Established Restaurant in Prime
For Sale
$300,000
122 NE 2nd Street, West Palm Beach, FL 33432
Turnkey Gyro restaurant in Mizner, Boca Raton's dining district.
Property Size1,870 SF
Price / SF$160.43
Days on Market362
Property Features for 122 NE 2nd Street
General Information
Standard status
Active
Size
1,870 SF
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$5,569
Building Details
Building Size
1,870 SF
Year Built
1966
Listing Agency:
Real Deal Homes
Listed By:
Ahmet Emre Yilmaz · License #3584381
(561) 698-9397
Source:
Pamandtoni
Added: Sep 14, 2025
Changed: Sep 9
Last Checked: Sep 10 at 7:10AM
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 Real Deal Homes
Investment Insights
Based on property information with market context.
This is an opportunity to acquire a well-established Gyro Restaurant located in Mizner, one of Boca Raton’s dining and entertainment districts. The business has been serving customers for years and has a reputation for quality. The restaurant is located in a high-traffic area known for shopping, dining, and nightlife. The business has a digital presence with performance on delivery platforms. This restaurant is ideal for an investor, operator, or family business, and offers a turnkey operation in one of South Florida’s markets. It is also E1/E2 Visa eligible, making it suitable for foreign investors seeking a profitable, established U.S. business.
Key Highlights
- Prime Location in Mizner (Boca Raton): Benefit from a high‑traffic area known for shopping, dining, and nightlife.
- Established and Profitable Business: Serving loyal customers for years with a strong reputation.
- E1/E2 Visa Eligible: Perfect opportunity for foreign investors.
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
$26,437
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
8.81%
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%
$528,740
$528.7K
Cap Rate 7%
$377,671
$377.7K
Cap Rate 9%
$293,744
$293.7K
Market Conditions
NOI Build-Up for 1,870 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
$40.4K $21.60/SF
− Vacancy
−$2.6K −$1.40/SF
EGI
$37.8K $20.20/SF
− OpEx
−$11.3K −$6.06/SF
NOI
$26.4K $14.14/SF
Area
West Palm Beach, FL
Vacancy
6.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$528,740
Cap Rate 7%
$377,671
Cap Rate 9%
$293,744
Alternative Uses
Best Use
Specialty Retail
$431.7K
$377.7K – $503.6K
NOI $30,218 @ 7.0% cap · market cap 10.07%
Second Best
Retail
$377.7K
$330.5K – $440.6K
NOI $26,437 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,187 @ 7.0% cap · market cap 30.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33432, FL
22,061
Population
14,405
Households
1.5
Avg Household Size
52
Median Age
58%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
4,796
Density / Sq Mi
$94,375
Median Household Income
$54,481
Median Earnings
$2,226
Median Rent
$943,400
Median Home Value
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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Similar Off Market Nearby
- Catering Solutions — 352 Tall Pines Rd Suite F, West Palm Beach, FL 33413
- Wellington Hospitality Group — 352 Tall Pines Rd Suite F, West Palm Beach, FL 33413
Frequently Asked Questions
What type of property is this?
Restaurant - Turnkey Gyro restaurant in Mizner, Boca Raton's dining district.
Where is this restaurant located?
The property is located at 122 NE 2nd Street West Palm Beach, FL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Prime Location in Mizner (Boca Raton): Benefit from a high‑traffic area known for shopping, dining, and nightlife.; Established and Profitable Business: Serving loyal customers for years with a strong reputation.; E1/E2 Visa Eligible: Perfect opportunity for foreign investors.
