Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Corner Office Building with Yard Title is generated by Realmo AI

    920 3rd Avenue North, Lake Worth, FL 33460

    View on Map
    Claim this Listing
    For Sale
    $1,100,000

    Corner office building with yard in Lake Worth Beach.

    Type:IND, OFC, MU
    Added:
    Dec 12, 2024
    Days on Market:
    535
    Last Refresh:
    Apr 3 at 5:02 am

    Property Features for 920 3rd Avenue North

    General Information

    Standard status
    Active
    Property subtype
    IND, OFC, MU

    Building Details

    Year Built
    1959

    We can help!

    Listing Contact
    Jeffrey Bornstein

    Listing agent Jeffrey Bornstein License #SL700238, Florida

    Listing office KW Commercial | Boca Raton

    Listing date Dec 12, 2024

    Source Realnex

    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 KW Commercial | Boca Raton

    HighLights

    • Prime corner lot location in the heart of Lake Worth Beach Downtown Development District, one parcel from high‑traffic Dixie Highway.
    • Easy access to I‑95, the Intracoastal Waterway, and Lake Worth Beach City Hall.
    • Quality interior finishes including glass walls and slate floors, plus a built‑in center table.
    • Attached block‑walled contractor's yard with two automatic gates and paver brick off‑street parking with handicapped ramp.
    • Located in an area with numerous three‑story townhome developments, indicating strong growth potential.
    • Property consists of 3 lots, offering potential for future development (potential for six (+-) townhomes).

    Overview

    This corner office building features quality finishes, glass walls, and slate floors. It includes an attached block-walled contractor's yard with two automatic gates. The property also offers paver brick off-street parking areas with a handicapped ramp side entrance. Inside, there is a built-in center table suitable for plans and drawings. The property consists of three lots in the heart of Lake Worth Beach Downtown Development District. It is located one parcel from high-traffic Dixie Highway and three blocks north of City Hall. The location provides easy access to I-95, the Intracoastal Waterway, and is in proximity to numerous three-story townhome developments. The property is situated in an area undergoing large-scale infill development of three-story townhomes on an adjacent block. The property is zoned MU-DX Dixie Hwy Mixed Use City Planned Development. The location is 1.2 miles to I-95, a 4-minute drive. The owner is willing to discuss the business sale with purchase under a separate agreement. There is potential for six townhomes.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Worth
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0579781
    Latitude
    26.6192177

    Nearby Similar for Sale

    • $2,850,000
      8,320 SF

      Lake Worth Commercial Property

      Commercial property in Lake Worth, Florida, with 8,320 square feet.
      3141 S Military Trail, Lake Worth, FL 33463
      View Details
    • $945,000
      1,806 SF

      Lake Worth Fourplex on Corner Lot

      Fourplex in Lake Worth Beach with mixed-use zoning.
      1625 S Federal Hwy, Lake Worth, FL 33460
      View Details
    • $1,995,000

      Versatile Commercial Compound on Acreage

      Unique commercial property with warehouse, office, and expansive grounds.
      10689 Heritage Farms Road, Lake Worth, FL 33449
      View Details
    • $630,000
      2,146 SF

      Lake Worth Beach CBS Duplex

      Well-maintained duplex in a strong rental market with upside potential.
      301 S L Street, Lake Worth Beach, FL 33460
      View Details
    • $1,100,000
      2,420 SF

      Lake Worth Beach Multifamily Property

      Four units near the beach with modern, high-end finishes.
      502 N H Street, Lake Worth Beach, FL 33460
      View Details
    • $949,000
      2,144 SF

      Lake Worth Beach Multifamily Property

      Four-unit multifamily property in Lake Worth Beach, Florida.
      802 N J Street, Lake Worth Beach, FL 33460
      View Details
    • $525,000
      1,120 SF

      Lake Worth Beach Duplex

      Charming duplex near the beach, ideal for investment or owner-occupancy.
      1202 S M Street, Lake Worth Beach, FL 33460
      View Details
    • $620,000
      1,487 SF

      Updated Home with Income Potential

      Charming home with a detached guest cottage for rental income.
      915 N K Street, Lake Worth Beach, FL 33460
      View Details
    • $4,500,000

      3.54 Acre Commercial Land Parcel

      3.54 acres, zoned for commercial use, high visibility.
      1908 Hypoluxo Road, Lake Worth, FL 33462
      View Details
    • $665,000
      1,858 SF

      Lake Worth Beach Duplex

      Duplex in Lake Worth Beach, currently fully rented.
      1430 N J Street, Lake Worth Beach, FL 33460
      View Details
    • $899,000
      2,024 SF

      Lake Worth Beach Quadplex

      Turn-key quadplex near beach and shops in Lake Worth.
      226 S Palmway, Lake Worth Beach, FL 33460
      View Details
    • $1,900,000
      4,233 SF

      Established Supermarket with Land

      Freestanding commercial property with fully operational grocery store.
      Lake Worth, FL 33461
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Corner office building with yard in Lake Worth Beach.
    Where is this mixed-use property located?
    The property is located at 920 3rd Avenue North Lake Worth, FL.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: Prime corner lot location in the heart of Lake Worth Beach Downtown Development District, one parcel from high‑traffic Dixie Highway.; Easy access to I‑95, the Intracoastal Waterway, and Lake Worth Beach City Hall.; Quality interior finishes including glass walls and slate floors, plus a built‑in center table.
    (561) 970-0414
    We can help!
    Listing Contact
    Jeffrey Bornstein
    Real Estate License ID: SL700238, Florida
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    920 3rd Avenue North, Lake Worth Beach, FL 33460
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!