Flex Space on Corner Fenced
For Sale
$1,500,000
3109 2nd Avenue N, Palm Springs, FL 33461
MULTI_FAMILY - Palm Springs, FL
Property Size2,250 SF
Lot Size0.33 Acres
Price / SF$666.67
Days on Market535
Property Features for 3109 2nd Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM(cit
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Subdivision
5690
Standard status
Active
APN
70434419080000070
Size
2,250 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LAKE ECHO LTS 7 THRU 9
Tax Annual Amount
8922
Legal Description
LAKE ECHO LTS 7 THRU 9
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
1
Number of units
1
Flooring type
Marble, Tile - Ceramic, Vinyl
Roof type
Flat, Aluminum
Listing Agency:
Re/Max Rex · RE/MAX International
(561) 220-1520
Listed By:
Ivete Targino Canzano · License #3523339
(954) 825-6601
Added: Feb 21, 2025
Changed: Aug 3
Last Checked: Aug 10 at 3:06PM
MLS# R11064786
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 flex space is situated on a corner fenced lot and includes three lots (7, 8, and 9). The building features an office, two bathrooms, an additional room, and a showroom. There is also storage space for equipment with extra room and an additional bathroom. The property includes paved lot area with easy parking, and flooring finishes noted as marble, vinyl, and ceramic tile.
The property is zoned commercial and residential, with zoning listed as “RM(cit”. Built in 1951, the building is served by public water and public sewer. Heating is central, with central air cooling. The roof is described as flat with aluminum.
Overall, the layout combines office and showroom space with equipment storage within a fenced, paved, easy-parking setting on a multi-lot corner parcel.
The property is zoned commercial and residential, with zoning listed as “RM(cit”. Built in 1951, the building is served by public water and public sewer. Heating is central, with central air cooling. The roof is described as flat with aluminum.
Overall, the layout combines office and showroom space with equipment storage within a fenced, paved, easy-parking setting on a multi-lot corner parcel.
Key Highlights
- 0.33‑acre corner fenced lot with three lots (7, 8, 9)
- Office, two bathrooms, additional room, and a showroom
- Storage space for equipment plus extra room and a bathroom
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
$49,491
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
3.30%
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%
$989,820
$989.8K
Cap Rate 7%
$707,014
$707.0K
Cap Rate 9%
$549,900
$549.9K
Market Conditions
NOI Build-Up for 2,250 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
$81.0K $36.00/SF
− Vacancy
−$4.9K −$2.16/SF
EGI
$76.1K $33.84/SF
− OpEx
−$26.6K −$11.84/SF
NOI
$49.5K $22.00/SF
Area
Palm Beach County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$989,820
Cap Rate 7%
$707,014
Cap Rate 9%
$549,900
Alternative Uses
Best Use
Flex RnD
$707.0K
$618.6K – $824.9K
NOI $49,491 @ 7.0% cap · market cap 3.30%
Second Best
Retail
$543.5K
$475.6K – $634.1K
NOI $38,046 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,920 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
937
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33461, FL
47,161
Population
18,095
Households
2.6
Avg Household Size
36
Median Age
17%
College-Educated
75%
High-School Grad
7.1 sq mi
ZIP Area
6,642
Density / Sq Mi
$61,218
Median Household Income
$31,503
Median Earnings
$1,615
Median Rent
$263,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space on a corner fenced lot with showroom space, office, bathrooms, storage, and paved parking.
Where is this flex space located?
The property is located at 3109 2nd Avenue N Palm Springs, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 0.33‑acre corner fenced lot with three lots (7, 8, 9); Office, two bathrooms, additional room, and a showroom; Storage space for equipment plus extra room and a bathroom
