Iconic Clematis Street Mixed-Use
For Sale
$14,950,000
312 Clematis St, West Palm Beach, FL 33401
Mixed-use building in Downtown West Palm Beach's thriving district.
Property Size25,296 SF
Price / SF$647.80
Days on Market159
Property Features for 312 Clematis St
General Information
Standard status
Active
Size
25,296 SF
Property subtype
Office
Occupancy
30%
Building Details
Building Size
25,296 SF
Year Built
1925
Listing Agency:
Lee & Associates - Broward/Palm Beach
(561) 414-8567
Listed By:
C. Todd Everett, SIOR · License #SL3265231
(561) 414-8567
Source:
Lee-associates
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 8 at 1:42PM
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 Lee & Associates - Broward/Palm Beach
Investment Insights
Based on property information with market context.
The Anthony Building is a five-story mixed-use property with 23,078 rentable square feet, situated on Clematis Street in Downtown West Palm Beach. The building's first two floors are configured as a retail suite with 18-foot ceilings and approximately 850 square feet of mezzanine space, currently occupied by Fitness Hub. The upper three floors offer conventional and loft office spaces featuring original hardwood flooring. The top floor covers approximately 40% of the building's footprint on the south end and includes a rooftop patio with French doors. The building's facade retains its original historic design, featuring three-story decorative columns, carved concrete architectural cornices, moldings, and gold-leafed lettering. Constructed in 1925 and renovated in 1998, the building includes original hardwood floors, high ceilings, crown and accent moldings, exposed beams, and a penthouse open-air terrace. Located in the West Palm Beach CBD, the property is near the Palm Beach County Courthouse, Cityplace, and The Waterfront. It has a Walk Score of 98 and convenient access to public transportation, including the Brightline High-Speed Rail station. The property benefits from major annual events like Music Festivals, Palm Beach Boat Show, weekly "Clematis By Night" and award-winning West Palm Beach GreenMarket festivities. The flexible office floors can accommodate multiple smaller tenants or single-floor tenants. This property is suitable for an owner/user or investor looking to capitalize on market trends.
Key Highlights
- Prime location on Historic Clematis Street in Downtown West Palm Beach.
- Significant value‑add opportunity through lease‑up and cosmetic enhancements.
- Iconic building with historic architectural details.
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
$804,471
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
5.38%
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%
$16,089,420
$16.1M
Cap Rate 7%
$11,492,443
$11.5M
Cap Rate 9%
$8,938,567
$8.9M
Market Conditions
NOI Build-Up for 23,078 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
$1.27M $55.20/SF
− Vacancy
−$201.3K −$8.72/SF
EGI
$1.07M $46.48/SF
− OpEx
−$268.2K −$11.62/SF
NOI
$804.5K $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%
$16,089,420
Cap Rate 7%
$11,492,443
Cap Rate 9%
$8,938,567
Alternative Uses
Best Use
Office B
$11.49M
$10.06M – $13.41M
NOI $804,471 @ 7.0% cap · market cap 5.38%
Second Best
Mixed Use
$5.00M
$4.38M – $5.84M
NOI $350,324 @ 7.0% cap · market cap 2.34%
Theoretical Best
Office A
$16.25M
$14.22M – $18.96M
NOI $1,137,697 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in Downtown West Palm Beach's thriving district.
Where is this mixed-use property located?
The property is located at 312 Clematis St West Palm Beach, FL.
What is the asking price?
The asking price for this property is $14,950,000.
What are key features of this property?
This property features: Prime location on Historic Clematis Street in Downtown West Palm Beach.; Significant value‑add opportunity through lease‑up and cosmetic enhancements.; Iconic building with historic architectural details.
