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    2151 45Th St West Palm Beach, FL 33407

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    2151 45Th St West Palm Beach, FL 33407

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    • Medical Office Space
    • 36,750 SF
    • 3.03 lot acres
    For Lease
    $6,220,000
    View Listing →
    Renovated Office Suites Near Hospital For Lease
    $6,220,000
    318 SF

    Renovated Office Suites Near Hospital

    Move-in ready office suites with ample parking near JFK Hospital.

    2151 45th St, West Palm Beach, FL 33407
    View Listing
    Property ID
    US18-5540974
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Robert Gardner / Physician
    • Columbia Partial Hospital / Crisis Center / Medical Clinic
    • Columbia Home Health Care / Home Health Care Service
    • My Way Pediatrics LLC / Pediatrician / Medical Clinic
    • Dr. Paula Echeverri Palma MD / Pediatrician / Medical Clinic

    Property Details for 2151 45Th St

    Year built
    1975
    Construction
    CONCRETE
    Lot size
    3.03 lot acres
    Property size
    36,750 SF
    Zone code
    CS
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    74-43-43-06-00-000-1070
    APU
    74434306000001070

    Description

    This exceptional medical office property in West Palm Beach, Florida, offers 73,500 square feet of space across two, two-story buildings. Currently, 22,283 square feet are available, divisible into units ranging from 318 to 3,079 contiguous square feet. Tenants will benefit from ample parking, boasting a generous 3 spaces per 1,000 square feet ratio, including covered drop-off areas at both building entrances and a unique covered walkway directly to the adjacent hospital. Recent ownership has invested in significant upgrades to lobbies, suites, and common areas, resulting in renovated, move-in ready spaces. The property enjoys a highly desirable location on the grounds of JFK North Hospital (HCA), providing unparalleled convenience and visibility. Its proximity to the Palm Beach Outlet Mall, featuring Whole Foods and numerous restaurants and shops, enhances its appeal. Furthermore, the property's strategic location is less than half a mile from I-95 and 2.5 miles from the Florida Turnpike/Beeline Extension, ensuring easy access for patients and staff. Nearby medical facilities include the Veteran's Medical Affairs Center, St. Mary's Hospital, and Palm Beach Children's Hospital. Importantly, this property has no ground lease restrictions. Note that tenant electric and janitorial services are not included in the rate.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,565,000
      6.5%
      $7,905,000
      7%
      $7,345,000

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0867
    Latitude
    26.7614
    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
    $242,641
    $2,494,857
    $8,667,200
    $11,162,057
    -
    $2,494,857
    $8,667,200
    $11,162,057

    Comparable in this City

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      2013 Ponce De Leon Ave

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      1830 Dixie Hwy

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      1830 Dixie Hwy, West Palm Beach, FL 33407-6504
      View Details
    • Value Estimation
      $675,000
      3,510 SF

      3115 45th St

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      View Details
    • Value Estimation
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      11,958 SF

      5402 Ee Ave

      MEDICAL BUILDING • 11,958 SF
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      View Details
    • Value Estimation
      $1,850,000
      12,362 SF

      3701 Broadway

      MEDICAL BUILDING • 12,362 SF
      3701 Broadway, West Palm Beach, FL 33407-4318
      View Details

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      Turnkey Medical Space in Pavilion

      4,600 SF medical space on St. Mary's campus.
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      West Palm Beach Medical Center

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      View Details
    View Listing
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    West Palm Beach, FL 33407
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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.

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    2151 45Th St, West Palm Beach, FL, 33407

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