3600 Broadway
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3600 Broadway
6,448 SF 90% Leased Office Building West Palm Beach, FL 33407 $1,200,000 ($186/SF) 5.90% Cap Rate
Investment Highlights
- Beautiful building in an excellent location on US 1
- Opportunity zone
- Off street parking
Executive Summary
3600 Broadway owned by Deep Horizon Broadway LLC, which is owned by Michael Danchuk 561-339-3485. Corner of 35th and Broadway.
Building was originally built as a hotel in 1930 and was converted to offices by City of West Palm Beach. Located in Broadway Opportunity Zone.
Zoned BMUD-I-Broadway Mixed use. Currently being used as a office complex with upstairs as recreation and living area.
Building 6448 square feet AC Total Space. Ist floor 5286 square feet, 2nd floor 1162 square feet.
Land .287 acres.
1st floor twelve individual 150 square foot offices and one 300 square foot office and 1 managers office about 150 square foot. Lunch area with refrigerator, sink, microwave and lounge. Conference room. Reception area.
2nd floor was 4 offices now used as one recreation area (billiard room) and one sleeping/lounge area with bathroom.
18 off street parking spots. Gated courtyard.
Roof 3 years. AC between 1 and 3 years. Both central and split units. Most of upstairs windows replaced with impact windows. Some downstairs windows also impact.
Cap rate between 4.8% and 5.8% conservatively. Current rental income $7,400/month.
Building was originally built as a hotel in 1930 and was converted to offices by City of West Palm Beach. Located in Broadway Opportunity Zone.
Zoned BMUD-I-Broadway Mixed use. Currently being used as a office complex with upstairs as recreation and living area.
Building 6448 square feet AC Total Space. Ist floor 5286 square feet, 2nd floor 1162 square feet.
Land .287 acres.
1st floor twelve individual 150 square foot offices and one 300 square foot office and 1 managers office about 150 square foot. Lunch area with refrigerator, sink, microwave and lounge. Conference room. Reception area.
2nd floor was 4 offices now used as one recreation area (billiard room) and one sleeping/lounge area with bathroom.
18 off street parking spots. Gated courtyard.
Roof 3 years. AC between 1 and 3 years. Both central and split units. Most of upstairs windows replaced with impact windows. Some downstairs windows also impact.
Cap rate between 4.8% and 5.8% conservatively. Current rental income $7,400/month.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$80,000
|
$12.41
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$80,000
|
$12.41
|
| Taxes |
$10,092
|
$1.57
|
| Operating Expenses |
$13,500
|
$2.09
|
| Total Expenses |
$23,592
|
$3.66
|
| Net Operating Income |
$56,408
|
$8.75
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $80,000 |
| Annual Per SF | $12.41 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $80,000 |
| Annual Per SF | $12.41 |
| Taxes | |
|---|---|
| Annual | $10,092 |
| Annual Per SF | $1.57 |
| Operating Expenses | |
|---|---|
| Annual | $13,500 |
| Annual Per SF | $2.09 |
| Total Expenses | |
|---|---|
| Annual | $23,592 |
| Annual Per SF | $3.66 |
| Net Operating Income | |
|---|---|
| Annual | $56,408 |
| Annual Per SF | $8.75 |
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
6,448 SF
Building Class
C
Year Built
1930
Price
$1,200,000
Price Per SF
$186
Cap Rate
5.90%
NOI
$70,800
Percent Leased
90%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
3,224 SF
Slab To Slab
10’
Building FAR
0.51
Land Acres
0.29 AC
Opportunity Zone
Yes
Zoning
OC - Mixed use. BMUD-E
Parking
16 Spaces (3.1 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Signage
PROPERTY TAXES
| Parcel Number | 74-43-43-09-05-028-0130 | Total Assessment | $342,324 |
| Land Assessment | $125,000 | Annual Taxes | $10,092 ($1.57/SF) |
| Improvements Assessment | $370,522 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
74-43-43-09-05-028-0130
Land Assessment
$125,000
Improvements Assessment
$370,522
Total Assessment
$342,324
Annual Taxes
$10,092 ($1.57/SF)
Tax Year
2023
-
Michael Danchuk -
Deep Horizon Realty Inc
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