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 Market1002
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:
BarbaraJayne DeGolyer · License #3488238
(561) 212-9444
Source:
Moodyscre
Added: Jan 30, 2024
Changed: Oct 25
Last Checked: Oct 26 at 7:27PM
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.
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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 / Yr
$57,680
Cap Rate
7.96%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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
