Freestanding Office
For Sale
$1,300,000
621 NE 3rd Avenue, Delray Beach, FL 33444
Commercial Sale, Delray Beach, FL
Property Size1,563 SF
Lot Size0.14 Acres
Price / SF$831.73
Days on Market168
Property Features for 621 NE 3rd Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
RO (city)
Parking
10
Parking features
Assigned
Fencing
Fenced
Lot features
Interior Lot
Directions
NE 4th Ave (Lake Ida) East to NE 3rd Ave to the property. Between Swinton and Federal Southbound.
Subdivision
4360
Standard status
Active
APN
12434609290130230
Size
1,563 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DEL IDA PARK LT 23 BLK 13 (DEL-IDA PARK HISTORIC DISTRICT)
Tax Annual Amount
9678
Legal Description
DEL IDA PARK LT 23 BLK 13 (DEL-IDA PARK HISTORIC DISTRICT)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1957
Floors in Building
1
Number of units
1
Flooring type
Tile, Tile - Ceramic, Wood
Building materials
CBS, Concrete Block - With Stucco, Stucco
Roof type
Shingle
Listing Agency:
Mangrove Realty Inc
(561) 637-4559
Listed By:
Damara L Cohn PA · License #3015318
(561) 866-3549
Added: Mar 17
Changed: Aug 19
Last Checked: Aug 31 at 3:06AM
MLS# B26003685
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 1,563 square feet on a 0.14-acre lot. The existing arrangement includes private offices, a reception area, and meeting space, with flexibility for immediate professional use or light reconfiguration. CBS construction with stucco, tile and wood flooring, central heating, central air, ceiling fans, a shingle roof, fencing, and assigned parking are among the documented improvements and features. Public water and public sewer serve the property, with cable available.
The building is located at 621 NE 3rd Avenue in Delray Beach, near Atlantic Avenue, Pineapple Grove, and US-1. It carries RO (Residential Office) zoning, which supports professional office use. The front yard may accommodate additional on-site parking consistent with neighboring office properties, subject to buyer verification of zoning, use, and parking requirements.
The building is located at 621 NE 3rd Avenue in Delray Beach, near Atlantic Avenue, Pineapple Grove, and US-1. It carries RO (Residential Office) zoning, which supports professional office use. The front yard may accommodate additional on-site parking consistent with neighboring office properties, subject to buyer verification of zoning, use, and parking requirements.
Key Highlights
- 1,563‑square‑foot freestanding office building on a 0.14‑acre lot
- RO (city) zoning supports professional office use
- Existing layout includes private offices, reception, and meeting space
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
$41,427
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
3.19%
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%
$828,540
$828.5K
Cap Rate 7%
$591,814
$591.8K
Cap Rate 9%
$460,300
$460.3K
Market Conditions
NOI Build-Up for 1,563 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
$71.3K $45.60/SF
− Vacancy
−$16.0K −$10.26/SF
EGI
$55.2K $35.34/SF
− OpEx
−$13.8K −$8.84/SF
NOI
$41.4K $26.51/SF
Area
Palm Beach County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$828,540
Cap Rate 7%
$591,814
Cap Rate 9%
$460,300
Alternative Uses
Best Use
Office B
$591.8K
$517.8K – $690.5K
NOI $41,427 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$963.2K – $1.28M
NOI $77,053 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,819
Businesses Nearby
Explore this area
Business Placement
Demographics for 33444, FL
22,671
Population
10,469
Households
2.2
Avg Household Size
41
Median Age
33%
College-Educated
84%
High-School Grad
5.0 sq mi
ZIP Area
4,534
Density / Sq Mi
$74,803
Median Household Income
$37,915
Median Earnings
$1,712
Median Rent
$425,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - RO-zoned professional office property with private rooms, reception space, and a conference area near Atlantic Avenue.
Where is this office building located?
The property is located at 621 NE 3rd Avenue Delray Beach, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 1,563‑square‑foot freestanding office building on a 0.14‑acre lot; RO (city) zoning supports professional office use; Existing layout includes private offices, reception, and meeting space
