2900 BroadwayRiviera Beach, FL 33404

Property Details for 2900 Broadway

Year built

1956

Construction

CONCRETE

Lot size

6.33 AC

Property size (Sq ft)

25,440 SF

Zone code

DC

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

56-43-42-28-19-000-0170

APU

56434228190000170

Description

This exceptional 2.56-acre land parcel in West Palm Beach's vibrant Northwood Village presents a compelling investment opportunity. Located on Broadway, this property comprises up to four contiguous lots, each offering direct frontage and rectangular shape ideal for efficient development. Zoned BMUD-1, the site allows for high-density residential construction, with potential for up to five stories or 72 feet in height. Massing studies suggest the potential for approximately 530 residential units across all four parcels. The property benefits from its location within a Federally Qualified Opportunity Zone, offering significant tax advantages. Surrounded by new high-end residential homes and exciting developments, including the nearby "Northwood Square" project (382 apartments and 63,200 square feet of commercial space), this site is poised for exceptional growth. The area boasts a curated "Work, Live, Play" environment, close proximity to beaches, Brightline, I-95, and Downtown West Palm Beach. Strong in-migration trends and robust rental rates support dense urban development, making this a highly attractive investment prospect. The asking price is $4,500,000. The property's APN is 74434309050230100. Lot sizes range from 0.43 to 2.56 acres.

• CAP approach

  CAP return

  Valuation

  6%

  $12,265,958

  6.5%

  $11,322,423

  7%

  $10,513,678

• Comparable approach

  Method

  Valuation

  Relative Method

  $17,833,786

  Geo Method

  $17,833,786

• Alternative Use

  Use

  Valuation

  Residential

  $9,550,887

  Hospitality

  $8,748,561

  Educational

  $7,278,700

  Medical

  $7,529,026

  Retail

  $11,322,423

Location Insight

City

Riviera Beach

County

Palm Beach

State

Florida

Latitude

26.786

Longitude

-80.0535

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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