Warehouse Condominium with
For Sale
Under Contract
$450,000
1209 Gateway Road, Lake Park, FL
Commercial Sale, Lake Park, FL
Property Size1,500 SF
Lot Size1.22 Acres
Price / SF$300
Days on Market51
Property Features for 1209 Gateway Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C4 (city)
Parking
2
Parking features
Boat, Guest
Security features
Security System
Subdivision
5270
Standard status
Active Under Contract
APN
36434220180012090
Size
1,500 SF
Lot size
1.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OLD DIXIE COND WAREHOUSE NO 1 UNIT 209
Tax Annual Amount
3556
HOA Fee
$1,452 Quarterly
Legal Description
OLD DIXIE COND WAREHOUSE NO 1 UNIT 209
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Cooling system
Electric, Central Air
Water source
Public
Amenities
security cameras
weekly dumpster service
Building Details
Year built
1982
Floors in Building
1
Number of units
1
Flooring type
Laminate, Wood, Concrete
Building materials
Block, CBS, Concrete
Roof type
Rolled Hot Mop, Concrete
Listing Agency:
Illustrated Properties LLC (Jupiter)
(561) 746-0008
Listed By:
Chris Twardowski · License #3613217
(561) 568-8089
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 29 at 12:06PM
MLS# B26051126
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,500-square-foot warehouse condominium in Lake Park combines an open industrial area with a renovated second-floor office, a full bathroom, and a 12' x 12' grade-level overhead door. The 19-foot clear ceiling supports vertical storage, while the air-conditioning system, installed less than two years ago, can cool the office and restroom separately from the warehouse. Interior security cameras and a recently painted exterior are also in place.
The unit is located near I-95, public boat ramps, and a range of retail and service businesses, including Home Depot, Publix, and Walmart. C4 city zoning, public water, and public sewer support the property’s commercial setting. The warehouse configuration is suited to contractor, trade, service, storage, and automotive-related operations, as well as secure storage for boats, RVs, and vehicles.
The unit is located near I-95, public boat ramps, and a range of retail and service businesses, including Home Depot, Publix, and Walmart. C4 city zoning, public water, and public sewer support the property’s commercial setting. The warehouse configuration is suited to contractor, trade, service, storage, and automotive-related operations, as well as secure storage for boats, RVs, and vehicles.
Key Highlights
- 1500 square feet of warehouse condominium space
- 19‑foot clear ceiling height
- 12' x 12' grade‑level overhead door
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
$39,758
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
8.84%
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%
$795,160
$795.2K
Cap Rate 7%
$567,971
$568.0K
Cap Rate 9%
$441,756
$441.8K
Market Conditions
NOI Build-Up for 1,500 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
$68.4K $45.60/SF
− Vacancy
−$15.4K −$10.26/SF
EGI
$53.0K $35.34/SF
− OpEx
−$13.3K −$8.84/SF
NOI
$39.8K $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%
$795,160
Cap Rate 7%
$567,971
Cap Rate 9%
$441,756
Alternative Uses
Best Use
Office B
$568.0K
$497.0K – $662.6K
NOI $39,758 @ 7.0% cap · market cap 8.84%
Second Best
Flex RnD
$471.3K
$412.4K – $549.9K
NOI $32,994 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$1.06M
$924.3K – $1.23M
NOI $73,947 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19 ft
Clear height
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,778
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office 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 - Second-floor office and zone-controlled cooling add practical workspace to a flexible warehouse condominium.
Where is this warehouse located?
The property is located at 1209 Gateway Road Lake Park, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1500 square feet of warehouse condominium space; 19‑foot clear ceiling height; 12' x 12' grade‑level overhead door
