Historic Office Condo with New
For Sale
$499,000
120 S Olive Avenue, West Palm Beach, FL 33401
SINGLE_FAMILY - West Palm Beach, FL
Property Size1,015 SF
Price / SF$491.63
Days on Market50
Property Features for 120 S Olive Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
CWD-CD (city)
Directions
Okeechobee Blvd to South Olive Ave, turn North to property on the corner of Datura and South Olive Ave
Subdivision
5420
Standard status
Active
APN
74434322400007030
Size
1,015 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
GUARANTY BUILDING CONDOMINIUM UNIT 703 IN OR28162P1020
Tax Annual Amount
6612
HOA Fee
$2,217 Monthly
Legal Description
GUARANTY BUILDING CONDOMINIUM UNIT 703 IN OR28162P1020
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1925
Number of units
1
Flooring type
Laminate, Vinyl
Building materials
CBS
Roof type
Built-Up
Listing Agency:
Higher Standards Real Estate
(561) 855-8449
Listed By:
Christine Velez · License #674035
(561) 310-3048
Added: Jun 19
Changed: Aug 2
Last Checked: Aug 7 at 6:06PM
MLS# B26043065
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.
Investment Insights
Based on property information with market context.
Historic office condominium in the Guaranty Building at 120 S Olive Avenue, West Palm Beach. The space is 1,015 square feet and has been renovated within the past five years, including the installation of a new HVAC system. Interior finishes include laminate and vinyl flooring, with central air cooling. The building is constructed with CBS and has a built-up roof.
The office is served by public water and public sewer. Zoning is CWD-CD (city).
The office is served by public water and public sewer. Zoning is CWD-CD (city).
Key Highlights
- 1,015 square feet office condo in the Guaranty Building
- Renovated within the past five years with new HVAC system
- Central air cooling
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Renovated historic office condo in the Guaranty Building with central air, laminate/vinyl flooring, and public water and sewer.
Where is this office units located?
The property is located at 120 S Olive Avenue 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: 1,015 square feet office condo in the Guaranty Building; Renovated within the past five years with new HVAC system; Central air cooling
