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    Property profile & analytics

    242 Congress Ave West Palm Beach, FL 33406-3023

    • Grocery and convenience stores
    • 5,160 SF
    • 2.25 lot acres
    OFF-MARKET
    Value Estimations
    $1,110,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1087007
    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

    • Junior's Hero Shop / Take-out & Catering
    • Dunkin' / Cafe & Coffee Shop
    • Shell / Grocery & Convenience Store
    • ATM / Atm / Cars
    • Maria's cafe &subs / Restaurant / Take-out & Catering

    Property Details for 242 Congress Ave

    Year built
    2007
    Construction
    WOOD
    Lot size
    2.25 lot acres
    Property size
    5,160 SF
    Zone code
    UC
    Property type
    Grocery and convenience stores
    APN
    00-43-44-05-23-000-0013
    APU
    434405230000013

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,390,000
      6.5%
      $1,285,000
      7%
      $1,190,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,478,000
      Market price range: $774k - $1.72M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,520,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0872
    Latitude
    26.6731
    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
    $64,965
    $2,038,611
    $1,523,941
    $3,562,552
    -
    $2,038,611
    $1,523,941
    $3,562,552

    Comparable in this City

    • Value Estimation
      $1,105,000
      3,545 SF

      1709 Belvedere Rd

      CONVENIENCE STORE • 3,545 SF
      1709 Belvedere Rd, West Palm Beach, FL 33406-1505
      View Details
    • Value Estimation
      $520,000
      2,604 SF

      720 Congress Ave

      CONVENIENCE STORE • 2,604 SF
      720 Congress Ave, West Palm Beach, FL 33406-4117
      View Details
    • Value Estimation
      $1,295,000
      5,634 SF

      1771 Congress Ave, Unit 1

      CONVENIENCE STORE • 5,634 SF
      1771 Congress Ave, Palm Springs, FL 33406-6607
      View Details
    • Value Estimation
      $4,060,000
      1,914 SF

      1541 Belvedere Rd

      CONVENIENCE STORE • 1,914 SF
      1541 Belvedere Rd, West Palm Beach, FL 33406-1500
      View Details
    • Value Estimation
      $635,000
      2,520 SF

      1197 Congress Ave

      CONVENIENCE STORE • 2,520 SF
      1197 Congress Ave, West Palm Beach, FL 33406-5114
      View Details
    • Value Estimation
      $830,000
      4,701 SF

      2050 Belvedere Rd

      CONVENIENCE STORE • 4,701 SF
      2050 Belvedere Rd, West Palm Beach, FL 33406-1506
      View Details

    Similar Nearby for Sale

    • $149,000
      2,000 SF

      Established Convenience Store in Palm Springs

      Profitable convenience store in high-traffic Palm Springs location for sale.
      1946 S Congress Ave, Palm Springs, FL 33406
      View Details
    • $1,250,000

      Prime Commercial Property on Forest

      High-visibility commercial property on busy Forest Hill Blvd.
      2841 Forest Hill Blvd, Palm Springs, FL 33406
      View Details
    • $1,000,000
      0.67 Acres

      Prime Palm Springs Commercial Land

      0.67 Acres, High Traffic, Flexible Zoning
      1775 Congress Ave, Palm Springs, FL 33406
      View Details
    • $1,000,000

      Commercial Land on Congress Avenue

      Commercial land with high visibility and easy access to amenities.
      1775 S Congress Ave, West Palm Beach, FL 33406
      View Details
    • Contact for pricing

      Palm Springs Professional Office Suites

      Flexible office spaces in high-traffic Palm Springs corridor.
      2328 B, Palm Springs, FL 33406
      View Details
    • New
      $995,000
      2,603 SF

      West Palm Beach Duplex

      Duplex with income potential in West Palm Beach, Florida.
      4391 Potomac Ave, West Palm Beach, FL 33406
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,430 SF

      Retail Space on Forest Hill

      Retail space available with aggressive lease rates and incentives.
      4316-4450 Forest Hill Blvd, West Palm Beach, FL 33406
      View Details
    • $2,500 /Mo
      21,780 SF

      Retail Space in West Palm

      Retail space available with high traffic street visibility.
      2930 Forest Hill Blvd, West Palm Beach, FL 33406
      View Details
    • $20 SF/Yr
      6,916 SF

      High-Traffic Retail Building Sublease

      Freestanding retail building with high visibility and adaptable layout.
      3074 Forest Hill Blvd, West Palm Beach, FL 33406
      View Details
    • $25 SF/Yr
      3,404 SF

      West Palm Beach Retail Opportunity

      Prime Retail Space - Immediate Occupancy
      2700 Forest Hill Blvd, West Palm Beach, FL 33406
      View Details
    • Contact for pricing
      1,700 SF

      West Palm Beach Retail/Office Space

      Retail and office spaces available in West Palm Beach, FL.
      2669 Forest Hill Blvd, West Palm Beach, FL 33406
      View Details
    • $20 SF/Yr

      High-Visibility Retail/Automotive Space For Rent

      Freestanding building with high ceilings and pylon signage available for rent.
      3074 Forest Hill Blvd, West Palm Beach, FL 33406
      View Details
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    242 Congress Ave
    West Palm Beach, FL 33406-3023
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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.

    More about this property
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