Warehouse Condominium with
For Sale
$450,000
Pending
1209 Gateway Road #Ste 209, Lake Park, FL 33403
Versatile warehouse unit includes a grade-level overhead door, high clear ceiling, and a renovated second-floor office.
Property Size1,500 SF
Days on Market49
Property Features for 1209 Gateway Road #Ste 209
General Information
Standard status
Pending
Size
1,500 SF
Total Parking Spaces
2
Zoning
C4 (city)
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
19 ft
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$3,556
Building Details
Building Size
1,500 SF
Year Built
1982
Buildings
1
Stories
1
Listing Agency:
Illustrated Properties LLC (Jupiter)
(561) 568-8089
Listed By:
Chris Twardowski · License #3613217
(561) 568-8089
Source:
Laerrealty
Added: Jul 12
Changed: Aug 25
Last Checked: Aug 14 at 7:10AM
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 Illustrated Properties LLC (Jupiter)
Investment Insights
Based on property information with market context.
This versatile warehouse condominium is designed for practical day-to-day use, with a newly renovated second-floor office and a fully functioning bathroom including a vanity, toilet, and tub/shower combination. The warehouse includes a 12' x 12' grade-level overhead door and a 19-foot clear ceiling height for flexible storage and equipment needs. The air conditioning system was installed less than two years ago and uses a baffle system, allowing cooling for the office and restroom or the entire warehouse as needed. Ring security cameras are installed at the main entrance and inside the unit, and the building exterior was painted a few months ago.
The property is positioned in Lake Park with connectivity to major routes, just minutes from I-95. It is also close to public boat ramps and a mix of nearby retail and service businesses including Home Depot, Publix, and Walmart, as well as restaurants.
The association is responsible for roof repairs, weekly dumpster service, and water. Association dues are $1,452 per quarter. The layout is intended to provide strong vehicle maneuverability, with potential to back straight into the unit from the main road.
The property is positioned in Lake Park with connectivity to major routes, just minutes from I-95. It is also close to public boat ramps and a mix of nearby retail and service businesses including Home Depot, Publix, and Walmart, as well as restaurants.
The association is responsible for roof repairs, weekly dumpster service, and water. Association dues are $1,452 per quarter. The layout is intended to provide strong vehicle maneuverability, with potential to back straight into the unit from the main road.
Key Highlights
- 1982‑built warehouse condominium with 19‑foot clear ceiling height for vertical storage and easy loading access
- Includes a 12' x 12' grade‑level overhead door for straightforward vehicle entry and operations
- Second‑floor office has been newly renovated for a ready‑to‑work professional workspace
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
$32,994
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
7.33%
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%
$659,880
$659.9K
Cap Rate 7%
$471,343
$471.3K
Cap Rate 9%
$366,600
$366.6K
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
$54.0K $36.00/SF
− Vacancy
−$3.2K −$2.16/SF
EGI
$50.8K $33.84/SF
− OpEx
−$17.8K −$11.84/SF
NOI
$33.0K $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%
$659,880
Cap Rate 7%
$471,343
Cap Rate 9%
$366,600
Alternative Uses
Best Use
Flex RnD
$471.3K
$412.4K – $549.9K
NOI $32,994 @ 7.0% cap · market cap 7.33%
Second Best
Warehouse
$280.9K
$245.8K – $327.7K
NOI $19,664 @ 7.0% cap · market cap 4.37%
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
Balanced
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
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile warehouse unit includes a grade-level overhead door, high clear ceiling, and a renovated second-floor office.
Where is this flex space located?
The property is located at 1209 Gateway Road #Ste 209 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: 1982‑built warehouse condominium with 19‑foot clear ceiling height for vertical storage and easy loading access; Includes a 12' x 12' grade‑level overhead door for straightforward vehicle entry and operations; Second‑floor office has been newly renovated for a ready‑to‑work professional workspace
