Historic Retail & Office
For Sale
Contact for pricing
129 N Federal Hwy, Lake Worth, FL
8,667 SF historic retail and office building for sale.
Property Size8,667 SF
Lot Size0.29 Acres
Price / SF$265.37
Days on Market654
Property Features for 129 N Federal Hwy
General Information
Standard status
Active
Size
8,667 SF
Lot size
0.29 Acres
Property subtype
RETAIL
Listing Agency:
Lee & Associates | Broward/Palm Beach
(954) 399-6299
Listed By:
C. Todd Everett, SIOR · License #SL3265231
(561) 414-8567
Source:
Moodyscre
Added: Dec 2, 2024
Changed: Sep 14
Last Checked: Sep 16 at 9:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates | Broward/Palm Beach
Investment Insights
Based on property information with market context.
This 8,667 square-foot historic retail and office building, constructed in 1928, features masonry construction. Located at a signalized intersection, the property offers 220 feet of combined frontage, with 120 feet on 2nd Avenue N and 100 feet on N Federal Hwy. The ground floor includes a vacant bar, noted as the "Oldest Bar in Palm Beach County". Two of the three buildings were reroofed in October 2024. The property benefits from high walkability and is located minutes from I-95 and the beaches, as well as within walking distance to Lake Avenue and Lucerne Avenue in Downtown Lake Worth. The property is a value-add opportunity with below-market rents.
Key Highlights
- Value‑Add Below Market Rents
- Prime Location: Signalized intersection with 220 feet of combined frontage on 2nd Ave N and N Federal Hwy
- Historic 8,667 SF Retail & Office Building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$166,848
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,336,960
$3.3M
Cap Rate 7%
$2,383,543
$2.4M
Cap Rate 9%
$1,853,867
$1.9M
Market Conditions
NOI Build-Up for 8,667 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$239.2K $27.60/SF
− Vacancy
−$16.7K −$1.93/SF
EGI
$222.5K $25.67/SF
− OpEx
−$55.6K −$6.42/SF
NOI
$166.8K $19.25/SF
Area
Palm Beach County, FL
Vacancy
7.00%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,336,960
Cap Rate 7%
$2,383,543
Cap Rate 9%
$1,853,867
Alternative Uses
Best Use
Specialty Retail
$2.38M
$2.09M – $2.78M
NOI $166,848 @ 7.0% cap · market cap 7.25%
Second Best
Retail
$2.09M
$1.83M – $2.44M
NOI $146,552 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$6.10M
$5.34M – $7.12M
NOI $427,265 @ 7.0% cap · market cap 18.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,778
Businesses Nearby
115k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Groceries 33%
Dining 21%
Home Improvements & Furnishings 3%
Publix
Groceries
38,069 visits/mo
0.4 miles
Starbucks
Dining
10,491 visits/mo
0.4 miles
Dollar General
Shops & Services
8,395 visits/mo
0.2 miles
Wells Fargo
Shops & Services
8,020 visits/mo
0.4 miles
Burger King
Dining
7,850 visits/mo
0.4 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - 8,667 SF historic retail and office building for sale.
Where is this storefront property located?
The property is located at 129 N Federal Hwy Lake Worth, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Value‑Add Below Market Rents; Prime Location: Signalized intersection with 220 feet of combined frontage on 2nd Ave N and N Federal Hwy; Historic 8,667 SF Retail & Office Building
