Delray Salon Suites

Marcus & Millichap has been appointed as exclusive advisor for the sale of the 100 percent interest in Delray Salon Suite (the Property) a 7,734 square foot, two story commercial building located at 140 northeast 2nd Avenue in the Central Business District of Delray Beach, Florida. The Property also includes an adjacent 30 space parking lot. The building was constructed in 1981 and underwent major renovations in 2014/2015. The Property sits on 0.35 acres with 117 feet of frontage on 2nd Avenue. Internally the Property is configured as 37 suites which are individually leased on an annual basis to health and beauty professionals. The Property is currently 100% percent occupied with a waiting list. The parking lot is operated as a pay-to-park operation during the hours of 5:00PM to 7:00AM daily.

The Property represents an ideal opportunity for an investor to acquire an existing, stabilized stream of rental income, and potentially capitalize on an opportunity to add an incremental 1,500 square feet of rentable space and further monetization of the parking lot during the hours not subject to the aforementioned time period.

The Property is located within the desirable Pineapple Grove area and is less than two blocks from Atlantic Avenue, the main commercial artery for Delray Beach, and one of the hottest retail corridors in South Florida. In addition to the existing vibrant restaurant and shopping scene, the Property will benefit from the planned development of 1,330 residential units, 277,000 square feet of Class A office space, 125,000 square feet of retail space and 341 hotel rooms, all within a one-mile radius. The Property also enjoys close proximity to I-95, U.S.-1 (Federal Highway) and the pristine beaches of the Atlantic Ocean and upscale beach area neighborhoods.