561501 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
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. Copyright 2026 Beaches Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
561