Boca Raton Commercial Property Downtown Start Price USD 850,000.00 Current Price USD 850,000.00 Time Left - Bid Count 0 Buy It Now Price - Reserve Price - Start Time Monday, April 14, 2008 End Time Wednesday, May 14, 2008 Location Boca Raton, FL See more about 'Boca Raton Commercial Property Downtown' Description Valuation Overview The subject property is not encumbered by existing leases.  The subject property is located in a commercial/retail/service business area. The subject property is surrounded by new development consiting of mixed-use, mid-rise construction incorporating retail, condominiums, and penthouses.  Directly to the north of the subject is a retail/office/residential development called Mizner Park.  This center appears to be the driving force for redevelopment in this immediate area.  Moreover it is important to note that the subject property is located at the northern end of a new proposed development calle Via Mizner.  Via Mizner will be similar to Mizner Park.  The subject is in an area that in recent years has seen a tremendous amount of growth-such as several residential developments including the new Mizner Park, new mid-rise condominiums and mixed-use development. Consequently, based upon these factors-combined with the fact that the subject is located on a block that could eventually for the new south end cap of the Mizner Park. We believe that the highest and best use going forward is to dmolish the improvements or temporarily hold the improvements to subsidize the holding costs while waiting for future demolition.  We believe the existing imporvements will eventually make way for future redevelopment.  This is further supported by conversations that  had with several market participants that suggesed the same, as well as by the fact that the current owner has been approached by developers interested in purchasing the subject property for redevelopment.  Given this projection,  only developed and applied the Sales Comparison Approach to determine the underlying land value of the subject's site for the current "As Is' value The beach is only one mile away, with great dining, Mizner Park patio mall, and post office within walking distance. The building of 1200sf is included in the property bid.  The total property is 4883sf.     Place a Bid!