312 Clematis StWest Palm Beach, FL 33401

This iconic five-story, 25,296 square foot office building, located at 312 Clematis Street in West Palm Beach, Florida, presents a compelling value-add investment opportunity. The property, built in 1925 and renovated in 1998 and 2024, boasts 23,078 square feet of net rentable space across fourteen units, currently at 31.7% occupancy. The asking price is $10,500,000, representing a pro-forma cap rate of 8.79% and a pro-forma NOI of $923,021. The building features a prime ground-floor retail suite with 18-foot ceilings and approximately 850 square feet of mezzanine space, currently occupied by a fitness center. The upper three floors offer conventional and loft office spaces with original hardwood flooring. The building's historic façade, with three-story columns and ornate detailing, provides exceptional street presence on Clematis Street, a vibrant hub for entertainment and business. The property's CWD-CD zoning allows for flexible use, making it ideal for owner-users or investors seeking to capitalize on the strong market demand in West Palm Beach's thriving downtown core, often referred to as "Wall Street South." The 0.17-acre lot offers significant upside potential through lease-up and cosmetic improvements. This fee-simple ownership opportunity is a rare find in this highly sought-after location. The property is a multi-tenant building with a NNN lease type.