114 Olive AveWest Palm Beach, FL 33401

Property Details for 114 Olive Ave

Year built

1923

Construction

CONCRETE

Lot size

0.11 AC

Property size (Sq ft)

10,295 SF

Zone code

CWD-CD

Property type

Other commercial real estate

APN

74-43-43-21-01-005-0082

APU

74434321010050082

Description

This three-story, 13,083-square-foot mixed-use building at 114 South Olive Avenue in West Palm Beach, Florida, presents a unique investment opportunity. Built in 1923 and renovated in 2016, it boasts a prime downtown location on a 0.11-acre lot, directly on Olive Avenue, a major thoroughfare. The property is zoned CWD-CD and features a historically designated façade. Currently occupied by a bar and nightclub under a month-to-month lease, the building includes a valuable, transferable full liquor license (4COP). Significant renovations in 2016 and 2018 included structural improvements, electrical upgrades, hurricane impact glass, and plumbing enhancements, allowing for the addition of two more stories (up to a maximum of five stories permitted). The building's location within a rapidly growing area, with a high average household income and projected population growth, offers strong potential for future expansion and increased rental income. The property is ideal for an owner-user or family office seeking a unique, historic building in a thriving market. The current tenant's lease is month-to-month, providing flexibility for the new owner. This is a rare opportunity to acquire a historically significant property with significant upside potential in the heart of downtown West Palm Beach.

• Alternative Use

  Use

  Valuation

  Residential

  $2,732,335

  Hospitality

  $2,502,804

  Educational

  $2,082,304

  Medical

  $2,153,917

  Retail

  $3,239,139

Location Insight

City

West Palm Beach

County

Palm Beach

State

Florida

Latitude

26.7127

Longitude

-80.0517

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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