The property located at 369 North Royal Poinciana Boulevard has been listed for sale for $2,749,000. According to the listing posted on HomesConnect.com, the property was built in 1947 and includes 8 units. The property is described to consist of “4 retail spaces each separately metered, street walk up. On the second level there are three 1b/1ba efficiencies also separately metered (525 SF each). On the backside of the building, occupying approx 6k SF, is an industrial bakery which includes office, Refrigerated Packing room, 2 freezers and 1 cooler. ”
The property is currently home to Barbara Ayash’s Progressive insurance office, a salon, and Fruti Details, the new flower, chocolate, and fruit arrangement store.
The property has 15,700 sq ft of land and the building has 11,634 sq ft. It’s advertised as featuring 36 month lease terms with a gross income of $183,000 per year and a net annual return of $147,000.
If we review recent land sales, we know the Hook Square property recently sold for $3.3 Million. They 1 South Royal Poinciana property also recently sold for $2.8 Million.
There’s also the property located at 30 Canal Street which is listed for $2.89 Million. This particular property is within the Gateway Overlay District which allows up to a 1.7 Floor Area Ratio or FAR. That means, they can have a building that is 1.7x the square footage of the lot size.
Another Commercial Property for Sale in Gateway Overlay District
