114 S Olive Ave 13,083 SF Retail Building West Palm Beach, FL 33401 $18,458,739 CAD ($1,410.89 CAD/SF)
INVESTMENT HIGHLIGHTS
- Highly desirable and ideal location for owner-user and/or family office with anticipated plans of future expansion
- Building sale includes a full liquor license (4COP), only supplied in limited quantities
- Located in the heart of downtown West Palm Beach and features a historically designated and charming façade
- The property previously underwent structural, electrical, hurricane impact glass and plumbing renovations, enabling the addition of two stories
- Ability to generate additional income through the lease-up of the ground floor retail space
EXECUTIVE SUMMARY
This one-of-a-kind historical mixed-use building is comprised of 13,083 SF, stands at three stories in height, and is situated on a 0.11-acre parcel in the heart of downtown West Palm Beach, Florida, with superb positioning directly on Olive Avenue. The immediate 1-mile radius is home to approximately 15,181 residents, boasting an average annual household income of approximately $138,680 and an anticipated population growth rate of nearly 40% over the next five years. The exceptional positioning of the asset allows for total immersion in the downtown West Palm Beach culture and lifestyle, which has attracted a litany of major tenants. Notably, the Building underwent structural, electrical, hurricane impact glass and plumbing renovations in 2016 and 2018, enabling an additional two stories of height, which would bring the total building height to five stories, the maximum allowance in the Clematis waterfront district (CWD).
PROPERTY FACTS
Sale Type
Owner User
Property Type
Retail
Property Subtype
Building Size
13,083 SF
Building Class
B
Year Built/Renovated
1923/2016
Price
$18,458,739 CAD
Price Per SF
$1,410.89 CAD
Tenancy
Single
Building Height
3 Stories
Building FAR
2.73
Lot Size
0.11 AC
Zoning
CWD-CD - Clematis Waterfront District - Conservation District (74-West Palm Beach)
Walk Score®
Walker's Paradise (98)
Bike Score®
Very Bikeable (86)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 74-43-43-21-01-005-0082 | Improvements Assessment | $2,283,209 CAD (2023) |
| Land Assessment | $1,080,222 CAD (2023) | Total Assessment | $3,048,550 CAD (2023) |
