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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1649 Forum Pl West Palm Beach, FL 33401-2331

    • Strip malls
    • 11,775 SF
    • 1.89 lot acres
    OFF-MARKET
    Last Sale
    Jun 27, 2024
    $3,050,000
    Value Estimations
    $3,165,000
    Show details
    Cap Rate Potential
    6.2%
    Strip malls
    Location Intelligence
    Property ID
    US18-4270060
    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

    • Wendy L Shoaf / Counselor / Medical Clinic
    • Kwikey Locksmith Services Inc / Locksmith / Emergency Locksmith Service
    • Aesthetics By Nessa / Beautician
    • B FIT BODY SCULPTING / Weight Loss Service
    • Giselle Beauty Artist LLC / Permanent Make-Up Clinic / Beauty Salon

    Property Details for 1649 Forum Pl

    Year built
    1976
    Construction
    CONCRETE
    Lot size
    1.89 lot acres
    Property size
    11,775 SF
    Zone code
    NC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    74-43-43-17-05-003-0022
    APU
    74434317050030022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,050,000
      ML approach
      $3,050,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,170,000
      6.5%
      $2,925,000
      7%
      $2,720,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,083,000
      Market price range: $2.33M - $4.91M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,465,000
      Current use
      OFFICE BUILDING
      $4,950,000
      Change: +43% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0825
    Latitude
    26.7267
    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
    $77,029
    $1,369,271
    $1,678,910
    $3,048,181
    -
    $1,369,271
    $1,678,910
    $3,048,181

    Comparable in this City

    • Value Estimation
      $570,000
      3,701 SF

      2600 Florida Ave

      SHOPPING CENTER, STRIP CENTER • 3,701 SF
      2600 Florida Ave, West Palm Beach, FL 33401-7816
      View Details
    • Value Estimation
      $630,000
      2,115 SF

      810 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 2,115 SF
      810 Dixie Hwy, West Palm Beach, FL 33401-5816
      View Details
    • Value Estimation
      $950,000
      7,217 SF

      605 Olive Ave

      SHOPPING CENTER, STRIP CENTER • 7,217 SF
      605 Olive Ave, West Palm Beach, FL 33401-6113
      View Details
    • Value Estimation
      $950,000
      7,168 SF

      820 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 7,168 SF
      820 Dixie Hwy, West Palm Beach, FL 33401-5846
      View Details
    • Value Estimation
      $710,000
      11,278 SF

      1675 Forum Pl

      SHOPPING CENTER, STRIP CENTER • 11,278 SF
      1675 Forum Pl, West Palm Beach, FL 33401-2321
      View Details
    • Value Estimation
      $860,000
      10,120 SF

      2602 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 10,120 SF
      2602 Dixie Hwy, West Palm Beach, FL 33401-7920
      View Details

    Similar Nearby for Sale

    • $75,000

      Established Salon Near Palm Beach Outlets

      Thriving salon with loyal clientele near Palm Beach Outlets.
      1657 Forum Pl, West Palm Beach, FL 33401
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    • $2,990,000

      Prime Retail Space Near CityPlace

      3,377 SF retail space fully leased through 2028.
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    • $2,480,000
      2,540 SF

      Retail Space in West Palm Beach

      Retail property for sale in West Palm Beach, Florida.
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      View Details
    • $12,900,000
      13,083 SF

      Historic Mixed-Use Building For Sale

      Historic mixed-use building in downtown West Palm Beach with liquor license.
      114 S Olive Ave, West Palm Beach, FL 33401
      View Details
    • $90,000

      Turnkey Restaurant in West Palm

      Equipped restaurant in high-traffic area with liquor license.
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      View Details
    • $700,000

      Storefront and Duplex Investment Opportunity

      Commercial storefront and residential duplex near Downtown West Palm Beach.
      1504 N Sapodilla Ave N, West Palm Beach, FL 33401
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    Similar Nearby for Lease

    • Contact for pricing
      2,442 SF

      Prime Retail Space Available

      High-visibility retail space with strong tenant mix and foot traffic.
      1821 Palm Beach Lakes Blvd, West Palm Beach, FL 33401
      View Details
    • $18 SF/Yr
      42,825 SF

      Retail Space Near Century Village

      Retail property with high visibility and ample parking available for rent.
      6046-6076 Okeechobee Blvd, West Palm Beach, FL 33401
      View Details
    • Contact for pricing

      Retail Space in Palm Beach

      Prime retail space with high visibility and foot traffic.
      West Palm Beach, FL 33401
      View Details
    • Contact for pricing
      250,000 SF

      Mixed-Use Development in Royal Palm

      25-acre mixed-use development with 250,000 SF retail space.
      Okeechobee Blvd, Royal Palm Beach, FL 33401
      View Details
    • $45 SF/Yr
      21,500 SF

      Halsey Place: Creative Office Spaces

      West Palm Beach Creative Office, Restaurant Opportunity
      313 Datura St, West Palm Beach, FL 33401
      View Details
    • Contact for pricing
      5,120 SF

      Retail Space on Clematis Street

      Retail property available for rent on Clematis Street.
      521-525 Clematis St, West Palm Beach, FL 33401
      View Details
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    1649 Forum Pl
    West Palm Beach, FL 33401-2331
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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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