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    345 3rd Ave Delray Beach, FL 33444-3811

    • Retail space
    • 1,680 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $440,000
    Show details
    Cap Rate Potential
    6.6%
    Retail space
    Location Intelligence
    Property ID
    US19-0882189
    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

    • Walker Romaine Gallery / Art Gallery
    • Recreation Enterprises Inc / Entertainment Agency
    • Ocean East Properties / Real Estate Agency

    Property Details for 345 3rd Ave

    Year built
    1969
    Construction
    CONCRETE
    Lot size
    0.06 lot acres
    Property size
    1,680 SF
    Zone code
    CBD
    Property type
    Retail space
    APN
    12-43-46-16-01-089-0070
    APU
    12434616010890070

    Description

    This exceptional 1,680 square foot special purpose property, located at 345 NE 3rd Avenue in Delray Beach, Florida (zip code 33444), presents a unique opportunity. Situated in the desirable Artist Alley, this single-tenant building boasts significant recent upgrades. The space features an open and bright layout with 560 square feet of workspace. High-end finishes include open beam ceilings and impact-resistant windows and doors on two sides, maximizing natural light. Its end-unit position provides excellent visibility and accessibility from both NE 3rd Avenue and Artist Alley, ensuring high exposure for your business. The property benefits from its proximity to high-quality neighboring tenants and ample city parking in a park-like setting. The convenient location offers exceptional walkability to the many attractions Delray Beach is known for. The zoning is designated CBD-RC, and the APN is 12434616010890070. This versatile space is ideal for a variety of uses, including artist studios, offices, retail, or flex space. The property is available for occupancy beginning January 1st. The lot size is not specified.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $430,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $475,000
      6.5%
      $435,000
      7%
      $405,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $623,000
      Market price range: $213k - $752k

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

    Location Insight

    • Map
    • Local Demand
    City
    Delray Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.07
    Latitude
    26.4679
    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
    $17,925
    $665,267
    $324,385
    $989,652
    -
    $665,267
    $324,385
    $989,652

    Comparable in this City

    • Value Estimation
      $510,000
      3,623 SF

      270 Atlantic Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,623 SF
      270 Atlantic Ave, Delray Beach, FL 33444-3727
      View Details
    • Value Estimation
      $535,000
      9,173 SF

      902 10th St

      RETAIL STORES (PERSONAL SERVICES) • 9,173 SF
      902 10th St, Delray Beach, FL 33444-2245
      View Details
    • Value Estimation
      $285,000
      1,210 SF

      12 1st Ave, Unit 102

      RETAIL STORES (PERSONAL SERVICES) • 1,210 SF
      12 1st Ave, Delray Beach, FL 33444-3775
      View Details
    • Value Estimation
      $28,765,000
      10,800 SF

      45 2nd Ave

      RETAIL STORES (PERSONAL SERVICES) • 10,800 SF
      45 2nd Ave, Delray Beach, FL 33444-3701
      View Details
    • Value Estimation
      $430,000
      3,330 SF

      1009 10th Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,330 SF
      1009 10th Ave, Delray Beach, FL 33444
      View Details
    • Value Estimation
      $280,000
      1,138 SF

      225 1st St, Unit 123

      RETAIL STORES (PERSONAL SERVICES) • 1,138 SF
      225 1st St, Delray Beach, FL 33444-3787
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.90 Acres

      Artist Alley Land: Delray Beach

      Prime 1.9-acre commercial land
      350 4Th St, Delray Beach, FL 33444
      View Details
    • $3,000,000
      3,296 SF

      Delray Beach Retail/Office Building

      Retail/Office building in the heart of Delray Beach.
      23 S Swinton Ave, Delray Beach, FL 33444
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    • $2,400,000

      Delray Beach Arts District Opportunity

      Freestanding building in Delray Beach's Arts District for sale.
      367 NE 3Rd Ave, Delray Beach, FL 33444
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    • $1,650,000
      1,138 SF

      Downtown Delray Beach Retail Space

      Prime Delray Beach retail condo, vacant & ready.
      123 2Nd Ave, Delray Beach, FL 33444
      View Details
    • $3,500,000

      Downtown Delray Beach Retail Space

      Prime Retail Location, High Visibility
      367 3Rd Ave, Delray Beach, FL 33444
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    • $1,100,000

      Delray Beach Freestanding Bar

      Freestanding bar property for sale on Atlantic Avenue.
      524 W Atlantic Ave, Delray Beach, FL 33444
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    Similar Nearby for Lease

    • Contact for pricing
      1,435 SF

      Retail Space in Delray Beach

      Retail space available for lease in Delray Beach, Florida.
      900 Linton Blvd, Delray Beach, FL 33444
      View Details
    • $80 SF/Yr
      3,527 SF

      Retail Space in Delray Beach

      Retail space available for lease in Delray Beach, Florida.
      45-65 NE 2Nd Ave, Delray Beach, FL 33444
      View Details
    • $15,000,000
      9,743 SF

      Atlantic Avenue Mixed-Use Building

      Versatile space for restaurant, bar, retail, or office operations.
      217 E Atlantic Ave, Delray Beach, FL 33444
      View Details
    • $50 SF/Yr
      2,493 SF

      Delray Beach Retail Spa Space

      Retail spa space in Delray's downtown SOFA District.
      202 SE 5Th Ave, Delray Beach, FL 33444
      View Details
    • $90 SF/Yr
      1,500 SF

      Retail Space on Atlantic Avenue

      Retail space available for lease on Atlantic Avenue.
      418 E Atlantic Ave, Delray Beach, FL 33444
      View Details
    • $5,999 /Mo
      10,526 SF

      Delray Beach Commercial Space Available

      Versatile commercial condo suitable for office, retail, or restaurant use.
      325 NE 2Nd Ave, Delray Beach, FL 33444
      View Details
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    345 3rd Ave
    Delray Beach, FL 33444-3811
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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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