Back to Search
Property profile & analytics
FOR LEASE
Automotive properties
1200 S Congress Ave West Palm Beach, FL 33406
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-9738564
For Lease
1 / 2
$22,475,000
1200 S Congress Ave, West Palm Beach, FL 33406
View Listing →
Property profile
Verified
Property type
Automotive properties
Use group
VEHICLE SALES, RENTALS
Year built
2016
Construction
CONCRETE
Total area
42,792 SF
Lot
14.73 ac (641,648 SF)
Zoning code
LI
APN
70-43-44-08-00-000-3090
UPID
US18-9738564
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Isalis (Bike/Boat/Book/etc) Store
-
Party City Party Supply Store (Bike/Boat/Book/etc) Store
-
Skunk Funk Big Box & Wholesale Store
-
Carl's Trading Co Hat Shop
-
Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$30.48M
Blend (final)
Blend
$22.48M
Owner & transaction history
Mgx I LLC · 1 yrs held
Mgx I LLC
since 2025
Last sale
$24.0M
7 recorded transactions
Zoning & alternative use
LI · Palm Springs, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$32.7M
+48.6%
Office building
$29.1M
+32.1%
Apartment house (5+ units)
$25.5M
+15.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs West Palm Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs West Palm Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$20,090,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$22,025,000
Current use
RESTAURANT
$32,730,000
Change: +49% · Conversion: Difficult
OFFICE BUILDING
$29,085,000
Change: +32% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$25,485,000
Change: +16% · Conversion: Difficult
MEDICAL BUILDING
$23,155,000
Change: +5% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$17,865,000
Change: -19% · Conversion: Easy
RETAIL STORES
$17,755,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$22.48M
Range $20.23M – $24.72M · ±10% · vs last sale $24.00M (Jun 12 2025)
Last sale anchor
$24.00M
Jun 12 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$525 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$322,619
Tax year 2023
Assessed value
$16,088,237
Assessed 2023
Previous assessed
$15,503,071
+3.8% YoY
Effective rate
2.01%
On assessed value
Assessed land
$7,411,023
Assessed improvement
$8,677,214
Land market value
$7,411,023
Improvement market value
$8,677,214
Total market value
$16,088,237
Applied tax rate
70,452.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Automotive properties
Use group
VEHICLE SALES, RENTALS
Status
For Lease
Year built
2016
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Buildings
3
Stories
2
Total area
42,792 SF
Lot
14.73 ac (641,648 SF)
Zoning code
LI
APN
70-43-44-08-00-000-3090
UPID
US18-9738564
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
LI · Palm Springs, FL
Zoning LI · permitted uses
LI · Palm Springs, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Palm Springs. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE Current
Est. value
$22.0M
RESTAURANT
Est. value
$32.7M
OFFICE BUILDING
Est. value
$29.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$25.5M
MEDICAL BUILDING
Est. value
$23.2M
INDUSTRIAL (GENERAL)
Est. value
$17.9M
RETAIL STORES
Est. value
$17.8M
AUTO REPAIR, GARAGE Current
RESTAURANT
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2016
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
2
Buildings
3
Lot
14.73 ac
Current owner
From public records · entity-resolved
Mgx I LLC
Entity
Mailing address
2727 N HARWOOD ST STE #300, DALLAS, TX 75201-2407
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 12, 2025
$24,000,000
Mgx I LLC
Spirit Realty LP
Special Warranty Deed
$34,000,000 · Seacoast National Bank
Dec 4, 2020
—
Spirit Realty LP
Off Lease R/e Hldgs LLC
Correction Deed
related
—
Sep 17, 2020
$22,024,440
Spirit Realty LP
Off Lease Only R/e Hldgs LLC
Grant Deed
—
Nov 20, 2019
$100
Off Lease Only R & E Hldgs LLC
Off Lease Only LLC
Grant Deed
related
$73,000,000 · M&e Olo Hldgs INC
Jan 27, 2017
—
Off Lease Only INC
—
Loan Modification
related
$9,000,000 · Palm Bch Cmnty Bk
Feb 27, 2009
—
Regions Bank
Palm Springs Townhomes LLC
Trustees Deed
related
—
May 24, 2006
$10,450,000
Palm Springs Town Homes LLC
Michael Anthony
Grant Deed
$26,350,000 · Regions Bank
—
—
Off Lease Only INC
—
Loan Modification
related
$9,000,000 · Palm Bch Cmnty Bk
—
—
Off Lease Only INC
—
Loan Modification
related
$2,000,000 · Palm Bch Cmnty Bk
—
—
Off Lease Only INC
—
Loan Modification
related
$1,999,900 · Palm Bch Cmnty Bk
—
—
Off Lease Only INC
—
Loan Modification
related
$2,000,000 · Palm Bch Cmnty Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
