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

    609 Hunter St West Palm Beach, FL 33405-4225

    • Office buildings
    • 1,815 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    May 28, 2024
    Value Estimations
    $830,000
    Show details
    Cap Rate Potential
    8.2%
    Office buildings
    Location Intelligence
    Property ID
    US18-2942208
    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

    • Clear Channel Outdoor / Advertising Agency / Professional Services

    Property Details for 609 Hunter St

    Year built
    1956
    Construction
    CONCRETE
    Lot size
    0.23 lot acres
    Property size
    1,815 SF
    Zone code
    I
    Property type
    Office buildings
    APN
    74-43-44-04-15-000-0010
    APU
    74434404150000010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $825,000
      ML approach
      $825,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,125,000
      6.5%
      $1,040,000
      7%
      $965,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $635,000
      Market price range: $371k - $1.01M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $640,000
      Current use
      MEDICAL BUILDING
      $980,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $935,000
      Change: +45% Conversion: Difficult
      RETAIL STORES
      $755,000
      Change: +17% Conversion: Moderate
      WAREHOUSE, STORAGE
      $720,000
      Change: +12% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $680,000
      Change: +6% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $535,000
      Change: -17% 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
    -80.0588
    Latitude
    26.6576
    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
    $7,924
    $320,768
    $148,817
    $469,585
    -
    $320,768
    $148,817
    $469,585

    Comparable in this City

    • Value Estimation
      $1,630,000
      5,760 SF

      425 Southern Blvd

      OFFICE BUILDING (MULTI-STORY) • 5,760 SF
      425 Southern Blvd, West Palm Beach, FL 33405-2605
      View Details
    • Value Estimation
      $1,040,000
      2,644 SF

      535 Lakewood Rd

      OFFICE BUILDING (MULTI-STORY) • 2,644 SF
      535 Lakewood Rd, West Palm Beach, FL 33405-2911
      View Details
    • Value Estimation
      $1,225,000
      2,960 SF

      5909 Parker Ave

      OFFICE BUILDING (MULTI-STORY) • 2,960 SF
      5909 Parker Ave, West Palm Beach, FL 33405
      View Details
    • Value Estimation
      $1,840,000
      1,253 SF

      221 Southern Blvd

      OFFICE BUILDING (MULTI-STORY) • 1,253 SF
      221 Southern Blvd, West Palm Beach, FL 33405-2737
      View Details
    • Value Estimation
      $1,790,000
      2,336 SF

      213 Southern Blvd

      OFFICE BUILDING (MULTI-STORY) • 2,336 SF
      213 Southern Blvd, West Palm Beach, FL 33405-2737
      View Details
    • Value Estimation
      $775,000
      1,906 SF

      251 Southern Blvd

      OFFICE BUILDING (MULTI-STORY) • 1,906 SF
      251 Southern Blvd, West Palm Beach, FL 33405-2737
      View Details

    Similar Nearby for Sale

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      Land with approved plans for a 3,000 sq ft home.
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      2420 SF building with 13' ceilings and fenced area.
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      West Palm Beach Triplex Opportunity

      Triplex in desirable Southend, West Palm Beach. Renter ready!
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      West Palm Beach Multifamily Cottages

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    Similar Nearby for Lease

    • $45 SF/Yr
      4,789 SF

      West Palm Beach Office Space

      Prime West Palm Beach office location with medical zoning.
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      View Details
    • $2,200 /Mo
      1,020 SF

      Versatile Flex Space in West Palm

      1,020 SF flex space with offices and kitchenette.
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      View Details
    • $26 SF/Yr
      550 SF

      East Side Office Space Available

      Single-story office space with convenient access and abundant parking.
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      View Details
    • $35 SF/Yr
      32,784 SF

      Premier Mixed-Use Campus in West Palm

      Class A offices and retail space in West Palm Beach.
      2751-2807 S Dixie Hwy, West Palm Beach, FL 33405
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in West Palm

      Retail spaces available in West Palm Beach shopping center.
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      View Details
    • $23 SF/Yr
      1,600 SF

      Office/Warehouse Space Available For Rent

      1,600 SF office/warehouse with 16' clear height and overhead door.
      1400 Forsythe Rd, West Palm Beach, FL 33405
      View Details
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    609 Hunter St
    West Palm Beach, FL 33405-4225
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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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