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501 S Olive Avenue, West Palm Beach, FL 33401

$5,600,000
Property Type: Commercial Sale Status: Closed
Current Price: $5,600,000 List Date: 5/21/2024 Last Modified: 1/13/2026

Description

303 Gardenia and 501 S Olive are being sold together Landmark Commercial Realty Advisors is pleased to present 303 Gardenia St and 501 S Olive Ave an incredible opportunity to purchase TWO buildings in the heart of downtown West Palm Beach, Florida. The Properties offer incredible opportunity for a covered land play with existing in place cash flow through retail and residential tenants and with the underlying development opportunity allowed in the zoning district. Both Buildings have a 10 story height limit and a FAR of 2.75.

Supplements: 303 Gardenia St - A two-story mixed-use building. First Floor consists of 5 retail/office units and 2nd floor consists of 7 residential units. 501 S Olive Ave - Situated on 0.20 acres, features a fully built-out office and unique building footprint for existing and future uses.

More Information MLS# R10989439

Contract Information

Comp Sale YN: No Listing Date: 2024-05-21 Status: Closed Original List Price: 7250000 Sold Price: $5,600,000 Current Price: $5,600,000

Location and Legal

County Or Parish: Palm Beach County Parish Name: Palm Beach City Name: West Palm Beach Postal Code: 33401 Geographic Area: PB20 Property Description: Office Country: United States Street Number: 501 Street Direction Prefix: S Street Name: Olive Street Suffix: Avenue State Or Province: FL Area: 5420 Parcel Number: 74434321090020011 Zoning: QGD-10

General Property Information

Number Of Units Total: 1 Lot Size Area: 9147.6 Stories: 1 Property Sub Type: Office Building Area Source: Public Records Year Built: 1925 Lot Size Acres: 0.21

Office/Member Information

DXORIGMLSID: RML

Status Change Information

Buyer Financing: Cash Major Change Timestamp: 2025-03-15T05:00:00Z Major Change Type: Status Change Price Change Timestamp: 2024-06-06T16:55:08Z Status Change Date: 2024-08-30 Under Contract Date: 2024-07-26 Close Date: 2024-08-26 Close Price: 5600000

Flooring

Other: 1

Documents Available

Existing Survey: 1 Photos: 1

Structure Type

Office: 1

Tenant Pays

Common Area Maintenance: 1 Electricity: 1 Insurance: 1 Maintenance: 1 Taxes: 1

Possession

Close Of Escrow: 1

Utilities

Cable Available: 1

Building and Property Details

# Of Bays: 1 # Of Toilets: 1 % Air Conditioned: 100 Maximum Ceiling Height: 12

Business Type

Commercial: 1 Retail: 1

Heating

Other: 1

Sale Includes

Building: 1 Land: 1

Listing Terms

Cash: 1 Conventional: 1 Trade: 1 Other: 1

Roof

Barrel: 1 Other: 1

Security Features

Smoke Detector(s): 1 None: 1

Water Source

Public: 1

Cooling

Other: 1

Showing Requirements

Appointment Only: 1 Call Listing Agent: 1

Contingencies

None: 1

Contributions

Buyer Contributions: No

Price Calculations

Original List Price To Close Price: 1.29

Financial Information

Tax Annual Amount: 30923 Tax Year: 2023 Tax Legal Description: POTTER ADD LTS 1 & 2 /LS W 15 FT/ BLK 2

Originating Details

Originating System Key: 20240517182511621556000000 Originating System ID: M00000170

Property Features

Business Type: Commercial; Retail Documents Available: Existing Survey Flooring: Other Heating: Other Possession: Close Of Escrow Sale Includes: Building; Land Tenant Pays: Common Area Maintenance; Electricity; Insurance; Maintenance; Taxes Cooling: Other Listing Terms: Cash; Conventional; Trade; Other Roof: Barrel; Other Security Features: Smoke Detector(s); None Structure Type: Office Utilities: Cable Available Water Source: Public Showing Requirements: Appointment Only; Call Listing Agent Contingencies: None
Listing Office: Landmark Commercial Realty Adv
Last Updated: January - 13 - 2026
501 S Olive Avenue, West Palm Beach, FL 33401- MLS# R10989439
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