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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5922 Okeechobee Blvd West Palm Beach, FL 33417-4324

    • Strip malls
    • 4,540 SF
    • 2.45 lot acres
    OFF-MARKET
    Value Estimations
    $1,080,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6027838
    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

    • SakNaturel / Health And Beauty Shop
    • Kinjal Desai / Physical Therapist
    • NVAP REHAB LLC / Sports Medicine Physician
    • Shello Transportation LLC / Transportation Service
    • SnazzyFab Beauty Supply / Beauty Supply Store / Natural Goods Store

    Property Details for 5922 Okeechobee Blvd

    Year built
    1977
    Construction
    CONCRETE
    Lot size
    2.45 lot acres
    Property size
    4,540 SF
    Zone code
    CG
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    00-42-43-26-00-000-3070
    APU
    424326000003070

    Description

    Turnpike Plaza, located at 5922 Okeechobee Boulevard in West Palm Beach, Florida (zip code 33417), offers a prime retail opportunity in a vibrant strip center. This property boasts a total of 10,740 square feet, with 6,420 square feet currently vacant and available for lease. The flexible space allows for multiple tenants, with a minimum divisible unit of 1,920 square feet and a maximum contiguous space of 4,500 square feet. Ideal for businesses seeking high visibility and convenient access, Turnpike Plaza is situated in Palm Beach County, offering excellent exposure to a substantial customer base. The property's location on Okeechobee Boulevard ensures high traffic volume and strong pedestrian traffic. This is an exceptional chance to establish or expand your business in a thriving West Palm Beach commercial corridor. The available space presents a unique opportunity for businesses of various sizes to thrive in a well-maintained and strategically located retail center. Contact us today to learn more about leasing options and explore the possibilities of establishing your business at Turnpike Plaza.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,225,000
      6.5%
      $1,130,000
      7%
      $1,050,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $735,000
      Market price range: $223k - $735k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,335,000
      Current use
      COMMERCIAL (GENERAL)
      $1,765,000
      Change: +32% Conversion: Easy
      OFFICE BUILDING
      $1,605,000
      Change: +20% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.1346
    Latitude
    26.7069
    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
    $61,695
    $1,175,379
    $2,126,831
    $3,302,210
    -
    $1,175,379
    $2,126,831
    $3,302,210

    Comparable in this City

    • Value Estimation
      $785,000
      5,204 SF

      2240 Haverhill Rd

      SHOPPING CENTER, STRIP CENTER • 5,204 SF
      2240 Haverhill Rd, West Palm Beach, FL 33417
      View Details
    • Value Estimation
      $680,000
      4,674 SF

      1025 Drexel Rd

      SHOPPING CENTER, STRIP CENTER • 4,674 SF
      1025 Drexel Rd, West Palm Beach, FL 33417-5554
      View Details
    • Value Estimation
      $7,715,000
      36,064 SF

      4833 Okeechobee Blvd

      SHOPPING CENTER, STRIP CENTER • 36,064 SF
      4833 Okeechobee Blvd, West Palm Beach, FL 33417-4660
      View Details
    • Value Estimation
      $1,760,000
      8,860 SF

      4720 Okeechobee Blvd

      SHOPPING CENTER, STRIP CENTER • 8,860 SF
      4720 Okeechobee Blvd, West Palm Beach, FL 33417-4626
      View Details
    • Value Estimation
      $2,640,000
      17,640 SF

      5750 Okeechobee Blvd

      SHOPPING CENTER, STRIP CENTER • 17,640 SF
      5750 Okeechobee Blvd, West Palm Beach, FL 33417-4343
      View Details
    • Value Estimation
      $13,355,000
      57,070 SF

      3899 Haverhill Rd

      SHOPPING CENTER, STRIP CENTER • 57,070 SF
      3899 Haverhill Rd, West Palm Beach, FL 33417
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Profitable Unisex Barbershop For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      1,225 SF

      West Palm Beach Retail Space

      Prime Retail Shop, 1225 sq ft
      0 Nwc Haverhill Rd & Roebuck Rd, West Palm Beach, FL 33417
      View Details
    • Contact for pricing
      1,225 SF

      Retail Space in West Palm

      1,225 SF in-line space available for lease.
      4075 N Haverhill Rd, West Palm Beach, FL 33417
      View Details
    • $25 SF/Yr
      1,150 SF

      Retail Space on Okeechobee Boulevard

      Retail/office space available in West Palm Beach shopping center.
      5075-5095 Okeechobee Blvd, West Palm Beach, FL 33417
      View Details
    • $25 SF/Yr
      1,664 SF

      Retail Space in West Palm

      Retail and office spaces available with high traffic location.
      5021-5069 Okeechobee Blvd, West Palm Beach, FL 33417
      View Details
    • $24 SF/Yr
      20,336 SF

      West Palm Beach Office Space

      Prime Office/Retail, High Visibility
      5849 Okeechobee Blvd, West Palm Beach, FL 33417
      View Details
    • $0.95 SF/Yr
      780 SF

      Retail Space on Okeechobee Blvd

      Retail space available for rent on Okeechobee Blvd.
      5750-5784 Okeechobee Blvd, West Palm Beach, FL 33417
      View Details
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    West Palm Beach, FL 33417-4324
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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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