Flex Space with Two Grade Level
For Sale
Contact for pricing
601 N Congress Ave, Delray Beach, FL 33445
Flex space with two motorized grade level overhead doors, warehouse and office HVAC, and secure access with cameras.
Property Size4,681 SF
Price / SF$459.30
Days on Market1301
Property Features for 601 N Congress Ave
General Information
Standard status
Active
Size
4,681 SF
Property subtype
FLEX_R_AND_D
Financials
Asking Price
$1,750,000
HOA Fee
$769.51
Warehouse & Industrial
Drive-In Doors
2
Conditioned Warehouse
Yes
Amenities
Control Access and Cameras
Listing Agency:
Mattis Advisors
(954) 309-7151
Listed By:
Charlie Exelbirt · License #BK3097732
Source:
Moodyscre
Added: Feb 7, 2023
Changed: Aug 27
Last Checked: Aug 31 at 2:11AM
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 Mattis Advisors
Investment Insights
Based on property information with market context.
This flex space is set up for showroom, office, light manufacturing, or storage use, with a combined warehouse and office layout. The property includes two 12W x 14H grade level motorized overhead doors, HVAC in the warehouse and office, and control access with cameras. Interior improvements feature four private offices, a full kitchen, and two bathrooms, along with hurricane impact windows.
Located at 601 N Congress Ave in Delray Beach, the building also includes association oversight, with quarterly association fees.
The combination of grade level loading and dedicated office space supports tenant operations that need both working and customer-facing areas.
Located at 601 N Congress Ave in Delray Beach, the building also includes association oversight, with quarterly association fees.
The combination of grade level loading and dedicated office space supports tenant operations that need both working and customer-facing areas.
Key Highlights
- 4,681 SF flex space for showroom, light manufacturing, or storage
- Two 12W x 14H grade level motorized overhead doors
- HVAC in the warehouse and office
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
$124,070
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
5.77%
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%
$2,481,400
$2.5M
Cap Rate 7%
$1,772,429
$1.8M
Cap Rate 9%
$1,378,556
$1.4M
Market Conditions
NOI Build-Up for 4,681 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
$213.5K $45.60/SF
− Vacancy
−$48.0K −$10.26/SF
EGI
$165.4K $35.34/SF
− OpEx
−$41.4K −$8.84/SF
NOI
$124.1K $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%
$2,481,400
Cap Rate 7%
$1,772,429
Cap Rate 9%
$1,378,556
Alternative Uses
Best Use
Office B
$1.77M
$1.55M – $2.07M
NOI $124,070 @ 7.0% cap · market cap 5.77%
Second Best
Flex RnD
$1.47M
$1.29M – $1.72M
NOI $102,963 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$3.30M
$2.88M – $3.85M
NOI $230,764 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,035
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33445, FL
32,265
Population
17,584
Households
1.8
Avg Household Size
51
Median Age
39%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
3,983
Density / Sq Mi
$70,748
Median Household Income
$41,169
Median Earnings
$1,991
Median Rent
$282,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Brunch n Roll — 600 N Congress Ave, Delray Beach, FL 33445
Frequently Asked Questions
What type of property is this?
Flex space - Flex space with two motorized grade level overhead doors, warehouse and office HVAC, and secure access with cameras.
Where is this flex space located?
The property is located at 601 N Congress Ave Delray Beach, FL.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 4,681 SF flex space for showroom, light manufacturing, or storage; Two 12W x 14H grade level motorized overhead doors; HVAC in the warehouse and office
