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    Property profile & analytics

    512 Lucerne Ave Lake Worth, FL 33460-3819

    • Office buildings
    • 3,343 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Sep 19, 2023
    $1,700,000
    Value Estimations
    $1,485,000
    Show details
    Cap Rate Potential
    6.2%
    Office buildings
    Location Intelligence
    Property ID
    US18-4003996
    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

    • Facilitating Uniqueness / Advertising Agency / Marketing & Advertising
    • Create Now Media / Advertising Agency / Marketing & Advertising
    • Sperry Tents Miami / Rental Equipment Company
    • David Alexander Realty / Real Estate Agency
    • Del Sol Financial llc / Accounting Firm / Tax Preparation

    Property Details for 512 Lucerne Ave

    Year built
    1983
    Construction
    WOOD
    Lot size
    0.17 lot acres
    Property size
    3,343 SF
    Zone code
    DT
    Property type
    Office buildings
    APN
    38-43-44-21-15-024-0260
    APU
    38434421150240260

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,515,000
      ML approach
      $1,540,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,575,000
      6.5%
      $1,455,000
      7%
      $1,350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,428,000
      Market price range: $676k - $1.52M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,080,000
      Current use
      AUTO REPAIR, GARAGE
      $1,375,000
      Change: +28% Conversion: Difficult
      MEDICAL BUILDING
      $1,320,000
      Change: +22% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,215,000
      Change: +13% Conversion: Difficult
      RETAIL STORES
      $960,000
      Change: -11% Conversion: Moderate
      WAREHOUSE, STORAGE
      $930,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Worth
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0539
    Latitude
    26.6168
    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
    $19,314
    $295,189
    $546,655
    $841,844
    -
    $295,189
    $546,655
    $841,844

    Comparable in this City

    • Value Estimation
      $1,475,000
      6,125 SF

      631 Lucerne Ave

      OFFICE BUILDING (MULTI-STORY) • 6,125 SF
      631 Lucerne Ave, Lake Worth, FL 33460-3820
      View Details
    • Value Estimation
      $1,215,000
      5,434 SF

      1617 Federal Hwya

      OFFICE BUILDING (MULTI-STORY) • 5,434 SF
      1617 Federal Hwya, Lake Worth, FL 33460-6638
      View Details
    • Value Estimation
      $820,000
      750 SF

      305 H St

      OFFICE BUILDING (MULTI-STORY) • 750 SF
      305 H St, Lake Worth, FL 33460-4434
      View Details
    • Value Estimation by Request
      512 SF

      515 H St

      OFFICE BUILDING (MULTI-STORY) • 512 SF
      515 H St, Lake Worth, FL 33460-4438
      View Details
    • Value Estimation
      $2,540,000
      11,292 SF

      200 Lk Ave

      OFFICE BUILDING (MULTI-STORY) • 11,292 SF
      200 Lk Ave, Lake Worth, FL 33460-3997
      View Details
    • Value Estimation
      $760,000
      2,391 SF

      501 Lk Ave

      OFFICE BUILDING (MULTI-STORY) • 2,391 SF
      501 Lk Ave, Lake Worth, FL 33460-3808
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,952 SF

      Well-Maintained Office Building For Sale

      Free-standing office building with long-term tenant and ample parking.
      1776 Lake Worth Rd, Lake Worth, FL 33460
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      Downtown Lake Worth Retail Portfolio

      Five multi-tenant retail properties in vibrant Downtown Lake Worth Beach.
      Lk Ave & Lucerne Ave, Lake Worth, FL 33460
      View Details
    • $1,050,000
      1,710 SF

      Lake Worth Beach Auto Repair Shop

      1710 SF auto repair shop in prime location for sale.
      1901 Florida St, Lake Worth, FL 33460
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    • $1,850,000
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      Lake Worth Beach Income Property

      Five-plex with water views and expansion potential in Lake Worth.
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      3,858 SF

      Lake Worth Beach Quad Plex

      Four updated units with pool, RV carport, and vacant lot.
      907 N A St, Lake Worth, FL 33460
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    Similar Nearby for Lease

    • $6,150 /Mo
      22,067 SF

      Lake Worth Road Stand-Alone Building

      One-story building on Lake Worth Road available for lease.
      1744 Lake Worth Rd, Lake Worth, FL 33460
      View Details
    • $1,699,000
      3,096 SF

      Versatile Space in Entertainment District

      Flexible commercial space near Lake Worth Beach's vibrant district.
      Lk Worth Bch, Lake Worth, FL 33460
      View Details
    • New
      $2,800 /Mo
      9,952 SF

      Lake Worth Beach Office Space

      1200 sq ft office space available for rent.
      1776 Lake Worth Rd, Lake Worth, FL 33460
      View Details
    • $83 SF/Yr
      143 SF

      Dixie Hwy Office Suite

      Small Professional Office Space Available
      1315 Dixie Hwy Hwy, Lake Worth Beach, FL 33460
      View Details
    • $4,645 /Mo

      Updated Retail Space on Dixie

      930 SF retail/office space in Lake Worth Beach, FL.
      1808/1810 N Dixie Hwy, Lake Worth, FL 33460
      View Details
    • Contact for pricing
      1,225 SF

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      Customizable retail space in Lake Worth with excellent exposure.
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      View Details
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    512 Lucerne Ave
    Lake Worth, FL 33460-3819
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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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