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    Property profile & analytics

    5601 Corporate Way West Palm Beach, FL 33407-2025

    • Office buildings
    • 13,440 SF
    • 5.12 lot acres
    OFF-MARKET
    Last Sale
    Nov 08, 2021
    $8,000,000
    Value Estimations
    $8,475,000
    Show details
    Cap Rate Potential
    4.7%
    Office buildings
    Location Intelligence
    Property ID
    US18-0914758
    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

    • Lighthouse for the Blind of the Palm Beaches / Non-Profit Organization
    • Hemorrie Bilding 3. .ofice 3307 / Specialized Hospital
    • Stam Madeleine MD / Psychiatrist
    • MIZNER PLACE / Business Center / Shopping Mall
    • SemaConnect Charging Station / Electric Vehicle Charging Station

    Property Details for 5601 Corporate Way

    Year built
    1974
    Construction
    CONCRETE
    Lot size
    5.12 lot acres
    Property size
    13,440 SF
    Zone code
    IL
    Property type
    Office buildings
    APN
    74-43-43-06-01-000-0160
    APU
    74434306010000160

    Description

    Mizner Place offers a meticulously maintained, four-building office complex ideally situated at the northeast corner of I-95 and 45th Street. This Class B property, totaling 53,760 square feet, underwent renovations in 2018 and features a beautifully landscaped courtyard. The single-story buildings provide convenient direct exterior tenant entrances with no loss factor. Suites range from a minimum of 725 square feet to a maximum contiguous space of 5,494 square feet, with 14,682 square feet currently vacant. The property sits on a 5.01-acre lot and boasts ample parking (5.42 spaces per 1,000 square feet). Security is enhanced by a full exterior monitored camera system. Modern amenities include electric vehicle charging stations. The property's high visibility and convenient I-95 access make it an excellent location for businesses seeking a professional and easily accessible office space. Built in 1974, the complex caters to various needs, including traditional, executive, and medical office uses. The property's APN is 74-43-43-06-01-000-0160.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,545,000
      ML approach
      $10,480,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,330,000
      6.5%
      $7,690,000
      7%
      $7,140,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,147,000
      Market price range: $2.91M - $6.15M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $10,280,000
      APARTMENT HOUSE (5+ UNITS)
      $8,005,000
      MEDICAL BUILDING
      $7,275,000
      AUTO REPAIR, GARAGE
      $6,915,000
      COMMERCIAL (GENERAL)
      $5,745,000
      INDUSTRIAL (GENERAL)
      $5,610,000
      RETAIL STORES
      $5,575,000

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0898
    Latitude
    26.7602
    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
    $161,311
    $0.00
    $7,000,000
    $7,000,000
    -
    $0.00
    $7,000,000
    $7,000,000

    Comparable in this City

    • Value Estimation
      $20,235,000
      74,792 SF

      1401 Northpoint Pkwy

      OFFICE BUILDING (MULTI-STORY) • 74,792 SF
      1401 Northpoint Pkwy, West Palm Beach, FL 33407-1965
      View Details
    • Value Estimation by Request
      1.00 Acre

      1801 Flagler Dr

      OFFICE BUILDING • 1.00 Acre
      1801 Flagler Dr, West Palm Beach, FL 33407-6558
      View Details
    • Value Estimation by Request
      1.00 Acre

      1801 Flagler Dr, Unit G

      OFFICE BUILDING • 1.00 Acre
      1801 Flagler Dr, West Palm Beach, FL 33407-6558
      View Details
    • Value Estimation
      $2,465,000
      12,942 SF

      2620 Australian Ave

      OFFICE BUILDING (MULTI-STORY) • 12,942 SF
      2620 Australian Ave, West Palm Beach, FL 33407-5626
      View Details
    • Value Estimation
      $1,555,000
      4,664 SF

      5737 Corporate Way

      OFFICE BUILDING (MULTI-STORY) • 4,664 SF
      5737 Corporate Way, West Palm Beach, FL 33407-2003
      View Details
    • Value Estimation
      $4,795,000
      17,975 SF

      425 24th St

      OFFICE BUILDING (MULTI-STORY) • 17,975 SF
      425 24th St, West Palm Beach, FL 33407-5401
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Versatile Industrial Condo with Office

      Industrial condo with office, showroom, and warehouse space for sale.
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      West Palm Beach Medical Office Building

      Prime medical office, strong NOI, owner-user potential.
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      Executive Office Condominium For Sale

      Professionally designed office space with refined finishes and modern amenities.
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    Similar Nearby for Lease

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      Upgraded Office Building in West Palm

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      Metrocentre Corporate Park Office Space

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    • $1,100 /Mo

      Modern Office Space For Lease

      Prime location office spaces ideal for beauty or wellness professionals.
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      West Palm Beach Office Space

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    • $23 SF/Yr
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      West Palm Beach Office Suite 104

      1,885 SF Office, Waterfront Views
      2715 Australian Ave, West Palm Beach, FL 33407
      View Details
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    5601 Corporate Way
    West Palm Beach, FL 33407-2025
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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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