5900 BroadwayWest Palm Beach, FL 33407

Property Details for 5900 Broadway

Year built

1962

Construction

CONCRETE

Lot size

0.48 AC

Property size (Sq ft)

4,158 SF

Zone code

BMUD- II

Property type

Office properties

Property subtype

Office buildings

APN

74-43-43-04-03-000-0170

APU

74434304030000170

Description

This exceptional 4,158-square-foot mixed-use property at 5900 Broadway, West Palm Beach, FL 33407, presents a unique redevelopment opportunity. Currently vacant, this single-story, 1962-built building sits on a lot with 30 parking spaces and boasts over 200 feet of frontage on US Highway 1, providing easy access to both Downtown West Palm Beach and North Palm Beach. Zoned BMUD-II, the property is ideally positioned to benefit from recent (June 2024) changes to Land Development Regulations, allowing for retail, professional offices, and the potential for over 30 residential units. This aligns perfectly with the City of West Palm Beach's initiative to revitalize the Broadway Corridor into a vibrant mixed-use community. The property's strategic location and the City's support through the CRA create a compelling investment opportunity for developers and businesses seeking to contribute to a thriving, dynamic community. The asking price is $2,150,000. The property features one building on a lot with a size not specified in the provided information.

• CAP approach

  CAP return

  Valuation

  6%

  $1,213,093

  6.5%

  $1,119,778

  7%

  $1,039,794

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,156,672

  Geo Method

  $1,156,672

• Alternative Use

  Use

  Valuation

  Residential

  $1,388,525

  Hospitality

  $1,271,881

  Educational

  $1,058,190

  Medical

  $1,094,583

  Retail

  $1,646,074

Location Insight

City

West Palm Beach

County

Palm Beach

State

Florida

Latitude

26.7627

Longitude

-80.0549

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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