Building Description
Executive Summary
A necessity-based medical and retail complex anchored by its namesake veterinary hospital and complemented by a freestanding drive-through bank on its own outparcel and an automotive center. The property commands a hard, signalized corner exposed to 70,207 vehicles per day in West Palm Beach, an established infill submarket of the West Palm Beach–Boca Raton–Delray Beach MSA.
Lemon Tree —Vet Hospital & Plaza is a 24,949 square foot, 97.3% occupied neighborhood shopping center in unincorporated West Palm Beach, an established infill suburb of the West Palm Beach–Boca Raton–Delray Beach MSA. Built in 1963 and rebuilt in part in 2025, the Property occupies the signalized hard corner of South Military Trail and Summit Boulevard, where 70,207 vehicles pass each day —47,000 on Military Trail and 23,207 on Summit.
A signalized hard corner carrying 70,207 vehicles a day, with 325 feet of frontage on South Military Trail, pylon signage and a drive-through pad.
Fifteen of nineteen leases escalate at CPI with a 6% annual floor against 3% expense inflation. That 300 basis point spread on three quarters of the roll is what carries net operating income, not the mark to market.
Three freestanding buildings can be sold apart from the retail center —an animal hospital, a drive-through outparcel and an automotive center, each of which should price tighter than inline retail.
A quarter of the center reprices on day one. Eight tenancies, 6,470 SF, 25.9% of area, hold no live renewal option.
Publix co-tenancy at no cost: a 130,766 SF Publix-anchored center sits 0.11 miles away at roughly 97% occupancy.
New roofs on 1020 and the 1000–1032 building, and a newly built rear veterinary building. No capital expenditure is carried in this underwriting.
Small-shop space in this submarket is effectively full: strip-center vacancy reads 3.2% against a 3.0% metro, on 8,925 SF of twelve-month deliveries.
Triple net on full pro-rata recovery of CAM, taxes and insurance from every tenant.
LISTED UN-PRICED
Approved Uses by Zoning — Urban Center 1 Sub-area (UC1)
Uses permitted by right under the municipality’s zoning for this district. The property may carry additional restrictions (deed, association or lease), so tenants are responsible for confirming their intended use with the municipality and landlord before committing.
Allowed by right
Adult Entertainment (DRO site-plan review), Assembly Institutional Nonprofit (DRO site-plan review), Assembly Membership Nonprofit (DRO site-plan review), Bed and Breakfast (DRO site-plan review), Car Wash (DRO site-plan review), Catering Service (DRO site-plan review), Cocktail Lounge (DRO site-plan review), College or University (DRO site-plan review), Convenience Store (DRO site-plan review), Data and Information Processing (DRO site-plan review), Day Care General (DRO site-plan review), Day Care Limited (DRO site-plan review), Dispatching Service (DRO site-plan review), Dog Day Care (DRO site-plan review), Electric Distribution Substation (DRO site-plan review), Entertainment, Indoor (DRO site-plan review), Financial Institution (DRO site-plan review), Financial Institution with Drive-Through Facilities (DRO site-plan review), Financial Institution – Freestanding ATM (DRO site-plan review), Fitness Center (DRO site-plan review), Flea Market, Indoor (DRO site-plan review), Funeral Home (DRO site-plan review), Government Services (DRO site-plan review), Green Market (DRO site-plan review), Hospital (DRO site-plan review), Hotel or Motel (DRO site-plan review), Kennel, Type 3 (Commercial Enclosed) (DRO site-plan review), Large Family Child Care Home (DRO site-plan review), Minor Utility (DRO site-plan review), Multi-Media Production (DRO site-plan review), Nursery, Retail (DRO site-plan review), Park, Neighborhood Infill (DRO site-plan review), Park, Passive (DRO site-plan review), Park, Public (DRO site-plan review), Place of Worship (DRO site-plan review), Produce Stand (DRO site-plan review), Repair and Maintenance, Heavy (DRO site-plan review), Repair and Maintenance, Light (DRO site-plan review), Research and Development (DRO site-plan review), Restaurant, Type 1 (DRO site-plan review), Restaurant, Type 2 (DRO site-plan review), School – Elementary or Secondary (DRO site-plan review), Self-Service Storage, Limited Access (DRO site-plan review), Self-Service Storage, Multi-Access (DRO site-plan review), Single Room Occupancy (SRO) (DRO site-plan review), Skilled Nursing or Residential Treatment Facility (DRO site-plan review), Vehicle Sales and Rental, Light (DRO site-plan review), Veterinary Clinic (DRO site-plan review), Work/Live Space (DRO site-plan review)
With special approval
Animal Shelter, Crematory, Electric Transmission Substation, Entertainment, Outdoor, Flea Market, Outdoor, Gas and Fuel Sales, Retail, Heliport, Homeless Resource Center, Parking, Commercial, Pawnshop, Shooting Range, Indoor, Theater and Performance Venue, Transportation Facility, Type 2 Excavation, Vehicle or Equipment Sales and Rental, Heavy, Water or Wastewater Treatment Plant
Read the full UC1 zoning guide ›
