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    Eco-Friendly Office Building For Rent Title is generated by Realmo AI

    1641 Worthington Rd, West Palm Beach, FL 33409

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    LEED Gold certified office building with hurricane resistance and modern upgrades.

    Type:Office
    Property size:
    100,525 SF
    Added:
    Apr 25, 2022
    Days on Market:
    1503
    Last Refresh:
    May 12 at 9:34 pm

    Property Features for 1641 Worthington Rd

    General Information

    Standard status
    Active
    Size
    100,525 SF
    Property subtype
    Office

    Building Details

    Year Built
    2008

    Spaces For Lease

    at 1641 Worthington Rd Contact us

    320 $29/Mo

    Size
    4,584 SF
    Type
    Office
    Spacious and move-in ready suite with welcome lobby, central open area, perimeter...
    show more
    Contact us

    230 $29/Mo

    Size
    4,302 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Lesley Sheinberg
    Lesley Sheinberg

    Listing agent Lesley Sheinberg License #FL 3039073

    Listing office NAI Merin Hunter Codman, Inc. West Palm Beach

    Listing date Apr 25, 2022

    Source Crexi

    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 NAI Merin Hunter Codman, Inc. West Palm Beach

    HighLights

    • Hurricane Resistance: Designed to withstand Category 4 hurricanes with high‑impact glass and three 100% backup generators.
    • LEED Gold Certified: Eco‑friendly and energy‑efficient building.
    • Prime Location: Across from Palm Beach International Airport with immediate airport access.
    • On‑Site Amenities: Includes a fitness center with showers and lockers, lush outdoor plaza, and walking trails.
    • Move‑In Ready Suites & Upgraded Lobby: Recent upgrades and move‑in ready suites.
    • Attached 5‑Story Parking Garage: Convenient and ample parking.

    Overview

    This 100,525-square-foot Class A office building, known as EcoPlex®, is located in West Palm Beach. It has received a LEED® Gold certification from the U.S. Green Building Council (USGBC) under the LEED for Core and Shell Rating System. The building is designed to withstand Category 4 hurricanes and features high-impact glass throughout, along with three 100% backup generators capable of running at full capacity for up to seven days, and a rainwater recycling system. The property includes an attached 5-story parking garage. Tenants can access fiber optic service and utilize Tate integrated air and floor systems for easy modifications. Additional amenities include a lush outdoor plaza, walking trails, and an on-site fitness center with showers and lockers. The building is located off Australian Avenue, across from Drive Shack and adjacent to the Hampton Inn and Garden Inn hotels, offering direct access to Palm Beach International Airport and easy access to I-95 and Florida’s Turnpike. It is also a short drive to downtown West Palm Beach, CityPlace, and the Palm Beach County Convention Center. The lobby has been recently upgraded, and EV charging stations and move-in ready suites are available. The estimated CAM for 2025 is $15.70, which includes electric and janitorial services.
    Property Profile Location Intelligence

    Current Use by Public Records

    Gym at the EcoPlex Gym & Fitness Center Novation Settlement Solutions Bank Parker + Lynch Employment Agency William E. Johnson, ... Law Firm CORE Construction General Contractor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.07527
    Latitude
    26.6973023

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    FAQs

    What type of property is this?
    Office building - LEED Gold certified office building with hurricane resistance and modern upgrades.
    Where is this office building located?
    The property is located at 1641 Worthington Rd West Palm Beach, FL.
    What is the lease rate?
    The lease rate is $29 SF/Yr.
    What are key features of this property?
    This property features: Hurricane Resistance: Designed to withstand Category 4 hurricanes with high‑impact glass and three 100% backup generators.; LEED Gold Certified: Eco‑friendly and energy‑efficient building.; Prime Location: Across from Palm Beach International Airport with immediate airport access.
    (561) 471-8000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Lesley Sheinberg
    Lesley Sheinberg
    Real Estate License ID: FL 3039073
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    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.

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