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    119 Palmetto Park Rd Boca Raton, FL 33432-3827
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    Property profile & analytics

    119 Palmetto Park Rd Boca Raton, FL 33432-3827

    View on Map
    • Strip malls
    • 5,280 SF
    • 0.26 lot acres
    Off-Market
    Property ID
    US18-4849533
    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.
    Value Estimations
    $890,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Häagen-Dazs / Restaurant / Take-out & Catering
    • Tropical Smoothie Cafe / Restaurant

    Property Details for 119 Palmetto Park Rd

    Year built
    1958
    Construction
    CONCRETE
    Lot size
    0.26 lot acres
    Property size
    5,280 SF
    Zone code
    DDRI
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    06-43-47-19-31-001-0060
    APU
    6434719310010060

    Description

    The Aletto Offices at Sanborn Square, located at 119 E Palmetto Park Rd in Boca Raton, FL 33432, presents a unique opportunity for businesses seeking premium office space. This brand-new, Class A development, slated to break ground in Q4 2023 and completed in 2025, comprises two ten-story buildings totaling 140,000 square feet. The property offers flexible space options, with a minimum divisible unit of 5,000 square feet and the potential to lease the entire 140,000 square feet contiguously. Currently, all 140,000 square feet are available for lease. The buildings feature modern design and amenities, including elevators. The property is categorized as both retail and traditional office space, offering a diverse range of possibilities. Located in Palm Beach County, this development includes a dedicated parking garage, ensuring convenient parking for tenants and their clients. The property's prime location in Boca Raton provides excellent access to major transportation routes and a vibrant business community. This is an exceptional opportunity to secure space in a state-of-the-art, newly constructed building in a highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,233,000
      Market price range: $1.16M - $3.57M

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

    Location Insight

    • Map
    • Local Demand
    City
    Boca Raton
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0887
    Latitude
    26.3508
    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
    $25,669
    $1,299,375
    $7,634
    $1,307,009
    -
    $1,299,375
    $7,634
    $1,307,009

    Comparable in this City

    • Value Estimation
      $2,300,000
      9,344 SF

      277 Palmetto Park Rd

      SHOPPING CENTER, STRIP CENTER • 9,344 SF
      277 Palmetto Park Rd, Boca Raton, FL 33432-5013
      View Details
    • Value Estimation
      $1,295,000
      8,000 SF

      1300 2nd Ave

      SHOPPING CENTER, STRIP CENTER • 8,000 SF
      1300 2nd Ave, Boca Raton, FL 33432-1660
      View Details
    • Value Estimation by Request
      1,640 SF

      301 Federal Hwy

      SHOPPING CENTER, STRIP CENTER • 1,640 SF
      301 Federal Hwy, Boca Raton, FL 33432-3925
      View Details
    • Value Estimation
      $1,835,000
      9,730 SF

      803 Federal Hwy

      SHOPPING CENTER, STRIP CENTER • 9,730 SF
      803 Federal Hwy, Boca Raton, FL 33432-2737
      View Details
    • Value Estimation
      $1,745,000
      11,382 SF

      1800 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 11,382 SF
      1800 Dixie Hwy, Boca Raton, FL 33432-1845
      View Details
    • Value Estimation
      $585,000
      3,031 SF

      1949 2nd Ave

      SHOPPING CENTER, STRIP CENTER • 3,031 SF
      1949 2nd Ave, Boca Raton, FL 33432-1608
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Walgreens Anchored Shopping Center

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      4,214 SF

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      4,214 SF

      Freestanding Commercial Building in Boca Raton

      4,200 SF commercial building in downtown Boca Raton.
      101 NW 3Rd St, Boca Raton, FL 33432
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    • $2,395,000
      0.23 Acres

      Prime Land Near the Ocean

      10,000 sq ft lot steps from the ocean.
      800 W Fern Dr, Boca Raton, FL 33432
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      3,600 SF

      Downtown Boca Raton Commercial Building

      3,600 SF commercial building in downtown Boca Raton, Florida.
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    Similar Nearby for Lease

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      Prime Retail Space on Federal

      2,400 SF retail space in Boca Raton.
      2900 Federal Hwy, Boca Raton, FL 33432
      View Details
    • $3,000 /Mo

      Downtown Boca Raton Office Space

      Office space in downtown Boca Raton near Brightline station.
      101 NW 3Rd St, Boca Raton, FL 33432
      View Details
    • Contact for pricing

      Office and Retail Space Available

      Single tenant office and retail space for rent.
      1000 N Federal Hwy, Boca Raton, FL 33432
      View Details
    • Contact for pricing
      2,640 SF

      Retail Space in Boca Raton

      Retail space available for lease in Boca Raton, Florida.
      1949 Nw 2Nd Ave, Boca Raton, FL 33432
      View Details
    • Contact for pricing

      Office and Retail Space Available

      Office and retail spaces available for rent.
      101 N Federal Hwy, Boca Raton, FL 33432
      View Details
    • Contact for pricing
      1,100 SF

      Retail Space For Rent

      Retail space available for lease in Boca Raton, Florida.
      2236 N Dixie Hwy, Boca Raton, FL 33432
      View Details
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    Boca Raton, FL 33432-3827
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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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    119 Palmetto Park Rd, Boca Raton, FL, 33432
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