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Property profile & analytics
OFF-MARKET
Estimated value
$14,505,000
Commercial real estate
224 Worth Ave Palm Beach, FL 33480-4615
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US18-4674716
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1931
Construction
WOOD
Total area
32,380 SF
Lot
1.01 ac (43,795 SF)
Zoning code
C-WA
APN
50-43-43-23-05-018-0050
UPID
US18-4674716
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
-
Gallery Biba Art Gallery
-
Richters of Palm Beach (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$14.51M
Owner & transaction history
Palm V Associates LP · 6 yrs held
Palm V Associates LP
since 2020
4 recorded transactions
Zoning & alternative use
C-WA · Palm Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$22.4M
+46.8%
Apartment house (5+ units)
$22.2M
+45.8%
Auto repair, garage
$16.0M
+5.0%
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 Palm Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs 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
COMMERCIAL (GENERAL)
$15,230,000
Current use
RESTAURANT
$22,350,000
Change: +47% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$22,200,000
Change: +46% · Conversion: Moderate
AUTO REPAIR, GARAGE
$15,995,000
Change: +5% · Conversion: Difficult
RETAIL STORES
$12,910,000
Change: -15% · Conversion: Easy
OFFICE BUILDING
$12,845,000
Change: -16% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$12,790,000
Change: -16% · Conversion: Difficult
MEDICAL BUILDING
$12,760,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$14.51M
Range $13.05M – $15.96M · ±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
$448 / 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
$400,238
Tax year 2023
Assessed value
$44,766,032
Assessed 2023
Previous assessed
$42,074,081
+6.4% YoY
Effective rate
0.89%
On assessed value
Assessed land
$29,390,514
Assessed improvement
$15,375,518
Land market value
$29,390,514
Improvement market value
$15,375,518
Total market value
$44,766,032
Applied tax rate
50,417.0000
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1931
Construction
WOOD
Heating
NONE
Cooling
CENTRAL
Buildings
4
Stories
2
Total area
32,380 SF
Lot
1.01 ac (43,795 SF)
Zoning code
C-WA
APN
50-43-43-23-05-018-0050
UPID
US18-4674716
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
C-WA · Palm Beach, FL
Zoning C-WA · permitted uses
C-WA · Palm Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Palm Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$15.2M
RESTAURANT
Est. value
$22.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$22.2M
AUTO REPAIR, GARAGE
Est. value
$16.0M
RETAIL STORES
Est. value
$12.9M
OFFICE BUILDING
Est. value
$12.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$12.8M
MEDICAL BUILDING
Est. value
$12.8M
COMMERCIAL (GENERAL) Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
RETAIL STORES
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
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
1931
Construction
WOOD
Heating
NONE
Cooling
Yes
Stories
2
Buildings
4
Lot
1.01 ac
Current owner
From public records · entity-resolved
Palm V Associates LP
Entity
Mailing address
PO BOX 28, WHITE PLAINS, NY 10605-0028
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 7, 2020
—
Palm V Associates LP
—
Deed
related
$18,926,983 · Deutsche Bk Ag/ny Branch
Aug 4, 2014
—
Palm V Associates LP
—
Grant Deed
related
$12,000,000 · Bank Of America
Aug 12, 2009
—
Palm V Associates
—
Deed Of Trust
related
$18,363,955 · Db Private Wealth Mortgage
—
—
Palm V Associates LP
—
Deed Of Trust
related
$18,926,983 · Deutsche Bk Ag/ny Branch
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.
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