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    Property profile & analytics

    1641 Worthington Rd West Palm Beach, FL 33409

    • Office buildings
    • 103,950 SF
    • 1.52 lot acres
    For Lease
    View listing
    $26 SF/Yr
    Last Sale
    Apr 07, 2022
    $32,500,000
    Value Estimations
    $29,675,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1798802
    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

    • Gym at the EcoPlex / Gym & Fitness Center
    • Novation Settlement Solutions / Bank / Credit Union
    • Parker + Lynch / Employment Agency
    • William E. Johnson, P.A. / Law Firm
    • CORE Construction / General Contractor

    Property Details for 1641 Worthington Rd

    Year built
    2008
    Construction
    CONCRETE
    Lot size
    1.52 lot acres
    Property size
    103,950 SF
    Zone code
    CPD
    Property type
    Office buildings
    APN
    74-43-43-29-22-000-0010
    APU
    74434329220000010

    Description

    EcoPlex, a 100,525-square-foot Class A office building in West Palm Beach, Florida, offers premium workspace. Built in 2008 and renovated in 2023, this single building boasts a LEED Gold certification from the U.S. Green Building Council, showcasing its commitment to sustainability. Designed to withstand Category 4 hurricanes, the building features high-impact glass, three 100% backup generators capable of running for up to seven days, and a rainwater recycling system. The property includes an attached five-story parking garage with 700 spaces, providing ample parking for tenants and visitors. Units range from a minimum of 2,383 square feet to a maximum contiguous space of 8,936 square feet, suitable for various business needs. Amenities include an upgraded lobby, EV charging stations, a new spec suite, and an on-site fitness center with showers and lockers. The building is conveniently located at 1641 Worthington Rd, West Palm Beach, FL 33409, offering easy access to Palm Beach International Airport, I-95, Florida's Turnpike, and downtown West Palm Beach. The zoning is CPD. The APN is 74-43-43-29-22-000-0010. The estimated 2024 CAM is $16.00, inclusive of electricity and janitorial services. This exceptional property provides a resilient, efficient, and amenity-rich environment for businesses seeking a prime location in West Palm Beach.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $35,350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $26,147,000
      Market price range: $15.0M - $31.6M
      AI Estimate
      $21,869,000
      Market price range: $9.90M - $30.6M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $24,800,000
      Current use
      INDUSTRIAL (GENERAL)
      $43,395,000
      Change: +75% Conversion: Difficult
      RETAIL STORES
      $43,135,000
      Change: +74% Conversion: Moderate
      WAREHOUSE, STORAGE
      $41,345,000
      Change: +67% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0749
    Latitude
    26.6972
    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
    $402,308
    $1,812,600
    $16,110,351
    $17,922,951
    -
    $1,812,600
    $16,110,351
    $17,922,951

    Comparable in this City

    • Value Estimation
      $1,605,000
      5,000 SF

      1860 Okeechobee Rd

      OFFICE BUILDING (MULTI-STORY) • 5,000 SF
      1860 Okeechobee Rd, West Palm Beach, FL 33409-5253
      View Details
    • Value Estimation
      $935,000
      7,272 SF

      2749 Exchange Ct

      OFFICE BUILDING (MULTI-STORY) • 7,272 SF
      2749 Exchange Ct, West Palm Beach, FL 33409-4049
      View Details
    • Value Estimation
      $810,000
      4,899 SF

      1700 Upland Rd

      OFFICE BUILDING (MULTI-STORY) • 4,899 SF
      1700 Upland Rd, West Palm Beach, FL 33409-6426
      View Details
    • Value Estimation
      $7,595,000
      29,722 SF

      603 Vlg Blvd

      OFFICE BUILDING (MULTI-STORY) • 29,722 SF
      603 Vlg Blvd, West Palm Beach, FL 33409-1950
      View Details
    • Value Estimation
      $16,465,000
      63,470 SF

      1661 Worthington Rd

      OFFICE BUILDING (MULTI-STORY) • 63,470 SF
      1661 Worthington Rd, West Palm Beach, FL 33409-6488
      View Details
    • Value Estimation
      $3,235,000
      18,070 SF

      1800 Okeechobee Rd

      OFFICE BUILDING (MULTI-STORY) • 18,070 SF
      1800 Okeechobee Rd, West Palm Beach, FL 33409-5207
      View Details

    Similar Nearby for Sale

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      West Palm Beach Warehouse - $1.8M

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      0.39 Acres

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    Similar Nearby for Lease

    • $29 SF/Yr

      Upgraded Office Space Near Airport

      Move-in ready office suites with recent upgrades and airport access.
      1641 Worthington Rd, West Palm Beach, FL 33409
      View Details
    • $20 SF/Yr
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      West Palm Beach Office Space

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    • Contact for pricing
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      West Palm Beach Office Space

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      Move-in Ready Office Suites Available

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      View Details
    • $26 SF/Yr
      100,525 SF

      Eco-Friendly Office Building For Rent

      LEED Gold certified office building with hurricane resistance and modern amenities.
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      Concourse Towers Office Suites

      West Palm Beach Office Space Available
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      View Details
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    West Palm Beach, FL 33409
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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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