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Property profile & analytics
FOR SALE
Office buildings
2051 Dr Martin Luther King Jr Blvd Riviera Beach, FL 33404
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US18-5985028
For Sale
1 / 3
Contact for pricing
2051 Dr Martin Luther King Jr Blvd, Riviera Beach, FL 33404
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1999
Construction
CONCRETE
Total area
64,497 SF
Lot
5.91 ac (257,627 SF)
Zoning code
IG
APN
56-43-42-31-06-001-0020
UPID
US18-5985028
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$14.13M
Blend (final)
Blend
$14.75M
Owner & transaction history
Port Center LLC · 8 yrs held
Port Center LLC
since 2017
6 recorded transactions
Zoning & alternative use
IG · Riviera Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zone name
General Industrial District
General category
INDUSTRIAL
Zone area
1,128.57 ac
Source
Realmo
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 Riviera Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Riviera 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
$22,820,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$18,985,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$14.75M
Range $13.28M – $16.23M · ±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
$229 / 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
$197,029
Tax year 2023
Assessed value
$9,120,348
Assessed 2023
Previous assessed
$8,529,884
+6.9% YoY
Effective rate
2.16%
On assessed value
Assessed land
$2,576,290
Assessed improvement
$6,544,058
Land market value
$2,576,290
Improvement market value
$6,544,058
Total market value
$9,120,348
Applied tax rate
56,407.0000
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
For Sale
Year built
1999
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Stories
3
Total area
64,497 SF
Lot
5.91 ac (257,627 SF)
Zoning code
IG
APN
56-43-42-31-06-001-0020
UPID
US18-5985028
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
IG · Riviera Beach, FLZoning IG · permitted uses
IG · Riviera Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zone name
General Industrial District
General category
INDUSTRIAL
Zone area
1,128.57 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$22.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$19.0M
OFFICE BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
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
1999
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
3
Lot
5.91 ac
Current owner
From public records · entity-resolved
Port Center LLC
Entity
Mailing address
275 189TH TER, SUNNY ISLES BEACH, FL 33160-2311
Ownership since
2017
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
Sep 18, 2017
$7,800,000
Port Center LLC
Gsh Holly LLC
Special Warranty Deed
$5,500,000 · Centerstate Bank Of Florida NA
Jan 12, 2012
$4,966,425
Gsh 520 8th Avenue LLC
Heather Croft LLC
Grant Deed
—
Jan 12, 2012
—
Gsh Holly LLC
Gsh 520 8th Avenue LLC
Quit Claim Deed
—
Dec 30, 2011
$147,829
Cbopl LLC
Heather Croft LLC
Grant Deed
—
May 4, 2005
$5,518,250
Heather Croft LLC
Port Of Palm Beach District
Grant Deed
—
—
—
Gsh Holly LLC
—
Deed Of Trust
related
$2,750,000 · Capital One
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?”
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