2151 45Th StWest Palm Beach, FL 33407

Property Details for 2151 45Th St

Year built

1975

Construction

CONCRETE

Lot size

3.03 AC

Property size (Sq ft)

36,750 SF

Zone code

CS

Property type

Medical offices

Property subtype

Medical centers

APN

74-43-43-06-00-000-1070

APU

74434306000001070

Description

This exceptional medical office property in West Palm Beach, Florida, offers 73,500 square feet of space across two, two-story buildings. Currently, 22,283 square feet are available, divisible into units ranging from 318 to 3,079 contiguous square feet. Tenants will benefit from ample parking, boasting a generous 3 spaces per 1,000 square feet ratio, including covered drop-off areas at both building entrances and a unique covered walkway directly to the adjacent hospital. Recent ownership has invested in significant upgrades to lobbies, suites, and common areas, resulting in renovated, move-in ready spaces. The property enjoys a highly desirable location on the grounds of JFK North Hospital (HCA), providing unparalleled convenience and visibility. Its proximity to the Palm Beach Outlet Mall, featuring Whole Foods and numerous restaurants and shops, enhances its appeal. Furthermore, the property's strategic location is less than half a mile from I-95 and 2.5 miles from the Florida Turnpike/Beeline Extension, ensuring easy access for patients and staff. Nearby medical facilities include the Veteran's Medical Affairs Center, St. Mary's Hospital, and Palm Beach Children's Hospital. Importantly, this property has no ground lease restrictions. Note that tenant electric and janitorial services are not included in the rate.

• CAP approach

  CAP return

  Valuation

  6%

  $12,151,400

  6.5%

  $11,216,600

  7%

  $10,415,400

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,223,100

  Geo Method

  $10,223,100

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $21,121,500

  Retail / Commercial

  $11,019,200

  Mixed-Use / Specialty

  $11,128,300

  Hospitality / Lodging

  $8,357,550

  Institutional / Educational

  $11,621,900

  Residential Income

  $13,597,600

  Multifamily

  $15,486,000

  Automotive / Energy

  $9,961,640

  Parking / Income-Based Land

  $3,291,100

  Restaurant / Food Service

  $6,104,440

  Healthcare / Senior Housing

  $11,259,700

Location Insight

City

West Palm Beach

County

Palm Beach

State

Florida

Latitude

26.7614

Longitude

-80.0867

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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