Freestanding Retail Office
For Sale
Contact for pricing
2055 Palm Beach Lakes Blvd., West Palm Beach, FL 33401
Freestanding commercial building with a drive-thru, original bank vault, and abundant front and rear parking.
Property Size6,496 SF
Price / SF$715.83
Days on Market62
Property Features for 2055 Palm Beach Lakes Blvd.
General Information
Standard status
Active
Size
6,496 SF
Class
B
Total Parking Spaces
28
Property subtype
Retail, Office
Zoning
General Commercial
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1999
Year Renovated
2022
Buildings
1
Listing Agency:
Reichel Realty & Investments Inc
Listed By:
Joanne Perez · License #SL3014383
Source:
Crexi
Added: Jul 6
Changed: Sep 3
Last Checked: Sep 5 at 2:00AM
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 Reichel Realty & Investments Inc
Investment Insights
Based on property information with market context.
This freestanding commercial building offers a flexible layout and includes a drive-thru plus the original vault from its prior bank use. The property was most recently home to Freedman’s Office Furniture, and it is configured to support a variety of occupancy and reuse needs.
Strategically positioned along Palm Beach Lakes Boulevard in West Palm Beach, the site is located just west of the I-95 interchange. The setting provides direct connectivity between I-95, downtown West Palm Beach, and the Intracoastal Waterway, with prominent street signage.
Parking is available in both the front and rear, supporting convenient customer and employee access for day-to-day operations and future redevelopment plans.
Strategically positioned along Palm Beach Lakes Boulevard in West Palm Beach, the site is located just west of the I-95 interchange. The setting provides direct connectivity between I-95, downtown West Palm Beach, and the Intracoastal Waterway, with prominent street signage.
Parking is available in both the front and rear, supporting convenient customer and employee access for day-to-day operations and future redevelopment plans.
Key Highlights
- 6,496 SF freestanding commercial building with a drive‑thru
- Includes original bank vault from prior bank use
- Abundant parking available in both the front and rear
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
$226,443
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
4.87%
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%
$4,528,860
$4.5M
Cap Rate 7%
$3,234,900
$3.2M
Cap Rate 9%
$2,516,033
$2.5M
Market Conditions
NOI Build-Up for 6,496 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
$358.6K $55.20/SF
− Vacancy
−$56.7K −$8.72/SF
EGI
$301.9K $46.48/SF
− OpEx
−$75.5K −$11.62/SF
NOI
$226.4K $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%
$4,528,860
Cap Rate 7%
$3,234,900
Cap Rate 9%
$2,516,033
Alternative Uses
Best Use
Office B
$3.23M
$2.83M – $3.77M
NOI $226,443 @ 7.0% cap · market cap 4.87%
Second Best
Retail
$1.31M
$1.15M – $1.53M
NOI $91,835 @ 7.0% cap · market cap 1.97%
Theoretical Best
Office A
$4.57M
$4.00M – $5.34M
NOI $320,239 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,314
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 building - Freestanding commercial building with a drive-thru, original bank vault, and abundant front and rear parking.
Where is this office building located?
The property is located at 2055 Palm Beach Lakes Blvd. West Palm Beach, FL.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 6,496 SF freestanding commercial building with a drive‑thru; Includes original bank vault from prior bank use; Abundant parking available in both the front and rear
