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    5015-5059 Okeechobee Blvd West Palm Beach, FL 33417
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    5015-5059 Okeechobee Blvd, West Palm Beach, FL 33417

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    • Restaurants
    • 70,604 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Restaurants

    Property Details for 5015-5059 Okeechobee Blvd

    Property type
    Restaurants
    Property subtype
    Retail space

    Description

    Village Marketplace offers exceptional restaurant space in West Palm Beach, Florida. This vibrant, fully renovated shopping center boasts four available units ranging from 1,061 to 4,292 square feet, situated within a 70,604 square foot building at 5015-5059 Okeechobee Boulevard, at the intersection of Okeechobee Boulevard and Haverhill Road in Palm Beach County (zip code 33417). The property benefits from a high-traffic location, with over 80,000 vehicles passing daily. Recent improvements include a new facade and sidewalk paint, a repaved parking lot, and updated landscaping. This prime retail location enjoys the established presence of successful businesses such as Guitar Center, Family Dollar, and LaBrasa Rotisserie & Grill. The property's strategic position is further enhanced by the planned development of nearly 700 townhomes directly behind the shopping center in 2024, promising increased foot traffic and customer base. Aggressive lease rates are available for qualified tenants. This is a unique opportunity to establish or expand your restaurant business in a thriving West Palm Beach community. Contact us today to learn more about these exceptional spaces.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.1203
    Latitude
    26.7081

    Comparable in this City

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      6120 Okeechobee Blvd

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    • Value Estimation
      $5,250,000
      6,000 SF

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      1,152 SF

      5241 Nn Dr

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    • Value Estimation
      $2,260,000
      12,046 SF

      6080 Okeechobee Blvd

      RETAIL STORES (PERSONAL SERVICES)
      6080 Okeechobee Blvd, West Palm Beach, FL 33417-4362
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    Similar Nearby for Lease

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      1,000 SF

      Retail Space in West Palm

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      1,150 SF

      Retail Space on Okeechobee Boulevard

      Retail/office space available in West Palm Beach shopping center.
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      Retail Space on Okeechobee Blvd

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      1,500 SF

      Retail Space in West Palm

      Retail space available for lease in West Palm Beach.
      2240 N Haverhill Rd W, Palm Beach, FL 33417
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      West Palm Beach Retail Space

      Retail space available in West Palm Beach, Florida.
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      West Palm Beach Retail/Office Space

      High-visibility space with drive-thru, ideal for retail or office.
      5849 Okeechobee Blvd, West Palm Beach, FL 33417
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    West Palm Beach, FL 33417
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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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