Historic Service Station
For Sale
$875,000
Pending
3712 South Olive Avenue, West Palm Beach, FL 33405
MF20-zoned corner site with a circa 1932 contributing service station structure that cannot be razed in the historic district.
Property Size6,030 SF
Lot Size0.14 Acres
Days on Market163
Property Features for 3712 South Olive Avenue
General Information
Standard status
Pending
Size
6,030 SF
Lot size
0.14 Acres
Property subtype
Land & Docks / Unimproved Land
Zoning
MF20
Taxes and HOA fees
Annual Taxes
$7,842
Amenities
Other
No
Building Details
Year Built
1932
Construction
frame with stucco
Listing Agency:
Media Realty
(954) 232-7714
Listed By:
Peter Dacko III · License #0600065
(954) 232-7714
Source:
Compass
Added: Mar 2
Changed: Aug 8
Last Checked: Mar 25 at 2:04PM
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 Media Realty
Investment Insights
Based on property information with market context.
Located at 3712 South Olive Avenue in West Palm Beach, this MF20-zoned corner property includes a circa 1932 service station structure recognized as a contributing structure within the Central Park Historic District. The building is described as approximately 1,206 square feet of frame construction with stucco, and the historic designation indicates the structure cannot be razed.
The site is positioned at the prominent corner of S. Olive Avenue and Lakeland Drive, with approximately 6,029 square feet of MF20-zoned land. Exterior improvements are subject to historic review.
With multifamily high-density zoning (MF20) and a protected, historically contributing structure, the property offers a configuration centered on adaptive reuse, restoration, or historically compatible repositioning within the constraints of the district’s review process.
The site is positioned at the prominent corner of S. Olive Avenue and Lakeland Drive, with approximately 6,029 square feet of MF20-zoned land. Exterior improvements are subject to historic review.
With multifamily high-density zoning (MF20) and a protected, historically contributing structure, the property offers a configuration centered on adaptive reuse, restoration, or historically compatible repositioning within the constraints of the district’s review process.
Key Highlights
- Corner lot at the intersection of S. Olive Avenue and Lakeland Drive in the Central Park Historic District (SoSo corridor, West Palm Beach).
- Approximately 6,029 SF MF20‑zoned land (Multifamily Residential High‑Density).
- Existing circa 1932 service station structure (~1,206 SF) is recognized as a contributing structure within the historic district.
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
$55,312
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
6.32%
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%
$1,106,240
$1.1M
Cap Rate 7%
$790,171
$790.2K
Cap Rate 9%
$614,578
$614.6K
Market Conditions
NOI Build-Up for 6,030 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
$86.8K $14.40/SF
− Vacancy
−$7.8K −$1.30/SF
EGI
$79.0K $13.10/SF
− OpEx
−$23.7K −$3.93/SF
NOI
$55.3K $9.17/SF
Area
West Palm Beach, FL
Vacancy
9.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,106,240
Cap Rate 7%
$790,171
Cap Rate 9%
$614,578
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.42M
NOI $85,247 @ 7.0% cap · market cap 9.74%
Second Best
Industrial
$790.2K
$691.4K – $921.9K
NOI $55,312 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$4.25M
$3.72M – $4.95M
NOI $297,266 @ 7.0% cap · market cap 33.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,032
Businesses Nearby
68k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 42%
Home Improvements & Furnishings 9%
Flanigan's Seafood Bar & Grill
Dining
21,981 visits/mo
0.2 miles
7-Eleven
Shops & Services
18,383 visits/mo
0.2 miles
Chase Bank
Shops & Services
8,661 visits/mo
0.3 miles
Dunkin' Donuts
Dining
6,161 visits/mo
0.5 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
5,859 visits/mo
0.3 miles
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - MF20-zoned corner site with a circa 1932 contributing service station structure that cannot be razed in the historic district.
Where is this residential land & home lot located?
The property is located at 3712 South Olive Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Corner lot at the intersection of S. Olive Avenue and Lakeland Drive in the Central Park Historic District (SoSo corridor, West Palm Beach).; Approximately 6,029 SF MF20‑zoned land (Multifamily Residential High‑Density).; Existing circa 1932 service station structure (~1,206 SF) is recognized as a contributing structure within the historic district.
