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    1050 N Congress Avenue West Palm Beach, FL 33409

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    Claim this Listing
    For Sale
    Under Contract
    $33,000,000

    COMMERCIAL - West Palm Beach, FL

    Property size:
    81,992 SF
    Lot size:
    1.00 Acre
    Price / SF:
    $402/SF
    Added:
    Apr 30, 2024
    Days on Market:
    734
    Last Refresh:
    May 3 at 4:06 am

    Property Features for 1050 N Congress Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Property condition
    Under Construction
    Zoning
    commercial
    Bathrooms
    16
    Rooms
    Bathroom 16, Bathroom 15, Bathroom 5, Bathroom 9, Bathroom 6, Bathroom 10, Bathroom 13, Bathroom 14, Bathroom 7, Bathroom 11, Bathroom 4, Bathroom 12, Bathroom 1, Bathroom 3, Bathroom 8, Bathroom 2
    Security features
    Security
    Standard status
    Active Under Contract
    APN
    00434329310010000
    Size
    81,992 SF
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    TBD HANGAR & AIRFIELD BUSINESS PARK MUPD PAR A K/A DEVELOPMENT
    Tax Annual Amount
    1

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2024
    Floors in Building
    1
    Number of units
    16
    Flooring type
    Concrete
    Building materials
    Concrete

    We can help!

    Listing Contact
    James Pavlik

    Listing agent James Pavlik License #3301117

    Listing office Sutter & Nugent LLC 3955 Florida Blvd., PALM BEACH GARDENS, FL

    Listing date Apr 30, 2024

    MLS# R10982832

    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.

    Overview

    West Palm Beach Commercial Property

    This commercial property, totaling 81,992 square feet, is situated adjacent to The Hangar and within walking distance of the PBI Airport. It offers a solution for enthusiasts seeking secure storage for wine, art, and automobile collections. The property features 16 units ranging from 5,011 to 5,884 square feet, each with a private ADA-compliant restroom. Construction consists of solid concrete tilt walls with 14' x 14' Miami Dade Hurricane Rated insulated garage and pedestrian doors. Security is provided by AI technology with live monitoring. A state-of-the-art conference center is available, complete with a boardroom and expansive event space. Select businesses are allowed to operate within the property with prior Association approval.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • West Palm Mini Stor-It — 1547 N Florida Mango Rd, West Palm Beach, FL 33409
    • Regency Mini Storage — 5289, 1616 N Florida Mango Rd # B, West Palm Beach, FL 33409
    • Brooks Moving and Hauling — 1500 N Florida Mango Rd Suite 12, West Palm Beach, FL 33409
    • Trusted Moving and Storage LLC — 1560 Latham Rd Unit 6, West Palm Beach, FL 33409
    • All Moving USA — 1750 N Florida Mango Rd #106, West Palm Beach, FL 33409

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.086005
    Latitude
    26.692911

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    FAQs

    What type of property is this?
    Warehouse - 81,992 SF commercial property near PBI Airport.
    Where is this warehouse located?
    The property is located at 1050 N Congress Avenue West Palm Beach, FL.
    What is the asking price?
    The asking price for this property is $33,000,000.
    What are key features of this property?
    This property features: Secure storage for valuable assets (wine, art, automobiles); Prime location adjacent to The Hangar and walking distance to PBI Airport; Solid concrete tilt wall construction with Miami Dade Hurricane Rated doors
    (561) 818-8325
    We can help!
    Listing Contact
    James Pavlik
    Real Estate License ID: 3301117
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    1050 N Congress Avenue, West Palm Beach, FL 33409

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