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Property profile & analytics
FOR LEASE
Showrooms
98 NW Spanish River Blvd Boca Raton, FL 33431
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US18-3975420
For Lease
1 / 4
$37 SF/Yr
98 NW Spanish River Blvd, Boca Raton, FL 33431
View Listing →
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1974
Construction
CONCRETE
Total area
4,810 SF
Lot
0.42 ac (18,378 SF)
Zoning code
M-2
APN
06-43-47-07-02-034-0093
UPID
US18-3975420
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.15M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.80M
Blend (final)
Blend
$2.15M
Owner & transaction history
98 Spanish Properties LLC · 2 yrs held
98 Spanish Properties LLC
since 2024
Last sale
$2.2M
2 recorded transactions
Zoning & alternative use
M-2 · Boca Raton, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.4M
+11.7%
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 Boca Raton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Boca Raton 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
$2,150,000
ML approach
$2,150,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,125,000
Current use
AUTO REPAIR, GARAGE
$2,375,000
Change: +12% · Conversion: Difficult
RETAIL STORES
$1,920,000
Change: -10% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$1,900,000
Change: -11% · Conversion: Difficult
MEDICAL BUILDING
$1,895,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$2.15M
Range $1.94M – $2.37M · ±10% · vs last sale $2.15M (May 24 2024)
Last sale anchor
$2.15M
May 24 2024
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
$447 / 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
$15,863
Tax year 2023
Assessed value
$883,390
Assessed 2023
Previous assessed
$709,772
+24.5% YoY
Effective rate
1.80%
On assessed value
Assessed land
$459,425
Assessed improvement
$423,965
Land market value
$459,425
Improvement market value
$423,965
Total market value
$883,390
Applied tax rate
6,154.0000
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
For Lease
Year built
1974
Construction
CONCRETE
Heating
NONE
Cooling
NONE
Stories
1
Total area
4,810 SF
Lot
0.42 ac (18,378 SF)
Zoning code
M-2
APN
06-43-47-07-02-034-0093
UPID
US18-3975420
Jurisdiction
PALM BEACH
Metro division
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METROPOLITAN DIVISION
Zoning & alternative use
M-2 · Boca Raton, FL
Zoning M-2 · permitted uses
M-2 · Boca Raton, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Boca Raton. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.1M
AUTO REPAIR, GARAGE
Est. value
$2.4M
RETAIL STORES
Est. value
$1.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.9M
MEDICAL BUILDING
Est. value
$1.9M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
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
1974
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
1
Lot
0.42 ac
Current owner
From public records · entity-resolved
98 Spanish Properties LLC
Entity
Mailing address
98 NW SPANISH RIV BLVD, BOCA RATON, FL 33431-4214
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
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
May 24, 2024
$2,150,000
98 Spanish Properties LLC
98 Northwest 40th LLC
Warranty Deed
$870,000 · Fairwinds Cu
Mar 31, 2015
—
98 Northwest 40th LLC
Hedgecock Kenneth W
Quit Claim Deed
related
—
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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