Historic Office
For Sale
$475,000
120 S Olive Avenue 203, West Palm Beach, FL 33401
Vacant, build-to-suit office space with direct dark fiber connectivity and immediate occupancy potential.
Property Size630 SF
Days on Market37
Property Features for 120 S Olive Avenue 203
General Information
Standard status
Active
Size
630 SF
Property subtype
Office
Additional Details
Furnished
No
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,984
Amenities
dark fiber access
Building Details
Building Size
630 SF
Year Built
1925
Listing Agency:
Ocean Capital R.E. Services Gr
(305) 582-2824
Listed By:
Jeremy N VanDervort · License #3207795
(305) 582-2824
Source:
Meyerlucas
Added: Jul 7
Changed: Aug 11
Last Checked: Aug 11 at 12:09PM
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 Ocean Capital R.E. Services Gr
Investment Insights
Based on property information with market context.
Office Unit 203 occupies space within the historic Guaranty Building, constructed in 1925. The suite has been fully demoed, leaving a blank interior for a custom buildout, and is positioned for immediate occupancy. Its flexible configuration is identified as suitable for offices, consulting, technology, financial services, medical, and creative firms.
Direct dark fiber access through Crown Castle via the Zayo network supports high-speed, low-latency connectivity for data-intensive operations, cloud services, and other high-bandwidth requirements. The property is in downtown West Palm Beach, steps from Clematis Street, transit, dining, and business hubs, and next to the Julia Koch Family Ambulatory Care Center, part of NYU Langone Health.
Direct dark fiber access through Crown Castle via the Zayo network supports high-speed, low-latency connectivity for data-intensive operations, cloud services, and other high-bandwidth requirements. The property is in downtown West Palm Beach, steps from Clematis Street, transit, dining, and business hubs, and next to the Julia Koch Family Ambulatory Care Center, part of NYU Langone Health.
Key Highlights
- Office Unit 203 in the historic Guaranty Building, constructed in 1925
- Fully demoed interior ready for a custom buildout
- Direct dark fiber access through Crown Castle via the Zayo network
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
$21,961
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
4.62%
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%
$439,220
$439.2K
Cap Rate 7%
$313,729
$313.7K
Cap Rate 9%
$244,011
$244.0K
Market Conditions
NOI Build-Up for 630 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
$34.8K $55.20/SF
− Vacancy
−$5.5K −$8.72/SF
EGI
$29.3K $46.48/SF
− OpEx
−$7.3K −$11.62/SF
NOI
$22.0K $34.86/SF
Area
West Palm Beach, FL
Vacancy
15.80%
Lease Rate
$55.20 /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%
$439,220
Cap Rate 7%
$313,729
Cap Rate 9%
$244,011
Alternative Uses
Best Use
Office B
$313.7K
$274.5K – $366.0K
NOI $21,961 @ 7.0% cap · market cap 4.62%
Second Best
Healthcare Medical
$125.9K
$110.1K – $146.9K
NOI $8,811 @ 7.0% cap · market cap 1.85%
Theoretical Best
Office A
$443.7K
$388.2K – $517.6K
NOI $31,058 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,624
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Vacant, build-to-suit office space with direct dark fiber connectivity and immediate occupancy potential.
Where is this office units located?
The property is located at 120 S Olive Avenue 203 West Palm Beach, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Office Unit 203 in the historic Guaranty Building, constructed in 1925; Fully demoed interior ready for a custom buildout; Direct dark fiber access through Crown Castle via the Zayo network
