Income-Producing Warehouse Space
For Sale
$3,000,000
Pending
7001 Norton Ave, West Palm Beach, FL 33405
Warehouse property with redevelopment potential in a prime location.
Property Size9,000 SF
Lot Size0.47 Acres
Days on Market156
Property Features for 7001 Norton Ave
General Information
Standard status
Pending
Size
9,000 SF
Lot size
0.47 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$26,264
Building Details
Building Size
9,000 SF
Year Built
1986
Stories
2
Units
4
Listing Agency:
(561) 388-3773
Listed By:
Richard Frisbie
(561) 388-3773
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 4:42AM
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 Richard Frisbie
Investment Insights
Based on property information with market context.
This property presents an opportunity to own income-producing warehouse space or redevelop the site. The existing structure offers 9,000 square feet of building space, currently occupied by four tenants. The property spans 0.47 acres, equivalent to 20,298 square feet. Situated within The Park and SoSo's warehouse district, the location provides convenient access to transportation and amenities. It is located 5 miles from the West Palm Beach airport, 3 miles from downtown West Palm Beach, and 5 miles from Worth Avenue and Palm Beach beaches.
Key Highlights
- Income‑producing property with 4 existing tenants
- Potential for redevelopment
- 9,000 SF of building space on .47 acres
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
$100,246
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
3.34%
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%
$2,004,920
$2.0M
Cap Rate 7%
$1,432,086
$1.4M
Cap Rate 9%
$1,113,844
$1.1M
Market Conditions
NOI Build-Up for 9,000 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
$129.6K $14.40/SF
− Vacancy
−$11.7K −$1.30/SF
EGI
$117.9K $13.10/SF
− OpEx
−$17.7K −$1.97/SF
NOI
$100.2K $11.14/SF
Area
West Palm Beach, FL
Vacancy
9.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$2,004,920
Cap Rate 7%
$1,432,086
Cap Rate 9%
$1,113,844
Alternative Uses
Best Use
Warehouse
$1.43M
$1.25M – $1.67M
NOI $100,246 @ 7.0% cap · market cap 3.34%
Second Best
Industrial
$1.18M
$1.03M – $1.38M
NOI $82,555 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$6.34M
$5.55M – $7.39M
NOI $443,681 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- CubeSmart Self Storage — 7501 S Dixie Hwy, West Palm Beach, FL 33405
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property with redevelopment potential in a prime location.
Where is this warehouse located?
The property is located at 7001 Norton Ave West Palm Beach, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Income‑producing property with 4 existing tenants; Potential for redevelopment; 9,000 SF of building space on .47 acres
