Luxury Executive Office in
For Sale
Contact for pricing
11700 SE Shell Ave, Hobe Sound, FL
Luxury executive office building with covered parking and patio.
Property Size11,200 SF
Lot Size1.00 Acre
Price / SF$357.05
Days on Market471
Property Features for 11700 SE Shell Ave
General Information
Standard status
Active
Size
11,200 SF
Lot size
1.00 Acre
Property subtype
OFFICE
Listing Agency:
Jeremiah Baron & Co.
(772) 418-4506
Listed By:
Chris Belland · License #3345950
Source:
Moodyscre
Added: Apr 25, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:09AM
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 Jeremiah Baron & Co.
Investment Insights
Based on property information with market context.
The Auto Art Gallery is a luxury executive office building located in Hobe Sound. This office building features multiple private offices, collaborative workspaces, and two conference rooms. Elegantly designed waiting areas are also included. The building incorporates expansive picture windows and glass walls. An elevator provides access to all floors. Private covered parking is available. A covered patio spanning 1,600 square feet is located on the second floor. The property is located within minutes of beaches, local shops and boutiques, and access to US Highway 1 and A1A. The building has a total property size of 11,200 square feet.
Key Highlights
- Luxury executive office building with multiple private offices and collaborative workspaces.
- Prime location in Hobe Sound, minutes from beaches, shops, and major highways (US Highway 1 and A1A).
- Two state‑of‑the‑art conference rooms and elegantly designed waiting areas.
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
$141,523
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
3.54%
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%
$2,830,460
$2.8M
Cap Rate 7%
$2,021,757
$2.0M
Cap Rate 9%
$1,572,478
$1.6M
Market Conditions
NOI Build-Up for 11,200 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
$241.9K $21.60/SF
− Vacancy
−$53.2K −$4.75/SF
EGI
$188.7K $16.85/SF
− OpEx
−$47.2K −$4.21/SF
NOI
$141.5K $12.64/SF
Area
Martin County, FL
Vacancy
22.00%
Lease Rate
$21.60 /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%
$2,830,460
Cap Rate 7%
$2,021,757
Cap Rate 9%
$1,572,478
Alternative Uses
Best Use
Office B
$2.02M
$1.77M – $2.36M
NOI $141,523 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.94M
$2.57M – $3.43M
NOI $205,965 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Luxury executive office building with covered parking and patio.
Where is this office building located?
The property is located at 11700 SE Shell Ave Hobe Sound, FL.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: Luxury executive office building with multiple private offices and collaborative workspaces.; Prime location in Hobe Sound, minutes from beaches, shops, and major highways (US Highway 1 and A1A).; Two state‑of‑the‑art conference rooms and elegantly designed waiting areas.
