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

    7408 Lk Worth Rd Greenacres, FL 33467

    • Medical offices
    • 31,847 SF
    • 1.79 lot acres
    For Lease
    View listing
    $27 SF/Yr
    Last Sale
    Jan 06, 2022
    $15,000,000
    Value Estimations
    $14,700,000
    Cap Rate Potential
    2.9%
    Medical offices
    Location Intelligence
    Property ID
    US18-2770501
    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

    • Thomas Matthew MD / Doctor
    • Jeffrey L Katzell, MD, PA dba Minimally Invasive S / Orthopedic Surgeon
    • Pain Medicine Physicians / Pain Management Physician
    • Lake Worth Medical Center / Medical Center
    • CL Brumback Primary Care Clinics - Lake Worth / Doctor / Medical Clinic

    Property Details for 7408 Lk Worth Rd

    Year built
    2009
    Construction
    CONCRETE
    Lot size
    1.79 lot acres
    Property size
    31,847 SF
    Zone code
    CG
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    00-42-44-28-36-001-0000
    APU
    424428360010000

    Description

    This exceptional one-story, Class B medical office building, constructed in 2009, offers 33,752 square feet of space in a highly desirable Greenacres, Florida location. Situated on 1.79 acres of land at 7408 Lake Worth Road, zip code 33467, this property boasts a convenient location near the Florida Turnpike, ensuring easy accessibility for patients and staff. The building features a total of 530 complimentary parking spaces, providing ample convenience for all. Currently, there are three suites available, with a minimum divisible space of 1,925 square feet and a maximum contiguous space of 6,101 square feet. A total of 12,216 square feet is currently vacant, presenting a significant opportunity for expansion or new tenancy. The building's single-story design and layout are ideal for a variety of medical practices. This property is located in the Lake Worth submarket of Palm Beach County, within the West Palm Beach submarket cluster, offering excellent visibility and access to a thriving patient base. The building's design and location make it an ideal setting for a successful and highly visible medical practice. This is a rare opportunity to secure prime medical office space in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $14,380,000
      ML approach
      $10,570,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $15,644,000
      Market price range: $8.47M - $19.5M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $12,550,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $21,835,000
      Change: +74% Conversion: Moderate
      RESTAURANT
      $18,445,000
      Change: +47% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $14,625,000
      Change: +17% Conversion: Easy
      OFFICE BUILDING
      $14,040,000
      Change: +12% Conversion: Easy
      AUTO REPAIR, GARAGE
      $13,110,000
      Change: +4% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $11,585,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Worth
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.1644
    Latitude
    26.6164
    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
    $185,113
    $1,337,048
    $9,541,321
    $10,878,369
    -
    $1,337,048
    $9,541,321
    $10,878,369

    Comparable in this City

    • Value Estimation
      $535,000
      2,640 SF

      4750 Jog Rd

      MEDICAL BUILDING • 2,640 SF
      4750 Jog Rd, Greenacres, FL 33467-5119
      View Details
    • Value Estimation
      $500,000
      6,556 SF

      4897 Jog Rd

      MEDICAL BUILDING • 6,556 SF
      4897 Jog Rd, Greenacres, FL 33467-5000
      View Details
    • Value Estimation
      $595,000
      10,921 SF

      6045 Hagen Rnch Rd

      MEDICAL BUILDING • 10,921 SF
      6045 Hagen Rnch Rd, Lake Worth, FL 33467-7251
      View Details
    • Value Estimation
      $340,000
      4,143 SF

      7138 Lk Worth Rd

      MEDICAL BUILDING • 4,143 SF
      7138 Lk Worth Rd, Lake Worth, FL 33467-2970
      View Details
    • Value Estimation
      $735,000
      17,324 SF

      3387 Jog Rd

      MEDICAL BUILDING • 17,324 SF
      3387 Jog Rd, Greenacres, FL 33467-2010
      View Details
    • Value Estimation by Request
      25,878 SF

      7407 Lake Worth Rd

      Restaurants • 25,878 SF
      7407 Lake Worth Rd, Lake Worth, FL 33467
      View Details

    Similar Nearby for Sale

    • $90,000

      Established Medical Practice For Sale

      Medical practice with established patient base and high-traffic location.
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    • $139,000

      Established Restaurant - Greenacres, FL

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    • $139,000

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      Turnkey Restaurant, Loyal Clientele, High Profits
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    • $2,349,000
      6.34 Acres

      Wellington Agricultural Land

      6.335 Acres, Prime Location
      8087 Palomino Dr, Wellington, FL 33467
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    • $3,000,000
      5,349 SF

      Hypoluxo Road Retail Investment

      Lake Worth, FL storefront, high ROI.
      8961 Hypoluxo Rd, Lake Worth, FL 33467
      View Details
    • $699,000

      Lake Worth Retail Opportunity

      High-traffic location suitable for business or residential use.
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      View Details

    Similar Nearby for Lease

    • $40 SF/Yr
      36,094 SF

      Wellington Office & Retail Space

      Prime Palm Beach County location, multiple suites available.
      8708-8776 Lantana Rd, Wellington, FL 33467
      View Details
    • $27 SF/Yr
      33,752 SF

      Lake Worth Medical Office Space

      Prime Medical Office Suites, Greenacres, FL
      7408 Lk Worth Rd, Greenacres, FL 33467
      View Details
    • $27 SF/Yr
      6,101 SF

      Medical Office Space Available

      B+ medical office space with on-site surgery center.
      7408 Lake Worth Rd, Lake Worth, FL 33467
      View Details
    • $27 SF/Yr
      1,294 SF

      Retail Space in Publix-Anchored Center

      Retail space available in a Publix-anchored shopping center.
      8831 Hypoluxo Rd, Lake Worth, FL 33467
      View Details
    • Contact for pricing
      2,797 SF

      Retail Space in Palm Beach

      Retail space in established Palm Beach market near new homes.
      8450 Lake Worth Rd, Lake Worth, FL 33467
      View Details
    • Contact for pricing
      1,750 SF

      Lake Worth Retail Space Available

      Grocery-anchored shopping center with available retail space for lease.
      6169 S Jog Rd, Lake Worth, FL 33467
      View Details
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    Greenacres, FL 33467
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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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