524 Atlantic

Description

This property is being sold vacant and the rents illustrated are conservative net leased rents of $55 per square foot triple net. The rents are only being calculated on the under air space, but the property does offer a fenced in backyard as well. The current use of a free-standing bar is very coveted in Delray Beach as it provides a 750 foot radius restriction from another bar entering the market. Bars get some of the highest rents in the market based on the high margins on alcohol and the ability to operate on a lower overhead with reduced costs on overhead and costs associated with food. This asset is located on Atlantic Avenue East of I-95 and just west of Swinton Avenue. This corridor will be seeing a lot of big investment and transformation in the next few years with a new grocery store going in on the next block west of this property and much more new development planned for this specific corridor called The Set. Features include: Stand Alone Bar Zoning- 750 foot radius use restriction, Frontage on Atlantic Avenue, Adjacent to City Ampitheatre, High Barrier to Entry Use in this Market, New Grocery Store Being Developed Directly to the West and Bite-size Commercial Deal in a Hot Area.