Historic Mixed-Use
For Sale
$10,500,000
312 Clematis St West Palm, West Palm Beach, FL 33401
Five-story building with ground-floor retail and upper-level office space, including a penthouse rooftop patio.
Property Size25,296 SF
Price / SF$454.98
Days on Market201
Property Features for 312 Clematis St West Palm
General Information
Standard status
Active
Size
25,296 SF
Class
B
Property subtype
Multi Tenant Office
Occupancy
32%
Additional Details
Highway Access
Yes
Amenities
original hardwood flooring
crown and accent moldings
exposed beams
penthouse open-air terrace
large rooftop patio
three sets of French doors
mezzanine space
historic facade
Building Details
Building Size
25,296 SF
Year Built
1925
Year Renovated
1998
Stories
5
Tenancy
Multi
Listing Agency:
Lee & Associates | Miami
Listed By:
Lee & Associates | Miami Marketing
(305) 235-1500
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 17
Last Checked: Aug 14 at 8:05AM
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 | Miami
Investment Insights
Based on property information with market context.
The Anthony Building is a historic five-story retail and office property originally built in 1925 and completely renovated in 1998. The first two floors include a ground-floor retail suite fronting Historic Clematis Street with 18-foot high ceilings and approximately 850 square feet of mezzanine space. The top three floors are configured as conventional and loft offices, with original hardwood flooring. Two floors span the full building footprint, and there is a penthouse level covering approximately 40% of the footprint on the south end, featuring a large rooftop patio with three sets of French doors.
The building’s facade retains original historic design elements, including decorative columns and carved concrete architectural cornices and moldings, along with gold-leafed lettering for prominent street presence. The property is currently 31.7% leased to two tenants.
Positioned in the Downtown West Palm Beach CBD, the building is described as one block from US-1 and about 1.5 miles from I-95. The area includes proximity to the Palm Beach County Courthouse, Cityplace, and The Waterfront, with a Walk Score of 98 and convenient access to public transportation, including the Brightline High-Speed Rail station.
The building’s facade retains original historic design elements, including decorative columns and carved concrete architectural cornices and moldings, along with gold-leafed lettering for prominent street presence. The property is currently 31.7% leased to two tenants.
Positioned in the Downtown West Palm Beach CBD, the building is described as one block from US-1 and about 1.5 miles from I-95. The area includes proximity to the Palm Beach County Courthouse, Cityplace, and The Waterfront, with a Walk Score of 98 and convenient access to public transportation, including the Brightline High-Speed Rail station.
Key Highlights
- 23,078 rentable SF five‑story retail and office building on Historic Clematis Street in Downtown West Palm Beach (built 1925).
- Ground‑floor retail suite fronts Clematis with 18‑foot high ceilings and about 850 SF of mezzanine space.
- Upper floors feature conventional and loft offices with original hardwood flooring; building includes a penthouse floor covering about 40% of the south end footprint.
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
7.66%
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 7.66%
Second Best
Retail
$4.66M
$4.08M – $5.44M
NOI $326,258 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$16.25M
$14.22M – $18.96M
NOI $1,137,697 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
31.7%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
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?
Office building - Five-story building with ground-floor retail and upper-level office space, including a penthouse rooftop patio.
Where is this office building located?
The property is located at 312 Clematis St West Palm West Palm Beach, FL.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 23,078 rentable SF five‑story retail and office building on Historic Clematis Street in Downtown West Palm Beach (built 1925).; Ground‑floor retail suite fronts Clematis with 18‑foot high ceilings and about 850 SF of mezzanine space.; Upper floors feature conventional and loft offices with original hardwood flooring; building includes a penthouse floor covering about 40% of the south end footprint.
