Tenant-Occupied Flex Industrial
For Sale
Contact for pricing
3677 23rd Ave S, Lake Worth, FL 33461
Light industrial condo features three air-conditioned offices, a restroom, and an oversized overhead door.
Property Size4,400 SF
Price / SF$164.77
Days on Market956
Property Features for 3677 23rd Ave S
General Information
Standard status
Active
Size
4,400 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Listing Agency:
Christina Morrison, P.A.
(561) 573-7083
Listed By:
Christina Morrison
Source:
Moodyscre
Added: Jan 30, 2024
Changed: Sep 4
Last Checked: Sep 12 at 11:05AM
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 Christina Morrison, P.A.
Investment Insights
Based on property information with market context.
This tenant-occupied light industrial condo is built with 21st-century construction, including concrete exterior walls and impact-resistant glass windows and doors. The unit includes three air-conditioned offices and one restroom already built, along with an oversized overhead door providing warehouse access.
The property is positioned in Lake Worth Beach with convenient access to I-95 and nearby to PBIA, supporting practical connectivity for business operations.
The current leasehold runs until March 2025, and the configuration supports both office needs and light industrial activity within a single condo unit.
The property is positioned in Lake Worth Beach with convenient access to I-95 and nearby to PBIA, supporting practical connectivity for business operations.
The current leasehold runs until March 2025, and the configuration supports both office needs and light industrial activity within a single condo unit.
Key Highlights
- Tenant‑occupied light industrial condo in Lake Worth Beach with leasehold until March 2025
- Includes 3 air‑conditioned offices and 1 restroom already built in the unit
- 21st‑century construction with concrete exterior walls
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
$57,680
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
7.96%
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%
$1,153,600
$1.2M
Cap Rate 7%
$824,000
$824.0K
Cap Rate 9%
$640,889
$640.9K
Market Conditions
NOI Build-Up for 4,400 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
$71.8K $16.32/SF
− Vacancy
−$3.9K −$0.90/SF
EGI
$67.9K $15.42/SF
− OpEx
−$10.2K −$2.31/SF
NOI
$57.7K $13.11/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$16.32 /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%
$1,153,600
Cap Rate 7%
$824,000
Cap Rate 9%
$640,889
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.94M
NOI $116,622 @ 7.0% cap · market cap 16.09%
Second Best
Flex RnD
$1.38M
$1.21M – $1.61M
NOI $96,782 @ 7.0% cap · market cap 13.35%
Theoretical Best
Office A
$3.10M
$2.71M – $3.62M
NOI $216,911 @ 7.0% cap · market cap 29.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,533
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33461, FL
47,161
Population
18,095
Households
2.6
Avg Household Size
36
Median Age
17%
College-Educated
75%
High-School Grad
7.1 sq mi
ZIP Area
6,642
Density / Sq Mi
$61,218
Median Household Income
$31,503
Median Earnings
$1,615
Median Rent
$263,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial condo features three air-conditioned offices, a restroom, and an oversized overhead door.
Where is this flex space located?
The property is located at 3677 23rd Ave S Lake Worth, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Tenant‑occupied light industrial condo in Lake Worth Beach with leasehold until March 2025; Includes 3 air‑conditioned offices and 1 restroom already built in the unit; 21st‑century construction with concrete exterior walls
