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Property profile & analytics
OFF-MARKET
Estimated value
$57,675,000
Hotels
233 2nd Ave Delray Beach, FL 33444-3705
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-7302275
Property profile
Verified
Property type
Hotels
Use group
HOTEL
Year built
2021
Construction
CONCRETE
Total area
96,631 SF
Lot
1.09 ac (47,293 SF)
Zoning code
CBD
APN
12-43-46-16-01-082-0060
UPID
US18-7302275
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
-
The Ray Hotel Delray Beach, Curio Collection by Hilton Hotel & Motel
-
Rosewater Rooftop by Akira Back Restaurant
-
WeMoke - Moke Rental Car Rental Facility
-
Stingers Coffee Shop Cafe & Coffee Shop
-
Akira Back Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$57.68M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$56.09M
Blend (final)
Blend
$57.68M
Owner & transaction history
Delray Hotel Owner LLC · 1 yrs held
Delray Hotel Owner LLC
since 2024
Last sale
$57.7M
1 recorded transaction
Zoning & alternative use
CBD · Delray Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$87.8M
+116.8%
Retail stores
$86.0M
+112.3%
Restaurant
$66.7M
+64.8%
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 Delray Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Delray 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
$57,675,000
ML approach
$57,675,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOTEL/MOTEL
$40,485,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$87,755,000
Change: +117% · Conversion: Difficult
RETAIL STORES
$85,955,000
Change: +112% · Conversion: Difficult
RESTAURANT
$66,695,000
Change: +65% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$66,245,000
Change: +64% · Conversion: Difficult
COMMERCIAL (GENERAL)
$61,785,000
Change: +53% · Conversion: Difficult
AUTO REPAIR, GARAGE
$47,730,000
Change: +18% · Conversion: Difficult
OFFICE BUILDING
$45,490,000
Change: +12% · Conversion: Difficult
Blend value · Realmo final
$57.68M
Range $51.91M – $63.44M · ±10% · vs last sale $57.68M (Sep 20 2024)
Last sale anchor
$57.68M
Sep 20 2024
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
$597 / 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
$898,647
Tax year 2023
Assessed value
$43,283,952
Assessed 2023
Previous assessed
$43,283,952
+0.0% YoY
Effective rate
2.08%
On assessed value
Assessed land
$8,883,000
Assessed improvement
$34,400,952
Land market value
$8,883,000
Improvement market value
$34,400,952
Total market value
$43,283,952
Applied tax rate
88,987.0000
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
Hotels
Use group
HOTEL
Status
Off-Market
Year built
2021
Construction
CONCRETE
Cooling
CENTRAL
Stories
7
Total area
96,631 SF
Lot
1.09 ac (47,293 SF)
Zoning code
CBD
APN
12-43-46-16-01-082-0060
UPID
US18-7302275
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
CBD · Delray Beach, FL
Zoning CBD · permitted uses
CBD · Delray Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Delray Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$40.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$87.8M
RETAIL STORES
Est. value
$86.0M
RESTAURANT
Est. value
$66.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$66.2M
COMMERCIAL (GENERAL)
Est. value
$61.8M
AUTO REPAIR, GARAGE
Est. value
$47.7M
OFFICE BUILDING
Est. value
$45.5M
HOTEL/MOTEL Current
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE 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
2021
Construction
CONCRETE
Cooling
Yes
Stories
7
Lot
1.09 ac
Current owner
From public records · entity-resolved
Delray Hotel Owner LLC
Entity
Mailing address
2385 NW EXECUTIVE CTR DR STE #240, BOCA RATON, FL 33431-8511
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 20, 2024
$57,675,000
Delray Hotel Owner LLC
Grove Rosebud Two LLC
Special Warranty Deed
$85,750,000 · Amf Levered II LLC
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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