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Property profile & analytics
FOR LEASE
Medical Office Space
7408 Lake Worth Rd Greenacres, FL 33467
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US18-2770501
For Lease
Contact for pricing
7408 Lake Worth Rd, Greenacres, FL 33467
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Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2009
Construction
CONCRETE
Total area
31,847 SF
Lot
1.79 ac (77,933 SF)
Zoning code
CG
APN
00-42-44-28-36-001-0000
UPID
US18-2770501
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Thomas Matthew MD Physician
-
Jeffrey L Katzell, MD, PA dba Minimally Invasive S Physician
-
Pain Medicine Physicians Physician
-
Lake Worth Medical Center Medical Clinic
-
CL Brumback Primary Care Clinics - Lake Worth Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.57M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$15.64M
Blend (final)
Blend
$15.01M
Owner & transaction history
Usvi 7408 Lake Worth Road LLC · 4 yrs held
Usvi 7408 Lake Worth Road LLC
since 2022
Last sale
$15.0M
2 recorded transactions
Zoning & alternative use
CG · Lake Worth, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$21.8M
+73.9%
Restaurant
$18.4M
+47.0%
Commercial (general)
$14.6M
+16.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Greenacres submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Greenacres submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$14,380,000
ML approach
$10,570,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$15.01M
Range $13.50M – $16.51M · ±10% · vs last sale $15.00M (Jan 6 2022)
Last sale anchor
$15.00M
Jan 6 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$471 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$185,113
Tax year 2023
Assessed value
$10,878,369
Assessed 2023
Previous assessed
$10,619,980
+2.4% YoY
Effective rate
1.70%
On assessed value
Assessed land
$1,337,048
Assessed improvement
$9,541,321
Land market value
$1,337,048
Improvement market value
$9,541,321
Total market value
$10,878,369
Applied tax rate
202.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2009
Construction
CONCRETE
Heating
NONE
Cooling
CENTRAL
Stories
1
Total area
31,847 SF
Lot
1.79 ac (77,933 SF)
Zoning code
CG
APN
00-42-44-28-36-001-0000
UPID
US18-2770501
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
CG · Lake Worth, FLZoning CG · permitted uses
CG · Lake Worth, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$12.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$21.8M
RESTAURANT
Est. value
$18.4M
COMMERCIAL (GENERAL)
Est. value
$14.6M
OFFICE BUILDING
Est. value
$14.0M
AUTO REPAIR, GARAGE
Est. value
$13.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$11.6M
MEDICAL BUILDING Current
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
COMMERCIAL (GENERAL)
OFFICE BUILDING
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2009
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
1.79 ac
Current owner
From public records · entity-resolved
Usvi 7408 Lake Worth Road LLC
Entity
Mailing address
2 SEAPORT LN FL #2, BOSTON, MA 02210-2068
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 6, 2022
$15,000,000
Usvi 7408 Lake Worth Road LLC
Primemed Lake Worth LLC
Special Warranty Deed
$26,585,000 · Webster Bank NA
Sep 18, 2019
$12,610,000
Primemed Lake Worth LLC
Palm Reach Mob LLC
Special Warranty Deed
$8,827,000 · Td Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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