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    Property profile & analytics

    2900 Broadway Riviera Beach, FL 33404-2320

    • Grocery and convenience stores
    • 25,440 SF
    • 6.33 lot acres
    OFF-MARKET
    Value Estimations
    $7,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4476930
    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

    • Grocery and convenience stores

    Property Details for 2900 Broadway

    Year built
    1956
    Construction
    CONCRETE
    Lot size
    6.33 lot acres
    Property size
    25,440 SF
    Zone code
    DC
    Property type
    Grocery and convenience stores
    APN
    56-43-42-28-19-000-0170
    APU
    56434228190000170

    Description

    This exceptional 2.56-acre land parcel in West Palm Beach's vibrant Northwood Village presents a compelling investment opportunity. Located on Broadway, this property comprises up to four contiguous lots, each offering direct frontage and rectangular shape ideal for efficient development. Zoned BMUD-1, the site allows for high-density residential construction, with potential for up to five stories or 72 feet in height. Massing studies suggest the potential for approximately 530 residential units across all four parcels. The property benefits from its location within a Federally Qualified Opportunity Zone, offering significant tax advantages. Surrounded by new high-end residential homes and exciting developments, including the nearby "Northwood Square" project (382 apartments and 63,200 square feet of commercial space), this site is poised for exceptional growth. The area boasts a curated "Work, Live, Play" environment, close proximity to beaches, Brightline, I-95, and Downtown West Palm Beach. Strong in-migration trends and robust rental rates support dense urban development, making this a highly attractive investment prospect. The asking price is $4,500,000. The property's APN is 74434309050230100. Lot sizes range from 0.43 to 2.56 acres.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,170,000
      6.5%
      $6,620,000
      7%
      $6,145,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $10,145,000
      Current use
      OFFICE BUILDING
      $10,090,000
      Change: -1% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $10,050,000
      Change: -1% Conversion: Moderate
      MEDICAL BUILDING
      $10,025,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Riviera Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0535
    Latitude
    26.786
    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
    $150,965
    $0.00
    $6,500,000
    $6,500,000
    -
    $0.00
    $6,500,000
    $6,500,000

    Comparable in this City

    • Value Estimation
      $710,000
      2,849 SF

      4156 Blue Heron Blvd

      CONVENIENCE STORE • 2,849 SF
      4156 Blue Heron Blvd, West Palm Beach, FL 33404
      View Details
    • Value Estimation
      $665,000
      3,151 SF

      1900 Blue Heron Blvd

      CONVENIENCE STORE • 3,151 SF
      1900 Blue Heron Blvd, Riviera Beach, FL 33404-5150
      View Details
    • Value Estimation
      $2,050,000
      1,830 SF

      1400 Broadway

      CONVENIENCE STORE • 1,830 SF
      1400 Broadway, Riviera Beach, FL 33404-5624
      View Details
    • Value Estimation
      $1,210,000
      6,090 SF

      7289 Gdn Rd, Unit 101

      CONVENIENCE STORE • 6,090 SF
      7289 Gdn Rd, Riviera Beach, FL 33404-4916
      View Details
    • Value Estimation
      $535,000
      1,818 SF

      1260 Plz Cir

      CONVENIENCE STORE • 1,818 SF
      1260 Plz Cir, Riviera Beach, FL 33404-4717
      View Details
    • Value Estimation
      $1,010,000
      4,195 SF

      2501 President Barack Obama Hwy

      CONVENIENCE STORE • 4,195 SF
      2501 President Barack Obama Hwy, Riviera Beach, FL 33404-4118
      View Details

    Similar Nearby for Sale

    • $2,200,000
      8,964 SF

      Riviera Beach Retail Investment Opportunity

      Prime Retail Space, 8,964 SF, $2.2M
      0 2305, West Palm Beach, FL 33404
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      952 SF

      Riviera Beach Shell Gas Station

      Shell Gas Station in Riviera Beach, Florida for sale.
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      Paved Lot Ready For Use

      Gated, paved lot near marinas and Port of Palm Beach.
      3551 Avenue, West Palm Beach, FL 33404
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    • New
      $120,000

      Established Restaurant in Riviera Beach

      Turn-key Caribbean restaurant with seller financing in Riviera Beach, FL.
      9999 W Blue Heron Blvd, Riviera Beach, FL 33404
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    • $140,000

      Turnkey Restaurant on Blue Heron

      Turnkey Latin take-out restaurant with high visibility and customer flow.
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    • $2,500,000

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      Triplex with new roof and hurricane impact windows.
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    Similar Nearby for Lease

    • New
      $1,200 /Mo
      6,239 SF

      Renovated Retail Space Available

      Fully renovated retail spaces available for lease in Riviera Beach.
      315 President Barack Obama Hwy, Riviera Beach, FL 33404
      View Details
    • $25 SF/Yr
      1,150 SF

      Retail Space in Riviera Beach

      Highly visible retail unit with ample parking and signage.
      1521-1541 W Blue Heron Blvd, Riviera Beach, FL 33404
      View Details
    • Contact for pricing
      8,257 SF

      Restaurant & Retail Space Available

      Prime restaurant and retail space with outdoor patios in West Palm Beach.
      25Th St, West Palm Beach, FL 33404
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    • Contact for pricing
      8,155 SF

      Prime Retail Space on Blue Heron

      Retail space with high visibility and traffic count available for lease.
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    • Contact for pricing
      5,689 SF

      Prime Retail Space on Blue Heron

      High-visibility retail space with significant frontage and traffic.
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      View Details
    • $25 SF/Yr
      13,040 SF

      Retail Space Near I-95

      Retail unit with high visibility and ample parking available for lease.
      1521 W Blue Heron Blvd, Riviera Beach, FL 33404
      View Details
    Request Owner's contact information
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    2900 Broadway
    Riviera Beach, FL 33404-2320
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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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