Freestanding Office
For Sale
$1,300,000
621 NE 3rd Ave, Delray Beach, FL 33444
Freestanding office property zoned RO (Residential Office) with private offices, reception, and meeting space.
Property Size1,563 SF
Price / SF$831.73
Days on Market50
Property Features for 621 NE 3rd Ave
General Information
Standard status
Active
Size
1,563 SF
Zoning
RO
Building Details
Year Built
1957
Listing Agency:
Mangrove Realty Inc
Listed By:
Damara L Cohn PA · License #B26003685
Source:
Mymiahomes
Added: Jul 20
Changed: Sep 5
Last Checked: Sep 6 at 10:26AM
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 Mangrove Realty Inc
Investment Insights
Based on property information with market context.
Freestanding office property configured for professional use, with private offices, a reception area, and meeting space. The layout can support immediate occupancy or light reconfiguration depending on an end user’s requirements.
Located in East Delray Beach near Atlantic Avenue, Pineapple Grove, and US-1. The property sits within a transitioning corridor with a growing mix of office and mixed-use properties.
Zoned RO (Residential Office), the building is positioned for businesses that need a private, office-focused environment. A front yard area may allow for additional on-site parking consistent with nearby office properties, subject to buyer verification.
Located in East Delray Beach near Atlantic Avenue, Pineapple Grove, and US-1. The property sits within a transitioning corridor with a growing mix of office and mixed-use properties.
Zoned RO (Residential Office), the building is positioned for businesses that need a private, office-focused environment. A front yard area may allow for additional on-site parking consistent with nearby office properties, subject to buyer verification.
Key Highlights
- Freestanding office property built in 1957 in East Delray Beach
- Zoned RO (Residential Office) for professional office use
- Flexible interior layout with private offices, reception, and meeting/conference space
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
$41,427
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
3.19%
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%
$828,540
$828.5K
Cap Rate 7%
$591,814
$591.8K
Cap Rate 9%
$460,300
$460.3K
Market Conditions
NOI Build-Up for 1,563 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
$71.3K $45.60/SF
− Vacancy
−$16.0K −$10.26/SF
EGI
$55.2K $35.34/SF
− OpEx
−$13.8K −$8.84/SF
NOI
$41.4K $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%
$828,540
Cap Rate 7%
$591,814
Cap Rate 9%
$460,300
Alternative Uses
Best Use
Office B
$591.8K
$517.8K – $690.5K
NOI $41,427 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$963.2K – $1.28M
NOI $77,053 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,819
Businesses Nearby
Explore this area
Business Placement
Demographics for 33444, FL
22,671
Population
10,469
Households
2.2
Avg Household Size
41
Median Age
33%
College-Educated
84%
High-School Grad
5.0 sq mi
ZIP Area
4,534
Density / Sq Mi
$74,803
Median Household Income
$37,915
Median Earnings
$1,712
Median Rent
$425,200
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?
Office units - Freestanding office property zoned RO (Residential Office) with private offices, reception, and meeting space.
Where is this office units located?
The property is located at 621 NE 3rd Ave Delray Beach, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Freestanding office property built in 1957 in East Delray Beach; Zoned RO (Residential Office) for professional office use; Flexible interior layout with private offices, reception, and meeting/conference space
