Vacant Mixed-Use Retail Office
For Sale
Contact for pricing
117 Northeast 5th Avenue, Delray Beach, FL 33483
Completely vacant CBD-zoned building with parking designed for flexible retail and office use.
Property Size6,234 SF
Price / SF$802.05
Days on Market66
Property Features for 117 Northeast 5th Avenue
General Information
Standard status
Active
Size
6,234 SF
Total Parking Spaces
17
Property subtype
Retail, Office, Land
Zoning
CBD
Lease Type
NNN
Investment Type
Redevelopment
Building Details
Year Built
1964
Listing Agency:
DOUGLAS ELLIMAN REAL ESTATE
(561) 870-8855
Listed By:
Cheran Marek · License #60677157
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 14 at 9:19AM
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 DOUGLAS ELLIMAN REAL ESTATE
Investment Insights
Based on property information with market context.
This offering presents a mixed-use commercial building currently complete vacant, marking the first time the property has been vacant in 15 years. The asset includes both storefront property and office unit/office space types, giving buyers and tenants the flexibility to configure space for retail-facing operations and professional use.
Located at 117 Northeast 5th Avenue in Delray Beach, Florida, the property is identified as CBD zoned. The building’s parking is highlighted as a key feature, with the ability to meter and collect parking fees or to contract parking services through area valet, depending on an operator’s preference.
From an occupancy standpoint, the fully vacant condition can simplify transition and leasing for a new operator, user, or investment group. With CBD zoning and on-site parking management options, the building may support a range of retail and office-driven concepts that benefit from convenient customer and employee parking. Buyers should confirm final unit configuration and any licensing or permitting requirements for their specific intended use, particularly as it relates to the parking approach described in the offering.
Located at 117 Northeast 5th Avenue in Delray Beach, Florida, the property is identified as CBD zoned. The building’s parking is highlighted as a key feature, with the ability to meter and collect parking fees or to contract parking services through area valet, depending on an operator’s preference.
From an occupancy standpoint, the fully vacant condition can simplify transition and leasing for a new operator, user, or investment group. With CBD zoning and on-site parking management options, the building may support a range of retail and office-driven concepts that benefit from convenient customer and employee parking. Buyers should confirm final unit configuration and any licensing or permitting requirements for their specific intended use, particularly as it relates to the parking approach described in the offering.
Key Highlights
- Completely vacant building first time available in 15 years
- CBD‑zoned property with parking designed for flexible retail and office use
- 1964 build year
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
$165,232
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
3.30%
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%
$3,304,640
$3.3M
Cap Rate 7%
$2,360,457
$2.4M
Cap Rate 9%
$1,835,911
$1.8M
Market Conditions
NOI Build-Up for 6,234 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
$284.3K $45.60/SF
− Vacancy
−$64.0K −$10.26/SF
EGI
$220.3K $35.34/SF
− OpEx
−$55.1K −$8.84/SF
NOI
$165.2K $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%
$3,304,640
Cap Rate 7%
$2,360,457
Cap Rate 9%
$1,835,911
Alternative Uses
Best Use
Office B
$2.36M
$2.07M – $2.75M
NOI $165,232 @ 7.0% cap · market cap 3.30%
Second Best
Retail
$1.51M
$1.32M – $1.76M
NOI $105,412 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$4.39M
$3.84M – $5.12M
NOI $307,323 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,603
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33483, FL
13,103
Population
9,493
Households
1.4
Avg Household Size
59
Median Age
57%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
3,448
Density / Sq Mi
$117,854
Median Household Income
$60,502
Median Earnings
$2,306
Median Rent
$755,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- From Roehm With Love — 257 NE 2nd Ave, Delray Beach, FL 33444
Frequently Asked Questions
What type of property is this?
Storefront property - Completely vacant CBD-zoned building with parking designed for flexible retail and office use.
Where is this storefront property located?
The property is located at 117 Northeast 5th Avenue Delray Beach, FL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Completely vacant building first time available in 15 years; CBD‑zoned property with parking designed for flexible retail and office use; 1964 build year
