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Property profile & analytics
OFF-MARKET
Estimated value
$13,245,000
Office buildings
450 Royal Palm Way Palm Beach, FL 33480-4139
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US18-1216617
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1962
Construction
STEEL FRAME
Total area
25,316 SF
Lot
0.45 ac (19,402 SF)
Zoning code
C-OPI
APN
50-43-43-23-05-023-0541
UPID
US18-1216617
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Barclays Wealth Financial Advisor
-
nicoletti wealth management group Financial Advisor
-
Stern Barbara F. Ph.D. Physician Medical Clinic
-
Morgan Stanley Building Corporate Office
-
Spectrum's Store Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$11.51M
CAP Approach
CAP
$11.01M
Comparable Approach
Comparable
$9.80M
Blend (final)
Blend
$13.25M
Owner & transaction history
450 Rpw LLC · 5 yrs held
450 Rpw LLC
since 2021
Last sale
$17.0M
4 recorded transactions
Zoning & alternative use
C-OPI · Palm Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$17.5M
+74.0%
Apartment house (5+ units)
$17.4M
+72.8%
Auto repair, garage
$12.5M
+24.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Palm Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Palm Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$11,505,000
CAP Approach
CAP Return
Estimation
6%
$11,930,000
6.5%
$11,010,000
7%
$10,225,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$10,040,000
Current use
RESTAURANT
$17,475,000
Change: +74% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$17,355,000
Change: +73% · Conversion: Easy
AUTO REPAIR, GARAGE
$12,505,000
Change: +25% · Conversion: Difficult
COMMERCIAL (GENERAL)
$11,905,000
Change: +19% · Conversion: Easy
RETAIL STORES
$10,095,000
Change: +1% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$10,000,000
Change: 0% · Conversion: Difficult
MEDICAL BUILDING
$9,980,000
Change: -1% · Conversion: Easy
Blend value · Realmo final
$13.25M
Range $11.92M – $14.57M · ±10% · vs last sale $17.00M (Feb 24 2021)
Last sale anchor
$17.00M
Feb 24 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$523 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$257,611
Tax year 2023
Assessed value
$16,591,674
Assessed 2023
Previous assessed
$13,280,638
+24.9% YoY
Effective rate
1.55%
On assessed value
Assessed land
$5,348,382
Assessed improvement
$11,243,292
Land market value
$5,348,382
Improvement market value
$11,243,292
Total market value
$16,591,674
Applied tax rate
50,411.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1962
Construction
STEEL FRAME
Heating
NONE
Cooling
CENTRAL
Buildings
2
Stories
8
Rooms
1
Total area
25,316 SF
Lot
0.45 ac (19,402 SF)
Zoning code
C-OPI
APN
50-43-43-23-05-023-0541
UPID
US18-1216617
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
C-OPI · Palm Beach, FL
Zoning C-OPI · permitted uses
C-OPI · Palm Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Palm Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$10.0M
RESTAURANT
Est. value
$17.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$17.4M
AUTO REPAIR, GARAGE
Est. value
$12.5M
COMMERCIAL (GENERAL)
Est. value
$11.9M
RETAIL STORES
Est. value
$10.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$10.0M
MEDICAL BUILDING
Est. value
$10.0M
OFFICE BUILDING Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1962
Construction
STEEL FRAME
Heating
NONE
Cooling
Yes
Stories
8
Buildings
2
Rooms
1
Lot
0.45 ac
Current owner
From public records · entity-resolved
450 Rpw LLC
Entity
Mailing address
777 S FLAGLER DR STE 500E, WEST PALM BEACH, FL 33401-6121
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 5, 2025
—
South Florida Materials Terminal Ll
—
Deed
related
$29,750,000 · Truist Bank
Feb 24, 2021
$17,000,000
450 Rpw LLC
Bwrefi Royal Palm Way LLC
Special Warranty Deed
$8,000,000 · United Bank
Jan 31, 2020
$38,500,000
Bwrefi Royal Palm Way LLC
Palm Beach Park Centre 1 LLC
Special Warranty Deed
$19,250,000 · First Republic Bank
Aug 2, 2011
—
Palm Beach Park Centre
—
Deed Of Trust
related
$15,900,000 · Prudential Insurance Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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