5133 Pine Grove DrWest Palm Beach, FL 33417

Property Details for 5133 Pine Grove Dr

Lot size

1.47 AC

Property type

Other commercial real estate

Property subtype

Multifamily properties

Description

This 1.47-acre property in West Palm Beach, Florida (zip code 33417), presents a compelling redevelopment opportunity. Currently zoned for high-density multifamily use (up to 13 units), this land offers significant potential for a multifamily development, potentially including retail or self-storage components. Located within an Opportunity Zone and the Haverhill West CCRT (County Community Revitalization Zone), the property benefits from potential tax advantages and expedited permitting. The existing zoning allows for the construction of a 7-13 unit building. Assemblage with an adjacent property is possible, creating the potential for a private road connection to Haverhill Road, significantly increasing building density and overall value. The property's strategic location provides easy access to schools, amenities, retail, and transportation routes. The surrounding area shows strong rental income potential, further enhancing the investment appeal. West Palm Beach's ongoing growth and revitalization initiatives, including the Haverhill Road improvements, position this property for long-term appreciation. The completed CCRT zoning update, expected by December 2024, will further support higher-density projects in the area. The property's proximity to the Port of Palm Beach, a major employer, adds to its economic viability. This is a rare chance to capitalize on the thriving West Palm Beach real estate market. The asking price is $1,300,000.

Location Insight

City

West Palm Beach

County

Palm Beach

State

Florida

Latitude

26.6998

Longitude

-80.1216

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