Single-Story Office
New
For Sale
$3,000,000
801 SPENCER Drive, West Palm Beach, FL 33409
Commercial Sale, West Palm Beach, FL
Property Size3,665 SF
Lot Size0.30 Acres
Price / SF$818.55
Days on Market3
Property Features for 801 SPENCER Drive
General Information
Property type
Residential
Property subtype
Office
Zoning
GC (city)
Parking
12
Security features
Security System
Subdivision
5410
Standard status
Active
APN
74434319010000025
Size
3,665 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PERINI-WESTWARD COMMERCIAL AREA N 70 FT OF S 370 FT OF E 185 FT OF TR B
Tax Annual Amount
17912
Legal Description
PERINI-WESTWARD COMMERCIAL AREA N 70 FT OF S 370 FT OF E 185 FT OF TR B
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Central, Electric (Heating)
Cooling system
Central Air, Zoned, Electric
Water source
Public
Building Details
Year built
1964
Floors in Building
1
Number of units
1
Flooring type
Tile - Ceramic, Wood, Carpet
Building materials
CBS, Stucco
Roof type
Flat
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Scott A. Huston · License #3246465
(954) 804-8346
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 3:06PM
MLS# B26070387
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.
Located at 801 Spencer Drive, this single-story office building contains 3,665 square feet and was constructed in 1964. The improvements use CBS and stucco construction, with ceramic tile, wood, and carpet flooring throughout. Central, electric, and zoned systems provide heating and cooling, while the property is served by public water and public sewer. A flat roof completes the existing structure.
The property is situated in West Palm Beach, Florida, with access from Spencer Drive and proximity to Okeechobee Boulevard. GC (city) zoning supports its existing commercial office classification. The site may also be acquired together with the adjacent property at 2701 Okeechobee Boulevard, creating an assemblage with road access on three sides.
The property is situated in West Palm Beach, Florida, with access from Spencer Drive and proximity to Okeechobee Boulevard. GC (city) zoning supports its existing commercial office classification. The site may also be acquired together with the adjacent property at 2701 Okeechobee Boulevard, creating an assemblage with road access on three sides.
Key Highlights
- 3,665‑square‑foot single‑story office building
- GC (city) zoning
- Constructed in 1964 with CBS and stucco materials
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
$127,758
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
4.26%
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%
$2,555,160
$2.6M
Cap Rate 7%
$1,825,114
$1.8M
Cap Rate 9%
$1,419,533
$1.4M
Market Conditions
NOI Build-Up for 3,665 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
$202.3K $55.20/SF
− Vacancy
−$32.0K −$8.72/SF
EGI
$170.3K $46.48/SF
− OpEx
−$42.6K −$11.62/SF
NOI
$127.8K $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%
$2,555,160
Cap Rate 7%
$1,825,114
Cap Rate 9%
$1,419,533
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.13M
NOI $127,758 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,677 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,502
Businesses Nearby
Explore this area
Business Placement
Demographics for 33409, FL
33,061
Population
13,715
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
80%
High-School Grad
6.3 sq mi
ZIP Area
5,248
Density / Sq Mi
$65,206
Median Household Income
$34,994
Median Earnings
$1,633
Median Rent
$282,900
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 - GC-zoned office property with public water and sewer serving a central West Palm Beach commercial location.
Where is this office building located?
The property is located at 801 SPENCER Drive West Palm Beach, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 3,665‑square‑foot single‑story office building; GC (city) zoning; Constructed in 1964 with CBS and stucco materials
