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    Waterfront Land in Ocean Ridge Title is generated by Realmo AI

    29 Hibiscus Way, Ocean Ridge, FL 33435

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    Claim this Listing
    For Sale
    $3,175,000

    LAND - Ocean Ridge, FL

    Lot size:
    0.23 Acres
    Added:
    Apr 7, 2026
    Days on Market:
    59
    Last Refresh:
    Jun 4 at 5:06 pm

    Property Features for 29 Hibiscus Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RSF (city)
    Standard status
    Active
    APN
    46434527120000180
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    OCEAN RIDGE BEACH LT 18 & OCEAN SHORE ESTS UNREC ON AM-71
    Tax Annual Amount
    48349

    Utilities

    Sewer type
    Septic Tank, Public Sewer
    Water source
    Public
    Water front features
    River Access, Ocean Access
    Water front
    1

    We can help!

    Listing Contact
    John Stauffenberg

    Listing agent John Stauffenberg License #3553649

    Listing office Serhant 648 George Bush Blvd., New York, FL

    Listing date Apr 7, 2026

    MLS# B26012812 Listing URL

    Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Rare vacant waterfront lot with 85+\/- feet of deepwater frontage and direct Intracoastal access.
    • Permit‑ready with a brand new seawall and cap.
    • Located on Hibiscus Way, a private and highly coveted street with only seven residences.
    • Homesite spans approximately 10,000+\/- square feet, ideal for a custom luxury residence.
    • Positioned between Delray Beach's Atlantic Avenue and Palm Beach's Worth Avenue.
    • Offers seamless access to international airports.

    Overview

    This vacant lot is located in the exclusive enclave of Hibiscus Way in Ocean Ridge. The property is permit ready and features a new seawall and cap. This homesite offers approximately 85 feet of deepwater frontage with direct access to the Intracoastal Waterway. The lot spans approximately 10,000 square feet, providing space for a custom luxury residence. It is one of seven residences on this private street. The property is positioned between Delray Beach's Atlantic Avenue and Palm Beach's Worth Avenue, with access to international airports. The property is zoned RSF (city). The lot size is approximately 0.23 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Ocean Ridge
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.053967
    Latitude
    26.516416

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    FAQs

    What type of property is this?
    Waterfront Land - Rare vacant lot with deepwater frontage in exclusive Ocean Ridge.
    Where is this waterfront land located?
    The property is located at 29 Hibiscus Way Ocean Ridge, FL.
    What is the asking price?
    The asking price for this property is $3,175,000.
    What are key features of this property?
    This property features: Rare vacant waterfront lot with **85+\/- feet of deepwater frontage and direct Intracoastal access.**; **Permit‑ready with a brand new seawall and cap.**; Located on Hibiscus Way, a private and highly coveted street with only seven residences.
    (561) 398-9313
    We can help!
    Listing Contact
    John Stauffenberg
    Real Estate License ID: 3553649
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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