2900 BroadwayRiviera Beach, FL 33404

  • Retail properties
  • 25,440 SF
For Sale
$4,500,000 View listing

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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
2900 Broadway, Riviera Beach, Florida

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

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
$150,965
-
$6,500,000
$6,500,000
-
-
$6,500,000
$6,500,000

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