Congress Center North | 4400 N Congress Ave
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Congress Center North 4400 N Congress Ave
42,499 SF 75% Leased Office Building West Palm Beach, FL 33407 $9,000,000 ($212/SF)
Investment Highlights
- Owner-User Opportunity with Income: Can Immediately Occupy 21,000+ SF
- Recession Proof Tenant Base with 100% Collections Through Covid
- Offered Well-Below Replacement Cost and Low Basis Compared to Recent Office Sales
- Rare Assumable Financing Available Offering 8%+ Cash on Cash Returns
- Below Market Rental Rates Almost 40% below Local Market Averages
- Located Near Several Major Hospitals in a Premier Medical Office Market
Executive Summary
CBRE Inc., in its role as the exclusive advisor, proudly presents “Congress Center Medical” – a multi-tenant healthcare office building in West Palm Beach, Florida, spanning approximately 42,000 square feet of which 59% is now available to occupy. This property predominantly houses non-profit, healthcare-related tenants and enjoys a prime location, situated a mere block south of the 403-bed HCA Florida JFK North Hospital and the I-95 onramp.
Congress Center Medical boasts a robust local market and a dependable revenue stream from its recession-resistant tenant base. Currently 92% leased, the Property’s largest space spanning 21,452 SF is now available to occupy providing a unique opportunity for an owner user to secure a prominent building with strong income from its remaining tenant base. Through the challenges of COVID-19, it has maintained a 100% collection rate, making it a secure revenue stream. Priced well below replacement cost and compared to similar medical office transactions in the area, this property offers owners a chance to secure substantial cash flow and prominent location with private entryway and visibility near JFK North Hospital.
Ample parking is another notable feature, with over four spaces per thousand square feet, including both surface and covered parking. Prominent corner signage along Congress Avenue and Lombard Street adds to its visibility, and the roof, replaced in 2015, is under warranty until 2035.
Situated just east of I-95, with direct access to the 45th street exit/on-ramp and in close proximity to HCA Florida JFK North Hospital, the region’s primary medical employer with over 690 employees and 950 staff members, Congress Center Medical offers a central location. It’s also conveniently located within 2 miles of St. Mary’s Medical Center and 4.5 miles from Good Samaritan Medical Center. This strategic positioning ensures easy accessibility throughout Palm Beach County, including short commute times to the Palm Beach International Airport and Downtown West Palm Beach.
Congress Center Medical boasts a robust local market and a dependable revenue stream from its recession-resistant tenant base. Currently 92% leased, the Property’s largest space spanning 21,452 SF is now available to occupy providing a unique opportunity for an owner user to secure a prominent building with strong income from its remaining tenant base. Through the challenges of COVID-19, it has maintained a 100% collection rate, making it a secure revenue stream. Priced well below replacement cost and compared to similar medical office transactions in the area, this property offers owners a chance to secure substantial cash flow and prominent location with private entryway and visibility near JFK North Hospital.
Ample parking is another notable feature, with over four spaces per thousand square feet, including both surface and covered parking. Prominent corner signage along Congress Avenue and Lombard Street adds to its visibility, and the roof, replaced in 2015, is under warranty until 2035.
Situated just east of I-95, with direct access to the 45th street exit/on-ramp and in close proximity to HCA Florida JFK North Hospital, the region’s primary medical employer with over 690 employees and 950 staff members, Congress Center Medical offers a central location. It’s also conveniently located within 2 miles of St. Mary’s Medical Center and 4.5 miles from Good Samaritan Medical Center. This strategic positioning ensures easy accessibility throughout Palm Beach County, including short commute times to the Palm Beach International Airport and Downtown West Palm Beach.
Taxes & Operating Expenses (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Taxes |
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| Operating Expenses |
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| Total Expenses |
$99,999
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$9.99
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Taxes & Operating Expenses (Actual - 2024) Click Here to Access
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Owner User
Sale Condition
High Vacancy Property
Property Type
Office
Property Subtype
Medical
Building Size
42,499 SF
Building Class
B
Year Built/Renovated
1986/2001
Price
$9,000,000
Price Per SF
$212
Percent Leased
75%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
21,250 SF
Building FAR
0.43
Land Acres
2.29 AC
Opportunity Zone
Yes
Zoning
CPUD - CPD - Commercial Planned Dev ( 74-WEST PALM BEACH )
Parking
172 Spaces (4.05 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Drop Ceiling
- Monument Signage
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Immediate occupancy & building signage available.
REDUCED RATE! Spacious suite with reception, large conference room, and 14 offices. Improvement allowance and building signage can be made available for qualified tenants!
Immediate occupancy & building signage available.
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste Suite 1 | 6,000 SF | Office | Partial Build-Out | Now |
| 2nd Fl-Ste 200 | 1,297 SF | Office/Medical | - | Now |
| 2nd Fl-Ste 203 | 3,320 SF | Office/Medical | Full Build-Out | Now |
| 2nd Fl-Ste Suite 2 | 15,500 SF | Office | Full Build-Out | 30 Days |
1st Fl-Ste Suite 1
| Size |
| 6,000 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
2nd Fl-Ste 200
| Size |
| 1,297 SF |
| Space Use |
| Office/Medical |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 203
| Size |
| 3,320 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste Suite 2
| Size |
| 15,500 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
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1st Fl-Ste Suite 1
| Size | 6,000 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
Immediate occupancy & building signage available.
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2nd Fl-Ste 200
| Size | 1,297 SF |
| Space Use | Office/Medical |
| Condition | - |
| Available | Now |
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2nd Fl-Ste 203
| Size | 3,320 SF |
| Space Use | Office/Medical |
| Condition | Full Build-Out |
| Available | Now |
REDUCED RATE! Spacious suite with reception, large conference room, and 14 offices. Improvement allowance and building signage can be made available for qualified tenants!
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3D TOUR
PHOTOS
STREET VIEW
STREET
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2nd Fl-Ste Suite 2
| Size | 15,500 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 30 Days |
Immediate occupancy & building signage available.
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PROPERTY TAXES
| Parcel Number | 74-43-43-06-06-000-0030 | Improvements Assessment | $5,385,150 (2023) |
| Land Assessment | $1,026,448 (2023) | Total Assessment | $6,411,598 (2023) |
PROPERTY TAXES
Parcel Number
74-43-43-06-06-000-0030
Land Assessment
$1,026,448 (2023)
Improvements Assessment
$5,385,150 (2023)
Total Assessment
$6,411,598 (2023)
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Benjamin Silver -
Evan Fript -
CBRE
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Congress Center North | 4400 N Congress Ave
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