Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2051 Dr Martin Luther King Jr Blvd Riviera Beach, FL 33404

    • Office buildings
    • 64,497 SF
    • 5.91 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5985028
    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

    • Office buildings

    Property Details for 2051 Dr Martin Luther King Jr Blvd

    Year built
    1999
    Construction
    CONCRETE
    Lot size
    5.91 lot acres
    Property size
    64,497 SF
    Zone code
    IG
    Property type
    Office buildings
    APN
    56-43-42-31-06-001-0020
    APU
    56434231060010020

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $14,126,000
      Market price range: $13.2M - $35.9M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $22,820,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $18,985,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Riviera Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0889
    Latitude
    26.769
    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
    $197,029
    $2,576,290
    $6,544,058
    $9,120,348
    -
    $2,576,290
    $6,544,058
    $9,120,348

    Comparable in this City

    • Value Estimation
      $2,555,000
      6,774 SF

      1900 Broadway A Ste A

      OFFICE BUILDING (MULTI-STORY) • 6,774 SF
      1900 Broadway A Ste A, Riviera Beach, FL 33404-5600
      View Details
    • Value Estimation by Request
      400 SF

      1490 Dr Martin Luther King Jr Blvd

      OFFICE BUILDING (MULTI-STORY) • 400 SF
      1490 Dr Martin Luther King Jr Blvd, Riviera Beach, FL 33404-7236
      View Details
    • Value Estimation
      $15,320,000
      32,312 SF

      7071 Gdn Rd

      OFFICE BUILDING (MULTI-STORY) • 32,312 SF
      7071 Gdn Rd, Riviera Beach, FL 33404-4906
      View Details
    • Value Estimation
      $520,000
      1,250 SF

      1211 Is Rd

      OFFICE BUILDING (MULTI-STORY) • 1,250 SF
      1211 Is Rd, Riviera Beach, FL 33404-4709
      View Details
    • Value Estimation
      $2,430,000
      3,426 SF

      1217 Blue Heron Blvd

      OFFICE BUILDING (MULTI-STORY) • 3,426 SF
      1217 Blue Heron Blvd, Riviera Beach, FL 33404-4705
      View Details
    • Value Estimation
      $1,120,000
      3,000 SF

      7545 Central Industrial Dr

      OFFICE BUILDING (MULTI-STORY) • 3,000 SF
      7545 Central Industrial Dr, Riviera Beach, FL 33404-3429
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      60,969 SF

      Updated Office Building in Riviera

      Well-maintained Class B office building with government tenants.
      2051 Dr Martin Luther King Jr Blvd, Riviera Beach, FL 33404
      View Details
    • New
      $6,875,000
      16,025 SF

      Riviera Beach Flex/Industrial Property

      16,025 SF flex/industrial building on 1.47 acres.
      6861 Garden Rd, Riviera Beach, FL 33404
      View Details
    • $335,000
      1,000 SF

      Riviera Beach Flex Condo

      Corner flex condo in established industrial park with drive-in access.
      3680 Investment Ln, West Palm Beach, FL 33404
      View Details
    • Contact for pricing
      81,053 SF

      Move-in Ready Office Condo

      Office condo in a multi-tenant office/retail center.
      4152 W Blue Heron Blvd, Riviera Beach, FL 33404
      View Details
    • Contact for pricing
      81,053 SF

      Move-in Ready Office Condo

      Built-out office condo in mixed-use center, convenient location.
      4152 W Blue Heron Blvd, Riviera Beach, FL 33404
      View Details
    • $370,000

      Riviera Beach Duplex For Sale

      Duplex with two 2/1 units near Park Ave.
      1233 A C Evans St, Riviera Beach, FL 33404
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,078 SF

      Freestanding Office Building For Lease

      5,078 SF office space with fenced yard and parking.
      6985 Garden Rd, Riviera Beach, FL 33404
      View Details
    • $24 SF/Yr
      6,816 SF

      Riviera Beach Office Space Available

      Prime waterfront office suites, flexible sizes.
      155 Blue Heron Blvd, Riviera Beach, FL 33404
      View Details
    • $1,750 /Mo
      750 SF

      Singer Island Office/Retail Space

      Office or retail rental space available on Singer Island, Florida.
      1237 E Blue Heron Blvd, Singer Island, FL 33404
      View Details
    • $997 /Mo

      Professional Coworking Space Office

      Private office in The Diplomat Center, Riviera Beach, FL.
      4119 W Blue Heron Blvd, Riviera Beach, FL 33404
      View Details
    • $25 SF/Yr
      1,150 SF

      West Palm Beach Retail Space

      High-visibility retail units available.
      1521 Blue Heron Blvd, West Palm Beach, FL 33404
      View Details
    • Contact for pricing
      8,257 SF

      Restaurant & Retail Space Available

      Prime restaurant and retail space with outdoor patios in West Palm Beach.
      25Th St, West Palm Beach, FL 33404
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2051 Dr Martin Luther King Jr Blvd
    Riviera Beach, FL 33404
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!