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    Property profile & analytics

    2724 Australian Ave West Palm Beach, FL 33407-4501

    • Office buildings
    • 3,906 SF
    • 0.68 lot acres
    OFF-MARKET
    Last Sale
    Apr 04, 2023
    $1,830,000
    Value Estimations
    $1,815,000
    Show details
    Cap Rate Potential
    7.4%
    Office buildings
    Location Intelligence
    Property ID
    US18-5450484
    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

    • Vita Nova Inc / Social Service Agency / Charitable Organization
    • Agape Christian Temple / Church
    • Helping Hand CHMC Inc / Crisis Center / Medical Clinic

    Property Details for 2724 Australian Ave

    Year built
    1976
    Construction
    WOOD
    Lot size
    0.68 lot acres
    Property size
    3,906 SF
    Zone code
    NC
    Property type
    Office buildings
    APN
    74-43-43-09-11-000-0260
    APU
    74434309110000260

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,965,000
      ML approach
      $1,810,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,420,000
      6.5%
      $2,235,000
      7%
      $2,075,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,786,000
      Market price range: $845k - $1.79M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,225,000
      Current use
      MEDICAL BUILDING
      $2,115,000
      Change: +73% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,010,000
      Change: +64% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,670,000
      Change: +36% Conversion: Easy
      RETAIL STORES
      $1,620,000
      Change: +32% Conversion: Moderate
      WAREHOUSE, STORAGE
      $1,500,000
      Change: +22% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,150,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0678
    Latitude
    26.7384
    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
    $25,019
    $294,360
    $976,636
    $1,270,996
    -
    $294,360
    $976,636
    $1,270,996

    Comparable in this City

    • Value Estimation
      $4,510,000
      15,789 SF

      5555 Vlg Blvd

      OFFICE BUILDING (MULTI-STORY) • 15,789 SF
      5555 Vlg Blvd, West Palm Beach, FL 33407-7910
      View Details
    • Value Estimation by Request
      672 SF

      4712 Australian Ave

      OFFICE BUILDING (MULTI-STORY) • 672 SF
      4712 Australian Ave, Mangonia Park, FL 33407-2306
      View Details
    • Value Estimation
      $3,340,000
      11,739 SF

      4420 Beacon Cir

      OFFICE BUILDING (MULTI-STORY) • 11,739 SF
      4420 Beacon Cir, West Palm Beach, FL 33407-3281
      View Details
    • Value Estimation
      $1,955,000
      8,004 SF

      1233 45th St

      OFFICE BUILDING (MULTI-STORY) • 8,004 SF
      1233 45th St, Mangonia Park, FL 33407-2160
      View Details
    • Value Estimation
      $790,000
      4,784 SF

      1233 45th St

      OFFICE BUILDING (MULTI-STORY) • 4,784 SF
      1233 45th St, Mangonia Park, FL 33407-2160
      View Details
    • Value Estimation
      $555,000
      1,080 SF

      3400 45th St

      OFFICE BUILDING (MULTI-STORY) • 1,080 SF
      3400 45th St, West Palm Beach, FL 33407-1844
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
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      Renovated Class B Office Building

      Two-story office building with recent renovations and professional management.
      1720 East Tiffany Dr, West Palm Beach, FL 33407
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      West Palm Beach Medical Office Building

      Prime medical office, strong NOI, owner-user potential.
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    • $1,675,000

      Unique Office/Warehouse in Dixie/NORA Corridor

      3742 SF office/warehouse with 6000 SF lot in booming area.
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      West Palm Beach Development Opportunity

      Partially built 3-story structure for office, retail, or mixed-use.
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      37,274 SF

      The Atrium: West Palm Beach Office

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      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
    • $34 SF/Yr
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      West Palm Beach Office Space

      4,600 SF office space available for lease.
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      View Details
    • $23 SF/Yr
      37,392 SF

      West Palm Beach Executive Suites

      Class A office space, 9,532-19,488 sq ft.
      5500 Village Blvd, West Palm Beach, FL 33407
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    • $22 SF/Yr
      39,980 SF

      West Palm Beach Office Space

      Prestigious Office Building, Abundant Parking
      1100 Northpoint Pkwy, West Palm Beach, FL 33407
      View Details
    • $23 SF/Yr
      5,820 SF

      West Palm Beach Office Suite 104

      1,885 SF Office, Waterfront Views
      2715 Australian Ave, West Palm Beach, FL 33407
      View Details
    • Contact for pricing
      3,097 SF

      West Palm Beach Medical Center

      Medical office space for lease near JFK Medical Center.
      2051 45Th St, West Palm Beach, FL 33407
      View Details
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    2724 Australian Ave
    West Palm Beach, FL 33407-4501
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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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