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    Property profile & analytics

    1505 Belvedere Rd West Palm Beach, FL 33406-1501

    • Hotels
    • 47,472 SF
    • 3.06 lot acres
    OFF-MARKET
    Last Sale
    Aug 09, 2022
    $10,500,000
    Value Estimations
    $11,840,000
    Show details
    Cap Rate Potential
    3.1%
    Hotels
    Location Intelligence
    Property ID
    US18-3675573
    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

    • Quality Inn Palm Beach International Airport / Hotel

    Property Details for 1505 Belvedere Rd

    Year built
    1986
    Construction
    STEEL FRAME
    Lot size
    3.06 lot acres
    Property size
    47,472 SF
    Zone code
    GC
    Property type
    Hotels
    Property subtype
    Motels
    APN
    74-43-43-29-00-000-5400
    APU
    74434329000005400

    Description

    This exceptional 6,100 square foot retail space, located at 1505 Belvedere Road in West Palm Beach, Florida, presents a unique investment opportunity. Situated on a 0.9-acre lot, this single-tenant property offers unparalleled visibility and accessibility on a major thoroughfare. The building's entire 6,100 square feet is currently vacant, providing a blank canvas for a discerning tenant to create their ideal commercial space. The property's classification as both retail and restaurant allows for a wide range of potential uses, catering to diverse business needs. Its location in Palm Beach County, specifically West Palm Beach, places it within a vibrant and growing market, offering significant potential for high foot traffic and customer engagement. The property's street retail subtype ensures maximum exposure to potential customers. The zip code is 33406. This is an excellent opportunity for businesses seeking a prominent location with high visibility and ample space to establish a thriving enterprise. The property's size and location make it ideal for a variety of retail or restaurant concepts. Serious inquiries are encouraged to explore the possibilities of this prime commercial real estate offering. The property is available for lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,420,000
      ML approach
      $11,415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $17,702,000
      Market price range: $11.4M - $27.6M

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0724
    Latitude
    26.6919
    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
    $180,358
    $3,168,800
    $4,489,415
    $7,658,215
    -
    $3,168,800
    $4,489,415
    $7,658,215

    Comparable in this City

    • Value Estimation
      $885,000
      185,247 SF

      150 Australian Ave

      HOTEL • 185,247 SF
      150 Australian Ave, West Palm Beach, FL 33406-1465
      View Details
    • Value Estimation
      $500,000
      11,689 SF

      130 Australian Ave

      HOTEL • 11,689 SF
      130 Australian Ave, West Palm Beach, FL 33406-1465
      View Details
    • Value Estimation
      $1,410,000
      75,336 SF

      2375 James L Turnage Blvd

      HOTEL • 75,336 SF
      2375 James L Turnage Blvd, West Palm Beach, FL 33406-1414
      View Details
    • Value Estimation
      $885,000
      189,103 SF

      1601 Belvedere Rd, Unit 2

      HOTEL • 189,103 SF
      1601 Belvedere Rd, West Palm Beach, FL 33406-1541
      View Details
    • Value Estimation by Request
      0.15 Acres

      Frst Hl Blvd

      VACANT COMMERCIAL LAND • 0.15 Acres
      Frst Hl Blvd, West Palm Beach, FL 33406
      View Details
    • Value Estimation
      $110,000
      9,270 SF

      2400 Kirk Rd

      SHOW ROOM, WAREHOUSE • 9,270 SF
      2400 Kirk Rd, Palm Springs, FL 33406-8501
      View Details

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    Similar Nearby for Lease

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      View Details
    • $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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    • $1,900 /Mo

      Palm Springs Office Space Available

      Spacious office with private bathrooms in convenient Palm Springs location.
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      Cedar Square Office Suites

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      Retail Space on Forest Hill

      Retail space available with aggressive lease rates and incentives.
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      View Details
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    West Palm Beach, FL 33406-1501
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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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