Two-Building Flex and Office
For Sale
$2,300,000
1200 Clare Avenue, West Palm Beach, FL 33401
Freestanding two-building setup with offices, loading area, and storage suited to flexible commercial operations.
Property Size2,080 SF
Price / SF$569.31
Days on Market48
Property Features for 1200 Clare Avenue
General Information
Standard status
Active
Size
2,080 SF
Total Parking Spaces
10
Zoning
I (city)
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$27,617
Building Details
Building Size
2,080 SF
Year Built
1987
Buildings
2
Stories
2
Listing Agency:
Douglas Elliman
(561) 801-1535
Listed By:
Gloria Giudici · License #3514951
(561) 801-1535
Source:
Laerrealty
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 23 at 2:51AM
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
Investment Insights
Based on property information with market context.
This freestanding two-building property totals approximately 4,040 SF and provides a mix of office and functional back-of-house space. The front building includes a large front office and a half bath on the first floor, along with a spacious second-floor office with a full bath. The rear portion of the front building is designed for operations, with a loading area, full bathroom, storage, utility space, and additional second-floor storage. The back building totals approximately 1,960 SF and offers first-floor office space, open work areas, storage, and a full bath, plus a larger second-floor storage or work area above.
Located in West Palm Beach’s Warehouse District, the property is described as just steps from Grandview Market and within minutes of Downtown West Palm Beach, Palm Beach Island, and I-95. The combination of office and loading-focused improvements supports a wide range of light industrial, showroom, and back-office uses.
For owner-users, the layout supports companies that need both customer-facing work areas and practical storage and shipping/loading space. The property also fits tenants or operators looking for multi-building flexibility, with multiple office areas and substantial storage included across both structures.
Located in West Palm Beach’s Warehouse District, the property is described as just steps from Grandview Market and within minutes of Downtown West Palm Beach, Palm Beach Island, and I-95. The combination of office and loading-focused improvements supports a wide range of light industrial, showroom, and back-office uses.
For owner-users, the layout supports companies that need both customer-facing work areas and practical storage and shipping/loading space. The property also fits tenants or operators looking for multi-building flexibility, with multiple office areas and substantial storage included across both structures.
Key Highlights
- Freestanding two‑building commercial property with total approx. 4,040 SF (front approx. 2,080 SF; back approx. 1,960 SF).
- Front building offers office space on both floors plus a half bath (1st floor) and full bath (2nd floor).
- Rear portion includes a loading area, full bath, storage, and utility space, with additional second‑floor storage.
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
$140,830
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
6.12%
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%
$2,816,600
$2.8M
Cap Rate 7%
$2,011,857
$2.0M
Cap Rate 9%
$1,564,778
$1.6M
Market Conditions
NOI Build-Up for 4,040 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
$223.0K $55.20/SF
− Vacancy
−$35.2K −$8.72/SF
EGI
$187.8K $46.48/SF
− OpEx
−$46.9K −$11.62/SF
NOI
$140.8K $34.86/SF
Area
West Palm Beach, FL
Vacancy
15.80%
Lease Rate
$55.20 /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%
$2,816,600
Cap Rate 7%
$2,011,857
Cap Rate 9%
$1,564,778
Alternative Uses
Best Use
Office B
$2.01M
$1.76M – $2.35M
NOI $140,830 @ 7.0% cap · market cap 6.12%
Second Best
Flex RnD
$567.2K
$496.3K – $661.8K
NOI $39,705 @ 7.0% cap · market cap 1.73%
Theoretical Best
Office A
$2.85M
$2.49M – $3.32M
NOI $199,164 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,120
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding two-building setup with offices, loading area, and storage suited to flexible commercial operations.
Where is this flex space located?
The property is located at 1200 Clare Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Freestanding two‑building commercial property with total approx. 4,040 SF (front approx. 2,080 SF; back approx. 1,960 SF).; Front building offers office space on both floors plus a half bath (1st floor) and full bath (2nd floor).; Rear portion includes a loading area, full bath, storage, and utility space, with additional second‑floor storage.
