residents, with a winter population of around 21,000.
Known worldwide for its recreation, North Palm Beach boasts the Palm Beach's only state park. And what a great place to soak up the sunshine, work on your tan or kayak the blue waters of an Atlantic Ocean barrier island. John D. MacArthur Beach State Park is an eco-friendly and family-friendly treasure, complete with nature trails and picnic facilities, a Nature & Welcome Center, kayak rentals and more.
The Village features several beautiful parks, including the Anchorage Park, with playgrounds, docks, volleyball courts, tennis courts, and even a dog park. The Village is also home for the North Palm Beach Country Club, featuring an Olympic swimming pool, a Jack Nicklaus Signature Golf Course, and a full featured tennis facility with Har-Tru courts.
With such assets as warm weather, sunshine, golf, ocean fishing, boating, sandy beaches, and balmy breezes, the Village has much to offer enthusiastic people who are raising families or are looking to retire.
The Gardens Mall
N. Palm Beach Country Club
Lost Tree Private Club
The owner of this asset is currently in the final stages of separating this property into 3 separate parcels, as depicted in this photo. Once subdivided, the retail and office components can function as individual properties, governed by a Reciprocal Easement Agreement between the three properties. Parcel's 1 & 2 are being sold together, while parcel 3 (the office space) is being sold separately.
The Property is currently zoned C-1 Neighborhood Commercial District, which permity for both single and multifamily dwelling structures. Given that the owner is in the process of subdividing the parcel, this zoning would allow potential investor to take advantage of future redevelopment of the office parcel into multifamily condos or apartments.