Multi-Tenant Warehouse in Lake
For Sale
$2,150,000
1103 5th Ave N, Lake Worth, FL 33460
10,200 SF multi-tenant warehouse property with 21 small bay units.
Property Size10,200 SF
Price / SF$210.78
Days on Market126
Property Features for 1103 5th Ave N
General Information
Standard status
Active
Size
10,200 SF
Property subtype
Warehouse
Amenities
Low Vacancy
Located in the Artisanal Industrial (AI) Zoning District
Stong Tenant Demand
Building Details
Building Size
10,200 SF
Year Built
1965
Listing Agency:
(786) 522-7087
Listed By:
Ryan Shaw · License #License(s): FL: SL3046910
(786) 522-7087
Source:
Marcusmillichap
Added: Apr 10
Changed: Aug 8
Last Checked: Aug 12 at 3:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ryan Shaw
Investment Insights
Based on property information with market context.
Located at 1103 5th Avenue N in Lake Worth Beach, Florida, this 10,200-square-foot multi-tenant warehouse property features 21 small bay units. The property is designed for flexibility and consistent tenant demand, accommodating a variety of local service businesses, contractors, and storage users. It benefits from a functional layout and convenient access to major Palm Beach County thoroughfares. The property is situated within the Artisanal Industrial (AI) zoning district established by Lake Worth Beach, which fosters its expanding arts and maker economy. This zoning designation permits small-scale, creative production activities consistent with the city’s cultural identity. It is also compatible with nearby residential and mixed-use areas, encouraging the reuse of older buildings and attracting modern tenants such as studios, workshops, and small-scale manufacturers. The property is located in Lake Worth Beach, an emerging coastal market in Palm Beach County known for its revitalized downtown, diverse population, and growing small-business ecosystem. The city has experienced a steady resurgence driven by its Community Redevelopment Agency, which has helped transform key corridors like Dixie Highway and the downtown core into a walkable hub of art galleries, restaurants, and local retailers. Ongoing public and private investment, including mixed-use redevelopment, affordable housing initiatives, and large-scale projects such as proposed oceanfront hotel and resort developments, are positioning Lake Worth as a value-oriented alternative to higher-priced neighboring markets like West Palm Beach and Delray Beach.
Key Highlights
- Value‑add opportunity with mark‑to‑market rental upside.
- Located in the Artisanal Industrial (AI) zoning district.
- Features 21 small bay units designed for flexibility.
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
$133,712
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
6.22%
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%
$2,674,240
$2.7M
Cap Rate 7%
$1,910,171
$1.9M
Cap Rate 9%
$1,485,689
$1.5M
Market Conditions
NOI Build-Up for 10,200 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
$166.5K $16.32/SF
− Vacancy
−$9.2K −$0.90/SF
EGI
$157.3K $15.42/SF
− OpEx
−$23.6K −$2.31/SF
NOI
$133.7K $13.11/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
15.00%
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%
$2,674,240
Cap Rate 7%
$1,910,171
Cap Rate 9%
$1,485,689
Alternative Uses
Best Use
Warehouse
$1.91M
$1.67M – $2.23M
NOI $133,712 @ 7.0% cap · market cap 6.22%
Second Best
Industrial
$1.57M
$1.38M – $1.84M
NOI $110,116 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$7.18M
$6.29M – $8.38M
NOI $502,839 @ 7.0% cap · market cap 23.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,278
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33460, FL
36,409
Population
14,769
Households
2.5
Avg Household Size
36
Median Age
24%
College-Educated
72%
High-School Grad
4.7 sq mi
ZIP Area
7,747
Density / Sq Mi
$61,702
Median Household Income
$32,388
Median Earnings
$1,411
Median Rent
$333,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 10,200 SF multi-tenant warehouse property with 21 small bay units.
Where is this warehouse located?
The property is located at 1103 5th Ave N Lake Worth, FL.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Value‑add opportunity with mark‑to‑market rental upside.; Located in the Artisanal Industrial (AI) zoning district.; Features 21 small bay units designed for flexibility.
