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    Property profile & analytics

    2005 Vista Pkwy West Palm Beach, FL 33411

    • Office buildings
    • 22,338 SF
    • 4.00 lot acres
    For Lease
    View listing
    $19 SF/Yr
    Last Sale
    Aug 17, 2022
    $10,430,000
    Value Estimations
    $10,535,000
    Cap Rate Potential
    7.3%
    Office buildings
    Location Intelligence
    Property ID
    US19-0752595
    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

    • Hugh H. Verner - Partnership Realty / Real Estate Agency
    • Pinder Troutman Consulting Inc / Engineer
    • Inspection Xpress / Home Inspector
    • Protego VIP / Insurance Agency
    • Palm Beach Real Estate Institute / Real Estate School / Technical School

    Property Details for 2005 Vista Pkwy

    Year built
    2003
    Construction
    CONCRETE
    Lot size
    4.00 lot acres
    Property size
    22,338 SF
    Zone code
    PIPD
    Property type
    Office buildings
    APN
    00-42-43-22-06-023-0050
    APU
    424322060230050

    Description

    This exceptional sublease opportunity presents 1,546 square feet of professional office space in the highly desirable Vista Business Park of West Palm Beach. Located at the prime corner of Vista Parkway and Jog Road, this space offers immediate occupancy with 2.5 years remaining on the existing lease. Rent includes base rent and common area maintenance (CAM) charges, providing predictable and manageable operating costs. The building boasts a range of desirable features, including impact glass windows, ample parking for tenants and visitors, exterior security lighting for enhanced safety, and convenient 24-hour access. Its strategic location provides unparalleled convenience, with easy access to Okeechobee Boulevard, the Florida Turnpike, Palm Beach International Airport, and downtown West Palm Beach. The surrounding area offers a wealth of amenities within walking distance, including hotels, restaurants, financial services, and even golf courses. The property is zoned PIPD (Planned Industrial Park District) and its APN is 00424322060230050. This space is part of a larger building, but is a single-tenant occupancy. A detailed floor plan is available for review. Don't miss this chance to secure a highly visible and well-appointed office space in a thriving business park.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,345,000
      ML approach
      $9,930,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $13,845,000
      6.5%
      $12,780,000
      7%
      $11,865,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,535,000
      Market price range: $4.67M - $10.5M
      AI Estimate
      $8,102,000
      Market price range: $2.59M - $8.10M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,035,000
      Current use
      RESTAURANT
      $17,085,000
      Change: +143% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $13,305,000
      Change: +89% Conversion: Easy
      MEDICAL BUILDING
      $12,090,000
      Change: +72% Conversion: Easy
      AUTO REPAIR, GARAGE
      $11,495,000
      Change: +63% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $9,325,000
      Change: +33% Conversion: Difficult
      RETAIL STORES
      $9,270,000
      Change: +32% 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
    -80.1474
    Latitude
    26.7089
    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
    $162,264
    $2,352,759
    $6,255,656
    $8,608,415
    -
    $2,352,759
    $6,255,656
    $8,608,415

    Comparable in this City

    • Value Estimation by Request
      864 SF

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      View Details
    • Value Estimation
      $2,305,000
      4,912 SF

      801 Sansburys Way

      OFFICE BUILDING (MULTI-STORY) • 4,912 SF
      801 Sansburys Way, West Palm Beach, FL 33411-3658
      View Details
    • Value Estimation
      $6,685,000
      14,262 SF

      2035 Vis Pkwy

      OFFICE BUILDING (MULTI-STORY) • 14,262 SF
      2035 Vis Pkwy, West Palm Beach, FL 33411-2719
      View Details
    • Value Estimation
      $1,230,000
      3,864 SF

      1402 Royal Palm Bch Blvd Ste 300a

      OFFICE BUILDING (MULTI-STORY) • 3,864 SF
      1402 Royal Palm Bch Blvd Ste 300a, Royal Palm Beach, FL 33411-1668
      View Details
    • Value Estimation
      $1,290,000
      3,600 SF

      1430 Royal Palm Bch Blvda

      OFFICE BUILDING (MULTI-STORY) • 3,600 SF
      1430 Royal Palm Bch Blvda, Royal Palm Beach, FL 33411-1608
      View Details
    • Value Estimation
      $14,655,000
      39,572 SF

      9801 Belvedere Rd

      OFFICE BUILDING (MULTI-STORY) • 39,572 SF
      9801 Belvedere Rd, Royal Palm Beach, FL 33411-3640
      View Details

    Similar Nearby for Sale

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      Land For Sale

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      West Palm Beach Shopping Center

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      West Palm Beach Retail Property

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    Similar Nearby for Lease

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      Royal Palm Beach Office Building

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      West Palm Beach Office Space

      Office space for lease in a first-class business park.
      2005 Vista Pkwy, West Palm Beach, FL 33411
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      Royal Palm Beach Boutique Office

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      Wellington Reserve Medical Office Space

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      Updated Industrial Space Available

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      Flex Space with Warehouse

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      View Details
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    West Palm Beach, FL 33411
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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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