Retail Building with Outdoor
For Sale
$1,400,000
359 10th St, Lake Park, FL 33403
Commercial Sale, Lake Park, FL
Property Size6,624 SF
Lot Size0.36 Acres
Price / SF$211.35
Days on Market44
Property Features for 359 10th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R2 (city
Subdivision
5270
Standard status
Active
APN
36434220010470090
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
KELSEY CITY LTS 9~ 10~ 11 & 12 BLK 47
Tax Annual Amount
16336
Legal Description
KELSEY CITY LTS 9~ 10~ 11 & 12 BLK 47
Amenities
outdoor area
Building Details
Year built
1971
Floors in Building
2
Number of units
2
Listing Agency:
LG Realty Group Inc.
(305) 890-6226
Listed By:
Alicia Procter · License #3366294
(401) 632-3210
Added: Aug 18
Changed: Sep 2
Last Checked: Sep 30 at 12:06AM
MLS# A12073413
Copyright © 2026 Miami REALTORS®. 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.
The property at 359 10th Street is a 6,624-square-foot retail building on a 0.355-acre lot. The well-kept structure includes a maintained outdoor area and has received a new roof with a transferable warranty, along with two new HVAC units rated at 3-ton and 5-ton. Lake Park zoning supports uses including retail, offices, salons, bakeries, grooming, studios, banks, medical and dental services, and small equipment repair.
The site occupies a hard corner with frontage along 10th Street and is one block from the signalized intersection of Park Avenue and Old Dixie Highway. A mixed-use development with 595 residential units, a public parking garage, and dedicated parking is located within two blocks. Flexible lease configurations from approximately 3,000 to 3,700 square feet are also available.
The site occupies a hard corner with frontage along 10th Street and is one block from the signalized intersection of Park Avenue and Old Dixie Highway. A mixed-use development with 595 residential units, a public parking garage, and dedicated parking is located within two blocks. Flexible lease configurations from approximately 3,000 to 3,700 square feet are also available.
Key Highlights
- 6,624 SF building on a 0.355‑acre lot
- Hard‑corner position with frontage along 10th Street
- New roof with transferable warranty
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
$112,007
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
8.00%
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%
$2,240,140
$2.2M
Cap Rate 7%
$1,600,100
$1.6M
Cap Rate 9%
$1,244,522
$1.2M
Market Conditions
NOI Build-Up for 6,624 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
$174.9K $26.40/SF
− Vacancy
−$14.9K −$2.24/SF
EGI
$160.0K $24.16/SF
− OpEx
−$48.0K −$7.25/SF
NOI
$112.0K $16.91/SF
Area
Palm Beach County, FL
Vacancy
8.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,240,140
Cap Rate 7%
$1,600,100
Cap Rate 9%
$1,244,522
Alternative Uses
Best Use
Office B
$2.51M
$2.19M – $2.93M
NOI $175,569 @ 7.0% cap · market cap 12.54%
Second Best
Retail
$1.60M
$1.40M – $1.87M
NOI $112,007 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$4.66M
$4.08M – $5.44M
NOI $326,549 @ 7.0% cap · market cap 23.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained commercial building with adaptable interior space, outdoor area, and permitted neighborhood-serving retail and service uses.
Where is this retail space located?
The property is located at 359 10th St Lake Park, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6,624 SF building on a 0.355‑acre lot; Hard‑corner position with frontage along 10th Street; New roof with transferable warranty
