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Property profile & analytics
OFF-MARKET
Estimated value
$40,000,000
Theaters & concert halls
545 Hibiscus St West Palm Beach, FL 33401-6017
Entity Owned
1-yr Hold
Free & Clear
Property ID
US18-5006558
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
2000
Construction
STEEL FRAME
Total area
117,453 SF
Lot
0.55 ac (23,914 SF)
Zoning code
CPD
APN
74-43-43-21-13-003-0070
UPID
US18-5006558
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
-
David Allen Productions Marketing & Advertising Photography Service
-
Hibiscus Garage Parking Lot & Garage
-
One Parking Parking Lot & Garage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$40.00M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$40.00M
Owner & transaction history
C Block Development LLC · 1 yrs held
C Block Development LLC
since 2024
Last sale
$40.0M
7 recorded transactions
Zoning & alternative use
CPD · West Palm Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
111. - Parking and loading requirements. Sec. 94-112. - Alleys and public rights-of-way. Sec. 94-113. - Landscape and streetscape requirements. Sec. 94-114. - Urban core planning area. Sec. 94-115. - CityPlace district (CPD). Sec. 94-116. - ClearLake district (CLD). Sec. 94-117. - Cultural arts district (CAD). Sec. 94-118. - Quadrille garden district (QGD).…
Zone name
Commercial Planned Development
General category
PLANNED_DEVELOPMENT
Zone area
1,034.97 ac
Top alternative use upside
Restaurant
$49.9M
+1,797.2%
Apartment house (5+ units)
$31.1M
+1,081.7%
Industrial (general)
$30.6M
+1,064.3%
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 West Palm Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs West 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
$40,000,000
ML approach
$40,000,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$49,870,000
Change: +1,797% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$31,060,000
Change: +1,082% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$30,605,000
Change: +1,064% · Conversion: Difficult
COMMERCIAL (GENERAL)
$29,585,000
Change: +1,026% · Conversion: Difficult
Blend value · Realmo final
$40.00M
Range $36.00M – $44.00M · ±10% · vs last sale $40.00M (Dec 17 2024)
Last sale anchor
$40.00M
Dec 17 2024
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
$341 / 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
$135,252
Tax year 2023
Assessed value
$4,275,000
Assessed 2023
Previous assessed
$4,000,000
+6.9% YoY
Effective rate
3.16%
On assessed value
Assessed improvement
$4,275,000
Improvement market value
$4,275,000
Total market value
$4,275,000
Applied tax rate
84,407.0000
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
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
Off-Market
Year built
2000
Construction
STEEL FRAME
Heating
NONE
Cooling
CENTRAL
Stories
4
Total area
117,453 SF
Lot
0.55 ac (23,914 SF)
Zoning code
CPD
APN
74-43-43-21-13-003-0070
UPID
US18-5006558
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
CPD · West Palm Beach, FLZoning CPD · permitted uses
CPD · West Palm Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
111. - Parking and loading requirements. Sec. 94-112. - Alleys and public rights-of-way. Sec. 94-113. - Landscape and streetscape requirements. Sec. 94-114. - Urban core planning area. Sec. 94-115. - CityPlace district (CPD). Sec. 94-116. - ClearLake district (CLD). Sec. 94-117. - Cultural arts district (CAD). Sec. 94-118. - Quadrille garden district (QGD). Sec. 94-119. - Quadrille business district (QBD). Sec. 94-120. - Transit oriented d
Zone name
Commercial Planned Development
General category
PLANNED_DEVELOPMENT
Zone area
1,034.97 ac
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$49.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$31.1M
INDUSTRIAL (GENERAL)
Est. value
$30.6M
COMMERCIAL (GENERAL)
Est. value
$29.6M
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
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
2000
Construction
STEEL FRAME
Heating
NONE
Cooling
Yes
Stories
4
Lot
0.55 ac
Current owner
From public records · entity-resolved
C Block Development LLC
Entity
Free & Clear · 1 yrs held
Mailing address
501 FERN ST, WEST PALM BEACH, FL 33401-5700
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 5, 2026
—
C Block Development LLC
—
Deed
related
$106,881,745 · Ares Commercial Real Estate Servicer LLC
Dec 17, 2024
$40,000,000
C Block Development LLC
Cityplace Retail LLC
Special Warranty Deed
—
Nov 18, 2021
—
Wpb Theater Owner LLC
Florida 2005 Theaters LLC
Quit Claim Deed
related
—
Nov 18, 2021
$23,000,000
Wpb Theater Owner LLC
Florida 2005 Theaters LLC
Assignment Of Lease (leasehold Sale)
—
Dec 26, 2018
$100
Cityplace Retail LLC
West Palm Bch Cmnty Redev Agcy
Grant Deed
related
—
—
—
Florida 2005 Theaters LLC
—
Deed Of Trust
related
$33,839 · Bank Of Ny Mellon Tr Co NA
—
—
Florida 2005 Theaters LLC
—
Deed Of Trust
related
$29,400 · J P Morgan Chase Bank
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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