Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5981 Okeechobee Blvd West Palm Beach, FL 33417-4323

    • Hotels
    • 41,703 SF
    • 2.95 lot acres
    OFF-MARKET
    Last Sale
    Nov 15, 2022
    $12,950,000
    Value Estimations
    $15,515,000
    Show details
    Cap Rate Potential
    2.2%
    Hotels
    Location Intelligence
    Property ID
    US18-0967263
    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

    • La Quinta Inn by Wyndham West Palm Beach - Florida Turnpike / Hotel / Inn

    Property Details for 5981 Okeechobee Blvd

    Year built
    1988
    Construction
    CONCRETE
    Lot size
    2.95 lot acres
    Property size
    41,703 SF
    Zone code
    CG
    Property type
    Hotels
    APN
    00-42-43-23-00-000-7090
    APU
    424323000007090

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $14,085,000
      ML approach
      $10,450,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $19,795,000
      Market price range: $10.0M - $24.2M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $17,470,000
      Current use
      MEDICAL BUILDING
      $22,570,000
      Change: +29% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $21,465,000
      Change: +23% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $17,410,000
      Change: -0% Conversion: Difficult
      RETAIL STORES
      $17,305,000
      Change: -1% Conversion: Difficult
      WAREHOUSE, STORAGE
      $16,585,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.1349
    Latitude
    26.7082
    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
    $149,388
    $3,978,600
    $4,585,447
    $8,564,047
    -
    $3,978,600
    $4,585,447
    $8,564,047

    Comparable in this City

    • Value Estimation by Request

      4702 Wadita Ka Way

      Investment properties
      4702 Wadita Ka Way, West Palm Beach, FL 33417
      View Details
    • Value Estimation by Request
      70,604 SF

      5015-5059 Okeechobee Blvd

      Restaurants • 70,604 SF
      5015-5059 Okeechobee Blvd, West Palm Beach, FL 33417
      View Details
    • Value Estimation
      $980,000
      2,700 SF

      4846 Cherry Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,700 SF
      4846 Cherry Rd, West Palm Beach, FL 33417-5990
      View Details
    • Value Estimation
      $390,000
      1,512 SF

      6127 Newton Woods Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,512 SF
      6127 Newton Woods Dr, West Palm Beach, FL 33417-5567
      View Details
    • Value Estimation
      $1,515,000
      10,946 SF

      6058 Okeechobee Blvd

      MINI-MALL • 10,946 SF
      6058 Okeechobee Blvd, West Palm Beach, FL 33417-4326
      View Details
    • Value Estimation by Request
      0.08 Acres

      4541 Diekhans Rd

      VACANT COMMERCIAL LAND • 544 SF
      4541 Diekhans Rd, West Palm Beach, FL 33417-3007
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Space in Cocoplum Plaza

      Retail space available in busy Cocoplum Plaza.
      2845 N Military Trl, West Palm Beach, FL 33417
      View Details
    • $765,000

      Duplex on Large Corner Lot

      Duplex with income potential on a large corner lot.
      4647 Marguerita St, West Palm Beach, FL 33417
      View Details
    • $645,000

      West Palm Beach Triplex Investment

      Well-maintained triplex with strong rental income potential.
      4655 Myla Ln, West Palm Beach, FL 33417
      View Details
    • $675,000

      Spacious Duplex on Oversized Lot

      Duplex with versatile rental income or multi-generational living potential.
      4861 Orlando Ave, West Palm Beach, FL 33417
      View Details
    • $150,000

      Renovated Condo in Century Village

      Stunning, renovated 2-bedroom condo with resort-style amenities in West Palm.
      240 Windsor K, West Palm Beach, FL 33417
      View Details
    • $949,000

      West Palm Beach Quadplex Investment

      Quadplex in West Palm Beach with tenant-paid utilities.
      4764 Cole St, West Palm Beach, FL 33417
      View Details

    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
    • $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
    • 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
    • $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
    • $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
    • $1,725 /Mo

      Updated Apartment with Modern Features

      Updated 2-bedroom apartment with modern kitchen and ample living space.
      4658 Myla Ln, West Palm Beach, FL 33417
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5981 Okeechobee Blvd
    West Palm Beach, FL 33417-4323
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.