Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$16,465,000
Office buildings
1661 Worthington Rd West Palm Beach, FL 33409-6488
Entity Owned
9-yr Hold
Free & Clear
Property ID
US18-5778604
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
2005
Construction
CONCRETE
Total area
63,470 SF
Lot
3.79 ac (165,084 SF)
Zoning code
CPD
APN
74-43-43-29-16-002-0030
UPID
US18-5778604
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
-
Brown & Brown of Florida, Inc. Insurance Agency
-
Ocwen Financial Corporation, LLC Loan Service Bank
-
Ocwen Federal Bank Fsb Bank Loan Service
-
Sweet marie waffles Restaurant
-
ATM (TD Bank) Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$15.23M
Blend (final)
Blend
$16.47M
Owner & transaction history
Colonnade Centre Park West LLC · 9 yrs held
Colonnade Centre Park West LLC
since 2016
6 recorded transactions
Zoning & alternative use
CPD · West Palm Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$26.5M
+75.0%
Retail stores
$26.3M
+73.9%
Warehouse, storage
$25.2M
+66.7%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$15,140,000
Current use
INDUSTRIAL (GENERAL)
$26,495,000
Change: +75% · Conversion: Difficult
RETAIL STORES
$26,335,000
Change: +74% · Conversion: Moderate
WAREHOUSE, STORAGE
$25,245,000
Change: +67% · Conversion: Difficult
Blend value · Realmo final
$16.47M
Range $14.82M – $18.11M · ±10%
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
$259 / 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
$228,380
Tax year 2023
Assessed value
$10,438,010
Assessed 2023
Previous assessed
$9,788,428
+6.6% YoY
Effective rate
2.19%
On assessed value
Assessed land
$1,926,507
Assessed improvement
$8,511,503
Land market value
$1,926,507
Improvement market value
$8,511,503
Total market value
$10,438,010
Applied tax rate
74,402.0000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
2005
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Stories
1
Total area
63,470 SF
Lot
3.79 ac (165,084 SF)
Zoning code
CPD
APN
74-43-43-29-16-002-0030
UPID
US18-5778604
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
CPD · West Palm Beach, FL
Zoning CPD · permitted uses
CPD · West Palm Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
West Palm Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$15.1M
INDUSTRIAL (GENERAL)
Est. value
$26.5M
RETAIL STORES
Est. value
$26.3M
WAREHOUSE, STORAGE
Est. value
$25.2M
OFFICE BUILDING Current
INDUSTRIAL (GENERAL)
RETAIL STORES
WAREHOUSE, STORAGE
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
2005
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
3.79 ac
Current owner
From public records · entity-resolved
Colonnade Centre Park West LLC
Entity
Free & Clear · 9 yrs held
Mailing address
1400 CENTREPARK BLVD STE #810, WEST PALM BCH, FL 33401-7412
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 26, 2018
—
Colonnade Centrepark West LLC
—
Loan Modification
related
$18,240,000 · Bank Of America
Mar 28, 2018
—
Colonnade Centrepark West LLC
—
Deed
related
$18,450,000 · Nxt Cap Fndg II
Nov 4, 2016
$8,273,170
Colonnade Centre Park West LLC
Centrepark West III Holdings L
Grant Deed
—
Apr 17, 2006
$11,820,900
West L Centrepark III
Cpw 3 Partners Ltd
Grant Deed
—
May 28, 2004
$2,027,300
Cpw 3 Partners Ltd
Airport Investment Ptshp Ltd
Grant Deed
$4,765,000 · Fidelity Federal Bank & Trust
—
—
Colonnade Centrepark West LLC
—
Loan Modification
related
$18,450,000 · Nxt Cap Fndg II
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?”
You own 1661 Worthington Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
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.
