Freestanding Two-Story Office
For Sale
Under Contract
$2,999,000
1300 Old Congress Avenue, West Palm Beach, FL
Commercial Sale, West Palm Beach, FL
Property Size5,245 SF
Lot Size0.24 Acres
Price / SF$571.78
Days on Market125
Property Features for 1300 Old Congress Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
MUPD
Parking
20
Parking features
Assigned, Offsite
Subdivision
5450
Standard status
Active Under Contract
APN
00434329200000030
Size
5,245 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CONGRESS BUSINESS CENTER MUPD LT 3
Tax Annual Amount
15251
Legal Description
CONGRESS BUSINESS CENTER MUPD LT 3
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1987
Floors in Building
2
Number of units
4
Building materials
Concrete
Listing Agency:
Illustrated Properties LLC (Co
(561) 626-7000
Listed By:
Troy Maleyko · License #3583569
(561) 831-8202
Added: Apr 27
Changed: Aug 27
Last Checked: Aug 29 at 6:06PM
MLS# B26021110
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding office property contains 5,245 square feet across two stories and was constructed in 1987 with concrete materials. Central heating and central air serve the building, while public water and public sewer provide utility service. The property is reported at 100% occupancy and includes 20 parking spaces.
Positioned along the Congress Avenue corridor in West Palm Beach, the building offers access to I-95, PBIA, Belvedere Rd, and Downtown West Palm Beach. It is directly across from the planned Westgate Village redevelopment, formerly the Palm Beach Kennel Club, where residential, retail, commercial, infrastructure, and streetscape improvements are expected. The parcel measures 0.24 acres and carries MUPD zoning.
Positioned along the Congress Avenue corridor in West Palm Beach, the building offers access to I-95, PBIA, Belvedere Rd, and Downtown West Palm Beach. It is directly across from the planned Westgate Village redevelopment, formerly the Palm Beach Kennel Club, where residential, retail, commercial, infrastructure, and streetscape improvements are expected. The parcel measures 0.24 acres and carries MUPD zoning.
Key Highlights
- 5,245 SF freestanding office building on a 0.24‑acre parcel
- Two‑story concrete building constructed in 1987
- 100% occupancy reported
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$182,834
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,656,680
$3.7M
Cap Rate 7%
$2,611,914
$2.6M
Cap Rate 9%
$2,031,489
$2.0M
Market Conditions
NOI Build-Up for 5,245 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$289.5K $55.20/SF
− Vacancy
−$45.7K −$8.72/SF
EGI
$243.8K $46.48/SF
− OpEx
−$60.9K −$11.62/SF
NOI
$182.8K $34.86/SF
Area
West Palm Beach, FL
Vacancy
15.80%
Lease Rate
$55.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,656,680
Cap Rate 7%
$2,611,914
Cap Rate 9%
$2,031,489
Alternative Uses
Best Use
Office B
$2.61M
$2.29M – $3.05M
NOI $182,834 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.31M
NOI $258,568 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,328
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Concrete construction, central heating, and central air support the two-story commercial layout.
Where is this office building located?
The property is located at 1300 Old Congress Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: 5,245 SF freestanding office building on a 0.24‑acre parcel; Two‑story concrete building constructed in 1987; 100% occupancy reported
