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    Property profile & analytics

    3208 Frst Hl Blvd Palm Springs, FL 33406-5801

    • Turn key restaurants
    • 5,563 SF
    • 1.25 lot acres
    OFF-MARKET
    Last Sale
    Aug 03, 2021
    $1,465,000
    Value Estimations
    $1,685,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0668467
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Wrigley BBQ / Barbecue Restaurant / American Restaurant

    Property Details for 3208 Frst Hl Blvd

    Year built
    1974
    Construction
    WOOD
    Lot size
    1.25 lot acres
    Property size
    5,563 SF
    Zone code
    CG
    Property type
    Turn key restaurants
    APN
    70-43-44-07-01-001-0020
    APU
    70434407010010020

    Description

    This exceptional freestanding retail building, located at 3208 Forest Hill Boulevard in Palm Springs, Florida, presents a rare investment opportunity. Boasting 5,563 square feet on a 1.25-acre lot, this 1974-constructed CBS building enjoys a prominent position with approximately 200 feet of frontage on Forest Hill Boulevard, experiencing a daily traffic count exceeding 47,000 vehicles. Its strategic location is less than 1.5 miles west of I-95, ensuring high visibility and accessibility. The property features a substantial 216-seat capacity, a separate bar area, a large commercial kitchen, and ample parking with 88 spaces. Recent upgrades include a new roof, six new commercial train A/C units, and a new walk-in cooler. Adding significant value, a liquor license is included in the sale. The asking price for this turnkey operation is $2,150,000. This property is ideal for a variety of retail uses and represents a strong investment in a thriving Palm Beach County location. The zip code is 33406.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $1,730,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,495,000
      6.5%
      $1,495,000
      7%
      $1,595,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $1,640,000
      Geo Method
      $1,545,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $1,625,000
      Retail
      $1,405,000
      Mixed-Use
      $1,580,000
      Hospitality
      $1,515,000
      Educational
      $1,385,000
      Residential Income
      $1,270,000
      Energy
      $1,755,000
      Income-Based Land
      $1,730,000
      Food Service
      $1,270,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Palm Springs
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0908
    Latitude
    26.6504
    CBSA code
    33100
    CBSA name
    MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $32,831
    $873,664
    $467,826
    $1,341,490
    -
    $873,664
    $467,826
    $1,341,490

    Comparable in this City

    • Value Estimation by Request
      2,880 SF

      4380 Frst Hl Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,880 SF
      4380 Frst Hl Blvd, Palm Springs, FL 33406-5718
      View Details
    • Value Estimation by Request
      2,996 SF

      1531 Belvedere Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,996 SF
      1531 Belvedere Rd, West Palm Beach, FL 33406-1500
      View Details
    • Value Estimation
      $2,835,000
      2,520 SF

      815 Congress Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,520 SF
      815 Congress Ave, Palm Springs, FL 33406-4118
      View Details
    • Value Estimation by Request
      2,453 SF

      4466 Frst Hl Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,453 SF
      4466 Frst Hl Blvd, Palm Springs, FL 33406-5720
      View Details
    • Value Estimation by Request
      2,902 SF

      1721 Belvedere Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,902 SF
      1721 Belvedere Rd, West Palm Beach, FL 33406-1505
      View Details
    • Value Estimation by Request
      3,915 SF

      3015 Frst Hl Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,915 SF
      3015 Frst Hl Blvd, Palm Springs, FL 33406-5908
      View Details

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    Similar Nearby for Lease

    • $25 SF/Yr
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      West Palm Beach Retail Opportunity

      Prime Retail Space - Immediate Occupancy
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    • $20 SF/Yr
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      West Palm Beach Retail/Office Space

      Retail and office spaces available in West Palm Beach, FL.
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      Retail Space on Forest Hill

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    • $1,900 /Mo

      Palm Springs Office Space Available

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    • Contact for pricing

      West Palm Beach Office Building

      Single-Tenant Office Space Available
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      View Details
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    Palm Springs, FL 33406-5801
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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.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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