Office

The Galleria International

301 Clematis St, West Palm Beach, FL 33401

Listing Price: $12,850,000

Cap Rate
2.35%
Gross SF
42,263
Rentable SF
42,263
Price/Gross SF
$304.05
Lot Size
0.35 acres
Year Built
1915

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale Galleria International Bldg. (the Property), a +/- 46,730 gross square foot retail and office building located on the northwest corner of the high-energy intersection of Clematis Street & Olive Avenue at 301 Clematis Street in the heart of historic downtown West Palm Beach, Florida and is available for the first time since 1993. The Property is a three-story building featuring prime high-street retail on the ground floor fronting both Clematis Street and Olive Avenue with professional offices on the second floor and a fully equipped, operational Executive Suites on the third floor which is owned and operated by the Seller since 1995. The buildings art deco facade maintains its original historic design and sits on the National Historic Registry, but NOT on the local registry, allowing for a twenty percent improvement tax credit without any zoning or permitting restrictions. The Property also qualifies for West Palm Beach's Transfer of Development Rights (TDR) program as a designated sending area with value potential from the sale of future development rights.

Development Potential:
The adjacent +/- 30,000 square foot parking lot, a designated receiving site for the TDR program, is available for lease as well as for Right of First Refusal to purchase, allowing for immediate parking needs and the potential future development opportunity with attractive CWD-10 zoning allowing for 10-stories by right with the possibility of 12-stories with the use of TDR's.

National, regional and well-known local retail tenants in the immediate area include CVS, Rocco's Tacos, Duffy's Sports Grill, Fitness Hub, Starbucks, Pioneer Linens and the high-end furniture boutique Design Within Reach. Galleria International, with its prime location at the center of West Palm Beach's many lifestyle offerings, and close proximity to Palm Beach International Airport (PBIA), Interstate 95 and Florida's Turnpike providing access from all over South Florida, is a one-of-a-kind investment opportunity in a strong barrier-to-entry location with excellent income potential and recognition.

Investment Highlights

  • Located on the Corner of the Premier Intersection of The Historic Clematis District
  • Rare Opportunity Available For an Investor, Owner/User or Partial User Since 1993
  • Adjacent 30,000 Sq. Ft. Parking Available For Lease and/or Right of First Refusal
  • Seller Holds No Debt. Attractive Seller Financing Available to Qualified Investors
  • Iconic Trophy Asset in Thriving Downtown with rare 15,000 Square Foot Floorplates
  • Listed on the National Historic Register Allowing For 20% Improvement Tax Credit

Exclusively Listed By

Financing By

Listing Price: $12,850,000

Cap Rate
2.35%
Gross SF
42,263
Rentable SF
42,263
Price/Gross SF
$304.05
Lot Size
0.35 acres
Year Built
1915

Investment Highlights

  • Located on the Corner of the Premier Intersection of The Historic Clematis District
  • Rare Opportunity Available For an Investor, Owner/User or Partial User Since 1993
  • Adjacent 30,000 Sq. Ft. Parking Available For Lease and/or Right of First Refusal
  • Seller Holds No Debt. Attractive Seller Financing Available to Qualified Investors
  • Iconic Trophy Asset in Thriving Downtown with rare 15,000 Square Foot Floorplates
  • Listed on the National Historic Register Allowing For 20% Improvement Tax Credit

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale Galleria International Bldg. (the Property), a +/- 46,730 gross square foot retail and office building located on the northwest corner of the high-energy intersection of Clematis Street & Olive Avenue at 301 Clematis Street in the heart of historic downtown West Palm Beach, Florida and is available for the first time since 1993. The Property is a three-story building featuring prime high-street retail on the ground floor fronting both Clematis Street and Olive Avenue with professional offices on the second floor and a fully equipped, operational Executive Suites on the third floor which is owned and operated by the Seller since 1995. The buildings art deco facade maintains its original historic design and sits on the National Historic Registry, but NOT on the local registry, allowing for a twenty percent improvement tax credit without any zoning or permitting restrictions. The Property also qualifies for West Palm Beach's Transfer of Development Rights (TDR) program as a designated sending area with value potential from the sale of future development rights.

Development Potential:
The adjacent +/- 30,000 square foot parking lot, a designated receiving site for the TDR program, is available for lease as well as for Right of First Refusal to purchase, allowing for immediate parking needs and the potential future development opportunity with attractive CWD-10 zoning allowing for 10-stories by right with the possibility of 12-stories with the use of TDR's.

National, regional and well-known local retail tenants in the immediate area include CVS, Rocco's Tacos, Duffy's Sports Grill, Fitness Hub, Starbucks, Pioneer Linens and the high-end furniture boutique Design Within Reach. Galleria International, with its prime location at the center of West Palm Beach's many lifestyle offerings, and close proximity to Palm Beach International Airport (PBIA), Interstate 95 and Florida's Turnpike providing access from all over South Florida, is a one-of-a-kind investment opportunity in a strong barrier-to-entry location with excellent income potential and recognition.

Exclusively Listed By

Financing By

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