Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2617 Australian Ave West Palm Beach, FL 33407-5628

    • Office buildings
    • 5,600 SF
    • 0.84 lot acres
    OFF-MARKET
    Last Sale
    May 09, 2022
    $1,870,000
    Value Estimations
    $2,025,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3361224
    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

    • Office buildings

    Property Details for 2617 Australian Ave

    Year built
    1969
    Construction
    CONCRETE
    Lot size
    0.84 lot acres
    Property size
    5,600 SF
    Zone code
    OC
    Property type
    Office buildings
    APN
    74-43-43-09-11-000-0060
    APU
    74434309110000060

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,035,000
      ML approach
      $2,095,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,246,000
      Market price range: $1.21M - $2.56M
      AI Estimate
      $1,280,000
      Market price range: $396k - $1.55M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,755,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $3,335,000
      Change: +90% Conversion: Easy
      MEDICAL BUILDING
      $3,030,000
      Change: +73% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,880,000
      Change: +64% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,395,000
      Change: +36% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $2,340,000
      Change: +33% Conversion: Difficult
      RETAIL STORES
      $2,325,000
      Change: +32% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0681
    Latitude
    26.7365
    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
    $27,881
    $612,654
    $654,221
    $1,266,875
    -
    $612,654
    $654,221
    $1,266,875

    Comparable in this City

    • Value Estimation
      $20,235,000
      74,792 SF

      1401 Northpoint Pkwy

      OFFICE BUILDING (MULTI-STORY) • 74,792 SF
      1401 Northpoint Pkwy, West Palm Beach, FL 33407-1965
      View Details
    • Value Estimation by Request
      1.00 Acre

      1801 Flagler Dr

      OFFICE BUILDING • 1.00 Acre
      1801 Flagler Dr, West Palm Beach, FL 33407-6558
      View Details
    • Value Estimation by Request
      1.00 Acre

      1801 Flagler Dr, Unit G

      OFFICE BUILDING • 1.00 Acre
      1801 Flagler Dr, West Palm Beach, FL 33407-6558
      View Details
    • Value Estimation
      $2,465,000
      12,942 SF

      2620 Australian Ave

      OFFICE BUILDING (MULTI-STORY) • 12,942 SF
      2620 Australian Ave, West Palm Beach, FL 33407-5626
      View Details
    • Value Estimation
      $1,555,000
      4,664 SF

      5737 Corporate Way

      OFFICE BUILDING (MULTI-STORY) • 4,664 SF
      5737 Corporate Way, West Palm Beach, FL 33407-2003
      View Details
    • Value Estimation
      $4,795,000
      17,975 SF

      425 24th St

      OFFICE BUILDING (MULTI-STORY) • 17,975 SF
      425 24th St, West Palm Beach, FL 33407-5401
      View Details

    Similar Nearby for Sale

    • $6,500,000
      32,000 SF

      West Palm Beach Office Building

      Renovated office building with I-95 access and CPD zoning.
      4431 Embarcadero Dr, West Palm Beach, FL 33407
      View Details
    • Contact for pricing
      19,344 SF

      Renovated Class B Office Building

      Two-story office building with recent renovations and professional management.
      1720 East Tiffany Dr, West Palm Beach, FL 33407
      View Details
    • $9,000,000
      41,861 SF

      West Palm Beach Medical Office Building

      Prime medical office, strong NOI, owner-user potential.
      4400 Congress Ave, West Palm Beach, FL 33407
      View Details
    • $650,000

      Executive Office Condominium For Sale

      Professionally designed office space with refined finishes and modern amenities.
      5730 Corporate Way, West Palm Beach, FL 33407
      View Details
    • $14,000,000
      37,274 SF

      The Atrium: West Palm Beach Office

      Class A Office Building, 37,274 SF
      5500 Village Blvd, West Palm Beach, FL 33407
      View Details
    • $1,150,000
      3,500 SF

      Versatile Industrial Condo with Office

      Industrial condo with office, showroom, and warehouse space for sale.
      5401 N Haverhill Rd, West Palm Beach, FL 33407
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      39,246 SF

      Upgraded Office Building in West Palm

      Recently upgraded office building with lake views and ample parking.
      1100 Northpoint Pkwy, West Palm Beach, FL 33407
      View Details
    • $16 SF/Yr
      30,328 SF

      Metrocentre Corporate Park Office Space

      West Palm Beach office space, ideal for medical or professional use.
      2442 Metrocentre Blvd, West Palm Beach, FL 33407
      View Details
    • $17 SF/Yr
      2,244 SF

      Office Space in Metrocentre Park

      Single-story office building with private entrances and ample parking.
      2440-2478 Metrocentre Blvd, West Palm Beach, FL 33407
      View Details
    • $1,100 /Mo

      Modern Office Space For Lease

      Prime location office spaces ideal for beauty or wellness professionals.
      4700 N Congress Ave, West Palm Beach, FL 33407
      View Details
    • $18 SF/Yr
      73,500 SF

      West Palm Beach Medical Office Space

      Prime Medical Office Suites, West Palm Beach
      2151 45Th St, West Palm Beach, FL 33407
      View Details
    • $1,500 /Mo

      Unique Retail/Commercial Space Available

      Bright, open space near Downtown West Palm Beach.
      3600 Broadway Ave, West Palm Beach, FL 33407
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2617 Australian Ave
    West Palm Beach, FL 33407-5628
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.