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    Property profile & analytics

    928 Belvedere Rd West Palm Beach, FL 33405-1101

    • Strip malls
    • 6,000 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Apr 22, 2022
    $870,000
    Value Estimations
    $930,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0871969
    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

    • World Bargains the Land-Deals / Thrift Store

    Property Details for 928 Belvedere Rd

    Year built
    1962
    Construction
    STEEL FRAME
    Lot size
    0.26 lot acres
    Property size
    6,000 SF
    Zone code
    NC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    74-43-43-33-36-000-0100
    APU
    74434333360000100

    Description

    This West Palm Beach property at 928 Belvedere Rd offers a 1,200 square foot vacant retail space, perfect for a restaurant. Previously a pizzeria, this space boasts a vented double-deck Pride Pizza oven. The building, constructed in 1962 and renovated in 2023, features a total of 6,000 square feet across one story. The 1,200 square foot unit is a "vanilla shell" with recent upgrades including fresh paint, new LED lighting, a new electrical panel, a new grease trap, a new tankless water heater, and an updated bathroom. The property sits on 0.26 acres and is zoned NC-Neighborhood Commercial. Twelve parking spaces are available for patrons. The minimum divisible space is 1,200 square feet, and the maximum contiguous space is also 1,200 square feet. The building's floor area ratio (FAR) is 0.47. This turnkey space is ready for immediate occupancy and is ideally suited for a restaurant or similar retail use. The property's address is 928 Belvedere Rd, West Palm Beach, FL 33405.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $945,000
      ML approach
      $1,035,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,235,000
      Market price range: $1.19M - $2.50M

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

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0638
    Latitude
    26.6903
    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
    $20,382
    $277,267
    $511,047
    $788,314
    -
    $277,267
    $511,047
    $788,314

    Comparable in this City

    • Value Estimation
      $1,210,000
      6,030 SF

      5601 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 6,030 SF
      5601 Dixie Hwy, West Palm Beach, FL 33405-3628
      View Details
    • Value Estimation
      $850,000
      4,190 SF

      5900 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 4,190 SF
      5900 Dixie Hwy, West Palm Beach, FL 33405-4027
      View Details
    • Value Estimation
      $835,000
      4,443 SF

      602 Frst Hl Blvd

      SHOPPING CENTER, STRIP CENTER • 4,443 SF
      602 Frst Hl Blvd, West Palm Beach, FL 33405-4565
      View Details
    • Value Estimation
      $1,180,000
      7,768 SF

      704 Belvedere Rd

      SHOPPING CENTER, STRIP CENTER • 7,768 SF
      704 Belvedere Rd, West Palm Beach, FL 33405-1108
      View Details
    • Value Estimation
      $1,485,000
      6,600 SF

      6108 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 6,600 SF
      6108 Dixie Hwy, West Palm Beach, FL 33405-4039
      View Details
    • Value Estimation
      $2,090,000
      10,414 SF

      5100 Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 10,414 SF
      5100 Dixie Hwy, West Palm Beach, FL 33405-3240
      View Details

    Similar Nearby for Sale

    • $4,300,000

      Retail Strip Center on Dixie Highway

      Retail strip center with high visibility in West Palm Beach.
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      West Palm Beach Industrial Building

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      Free Standing Industrial Zoned Building

      2420 SF building with 13' ceilings and fenced area.
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      Land With Approved Building Plans

      Land with approved plans for a 3,000 sq ft home.
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      Duplex in vibrant neighborhood, ideal for rental income.
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    Similar Nearby for Lease

    • $2,400,000
      3,682 SF

      West Palm Beach Retail Center

      Retail strip center with frontage on Dixie Highway.
      3412 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.
      804-848 Southern Blvd, West Palm Beach, FL 33405
      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
      3,000 SF

      West Palm Beach Retail Space

      Retail space available in West Palm Beach, Florida.
      500-642 Belvedere Rd, West Palm Beach, FL 33405
      View Details
    • $4,250,000
      5,482 SF

      Multi-Tenant Commercial Plaza with Apartment

      Renovated commercial plaza with residential unit in West Palm Beach.
      2730 S Dixie Hwy, West Palm Beach, FL 33405
      View Details
    • Contact for pricing
      70,227 SF

      Belmart Plaza: Retail Space Available

      Prime Palm Beach County retail space. Multiple units, ample parking.
      0 Belvedere Rd. & Georgia Ave, West Palm Beach, FL 33405
      View Details
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    West Palm Beach, FL 33405-1101
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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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