One-of-a-kind historical mixed-use building in West Palm Beach, FL

On behalf of the owner, the Colliers | South Florida Investment Services Team is pleased to present for sale 114 South Olive Avenue (the “Property” or “Building”). This one-of-a-kind historical mixed-use building was constructed in 1923 and is comprised of 13,083 square feet, 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; one of two major north-south thoroughfares that converges into the Federal Highway (26,500 VPD). The asset is strategically located in one of the most highly coveted and sought-after submarkets in the entire South Florida Tri-County region, Downtown West Palm Beach. 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 and corporate relocations such as The Related Group, Icahn Enterprises, New Day USA, Elliott Management,  Millennium Management, Goldman Sachs, and many more. 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). The Property, previously home to the American National Bank during the 1920s, is currently tenanted by Banko Cantina (Ownership controls tenant), a prominent bar and nightclub catering to the residents of West Palm Beach proximate to the asset. In addition, the state of Florida, has administered a full liquor license (4COP) to this building, allowing for the sale and consumption of beer, wine, and spirits on the premises of the Property - the license stays with the building and is part of the sale. Markedly, this license can only be acquired through a lottery, with the state of Florida only awarding a few per year, per county, or by purchasing the license from another party; ultimately, creating an extremely difficult, timely, and costly process. The Tenant’s current lease term lease term is on a month-to-month basis, but could be extended if necessary. The opportunity presents a prospective owner-user and/or family office to acquire this historic downtown West Palm Beach niche building situated in the heart of a thriving market, which continues to attract new tenants and businesses with its bustling and historic charm.