Historic Office Condo
For Sale
$499,000
120 S Olive Avenue 703, West Palm Beach, FL 33401
Renovated office condo in the 1922 Guaranty Building with updated HVAC for a distinctive downtown workspace.
Property Size1,015 SF
Price / SF$491.63
Days on Market66
Property Features for 120 S Olive Avenue 703
General Information
Standard status
Active
Size
1,015 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1925
Listing Agency:
Higher Standards Real Estate
(561) 310-3048
Listed By:
Christine Velez · License #674035
Source:
Mymiahomes
Added: Jun 23
Changed: Aug 24
Last Checked: Aug 23 at 4:48AM
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 Higher Standards Real Estate
Investment Insights
Based on property information with market context.
This offering is a unique commercial office condominium within the historic Guaranty Building. Completed in 1922 and designed by Harvey and Clarke, the building provides a distinctive setting for professional offices and client meetings. The available suite measures over 1,000 square feet and has been renovated within the past five years, including the installation of a new HVAC system.
Located at 120 S Olive Ave 703 in downtown West Palm Beach, the property is positioned for convenient daily access. The surrounding area supports walking access to the waterfront as well as dining, shopping, entertainment, and cultural attractions. Commuters benefit from proximity to Brightline, Tri-Rail, and I-95, and Palm Beach International Airport is approximately a 10-minute drive.
The renovated office condo format makes this property well suited for an owner-operator looking for a headquarters-style space with modern mechanical updates in a landmark building. It may also appeal to investors seeking an office condo ownership interest in a notable downtown asset with established accessibility to regional transportation corridors.
Located at 120 S Olive Ave 703 in downtown West Palm Beach, the property is positioned for convenient daily access. The surrounding area supports walking access to the waterfront as well as dining, shopping, entertainment, and cultural attractions. Commuters benefit from proximity to Brightline, Tri-Rail, and I-95, and Palm Beach International Airport is approximately a 10-minute drive.
The renovated office condo format makes this property well suited for an owner-operator looking for a headquarters-style space with modern mechanical updates in a landmark building. It may also appeal to investors seeking an office condo ownership interest in a notable downtown asset with established accessibility to regional transportation corridors.
Key Highlights
- Commercial office condo in the historic Guaranty Building, designed by Harvey and Clarke and completed in 1922
- Over 1,000 sq ft office space with renovations completed within the past five years
- Renovations include installation of a new HVAC system
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
$35,382
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
7.09%
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%
$707,640
$707.6K
Cap Rate 7%
$505,457
$505.5K
Cap Rate 9%
$393,133
$393.1K
Market Conditions
NOI Build-Up for 1,015 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
$56.0K $55.20/SF
− Vacancy
−$8.9K −$8.72/SF
EGI
$47.2K $46.48/SF
− OpEx
−$11.8K −$11.62/SF
NOI
$35.4K $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%
$707,640
Cap Rate 7%
$505,457
Cap Rate 9%
$393,133
Alternative Uses
Best Use
Office B
$505.5K
$442.3K – $589.7K
NOI $35,382 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.8K
$625.5K – $834.0K
NOI $50,037 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Office units - Renovated office condo in the 1922 Guaranty Building with updated HVAC for a distinctive downtown workspace.
Where is this office units located?
The property is located at 120 S Olive Avenue 703 West Palm Beach, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Commercial office condo in the historic Guaranty Building, designed by Harvey and Clarke and completed in 1922; Over 1,000 sq ft office space with renovations completed within the past five years; Renovations include installation of a new HVAC system
