Courtyard Flex
For Sale
$2,195,000
1169 Old Dixie Highway, Lake Park, FL 33403
Multi-building commercial site with adaptable layouts, studio units, and an outdoor courtyard.
Property Size8,575 SF
Lot Size0.61 Acres
Price / SF$255.98
Days on Market347
Property Features for 1169 Old Dixie Highway
General Information
Standard status
Active
Size
8,575 SF
Lot size
0.61 Acres
Property subtype
General Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$23,341
Amenities
3
20 Parking Spaces.
Building Details
Year Built
1972
Buildings
3
Building Size
8,575 SF
Listing Agency:
(561) 622-9920
Listed By:
Rebel Cook Real Estate
(772) 215-0496
Source:
Xome
Added: Sep 22, 2025
Changed: Sep 2
Last Checked: Sep 2 at 4:19PM
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 Rebel Cook Real Estate
Investment Insights
Based on property information with market context.
This flex property comprises three buildings totaling 8,575 square feet on a 0.61-acre site. The two smaller structures measure approximately 2,400 and 1,875 square feet and are separated by an outdoor courtyard. Together, they contain 7 studio units. The main building received a new roof in April 2026, while the property’s multi-building configuration supports single-tenant or multi-tenant occupancy.
Located along Old Dixie Highway in Lake Park, the site is a short distance south of Northlake Boulevard. The property includes 20 parking spaces and has been identified for potential auto sales, storage, and repair uses. Its existing layout also allows for reconfiguration of the current site arrangement.
Located along Old Dixie Highway in Lake Park, the site is a short distance south of Northlake Boulevard. The property includes 20 parking spaces and has been identified for potential auto sales, storage, and repair uses. Its existing layout also allows for reconfiguration of the current site arrangement.
Key Highlights
- Three‑building flex property totaling 8,575 square feet
- 0.61‑acre site along Old Dixie Highway in Lake Park
- Two smaller buildings measure approximately 2,400 and 1,875 square feet
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
$188,616
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
8.59%
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%
$3,772,320
$3.8M
Cap Rate 7%
$2,694,514
$2.7M
Cap Rate 9%
$2,095,733
$2.1M
Market Conditions
NOI Build-Up for 8,575 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
$308.7K $36.00/SF
− Vacancy
−$18.5K −$2.16/SF
EGI
$290.2K $33.84/SF
− OpEx
−$101.6K −$11.84/SF
NOI
$188.6K $22.00/SF
Area
Palm Beach County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$3,772,320
Cap Rate 7%
$2,694,514
Cap Rate 9%
$2,095,733
Alternative Uses
Best Use
Flex RnD
$2.69M
$2.36M – $3.14M
NOI $188,616 @ 7.0% cap · market cap 8.59%
Second Best
Industrial
$1.32M
$1.16M – $1.54M
NOI $92,573 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$6.04M
$5.28M – $7.05M
NOI $422,730 @ 7.0% cap · market cap 19.26%
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
1,805
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pure Gold Kombucha — 109 Reed Rd, West Palm Beach, FL 33403
- Simply Delicious Affairs — 1194 Old Dixie Hwy, Lake Park, FL 33403
- Luminous Meals — NA, 1301 10th St, Lake Park, FL 33403
- Cravin Creole — 3450 Northlake Blvd, North Palm Beach, FL 33403
Frequently Asked Questions
What type of property is this?
Flex space - Multi-building commercial site with adaptable layouts, studio units, and an outdoor courtyard.
Where is this flex space located?
The property is located at 1169 Old Dixie Highway Lake Park, FL.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Three‑building flex property totaling 8,575 square feet; 0.61‑acre site along Old Dixie Highway in Lake Park; Two smaller buildings measure approximately 2,400 and 1,875 square feet
