Air-Conditioned Flex
New
For Sale
$650,000
1334 S Killian Dr 1, Lake Park, FL 33403
Natural-light interior includes private offices, a loft, and a full bathroom.
Property Size1,250 SF
Days on Market2
Property Features for 1334 S Killian Dr 1
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,427
Building Details
Building Size
1,250 SF
Year Built
1983
Stories
1
Units
1
Listing Agency:
ILLUSTRATED PROPERTIES
Listed By:
Chris Twardowski · License #B26074659
(561) 568-8089
Source:
Elliman
Added: Sep 11
Last Checked: Sep 12 at 6:50AM
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 ILLUSTRATED PROPERTIES
Investment Insights
Based on property information with market context.
This flex-space condominium combines warehouse utility with finished workspace features. The fully air-conditioned interior has polished concrete floors, two private offices, built-in display shelving, and a loft with the water heater serving the bathroom. The full bathroom includes a shower finished with Calacatta marble, while imported limestone wall detailing adds a distinctive architectural element. The building was constructed in 1983 and occupies a 48' x 26' footprint.
Positioned in a corner unit, the space receives natural light through large windows. The property is approximately seven minutes from the Northlake Boulevard exit off I-95, providing access across Palm Beach County. The configuration can accommodate a small business, private workspace, or vehicle storage use, as supported by the existing layout and improvements.
Positioned in a corner unit, the space receives natural light through large windows. The property is approximately seven minutes from the Northlake Boulevard exit off I-95, providing access across Palm Beach County. The configuration can accommodate a small business, private workspace, or vehicle storage use, as supported by the existing layout and improvements.
Key Highlights
- 48' x 26' footprint in a warehouse condominium
- Fully air‑conditioned interior with polished concrete floors
- Two private offices, loft area, and built‑in display shelves
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
$27,495
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
4.23%
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%
$549,900
$549.9K
Cap Rate 7%
$392,786
$392.8K
Cap Rate 9%
$305,500
$305.5K
Market Conditions
NOI Build-Up for 1,250 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
$45.0K $36.00/SF
− Vacancy
−$2.7K −$2.16/SF
EGI
$42.3K $33.84/SF
− OpEx
−$14.8K −$11.84/SF
NOI
$27.5K $22.00/SF
Area
Palm Beach County, FL
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
35.00%
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%
$549,900
Cap Rate 7%
$392,786
Cap Rate 9%
$305,500
Alternative Uses
Best Use
Flex RnD
$392.8K
$343.7K – $458.3K
NOI $27,495 @ 7.0% cap · market cap 4.23%
Second Best
Warehouse
$234.1K
$204.8K – $273.1K
NOI $16,386 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$880.3K
$770.3K – $1.03M
NOI $61,622 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,778
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
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- Luminous Meals — NA, 1301 10th St, Lake Park, FL 33403
- Cravin Creole — 3450 Northlake Blvd, North Palm Beach, FL 33403
Frequently Asked Questions
What type of property is this?
Flex space - Natural-light interior includes private offices, a loft, and a full bathroom.
Where is this flex space located?
The property is located at 1334 S Killian Dr 1 Lake Park, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 48' x 26' footprint in a warehouse condominium; Fully air‑conditioned interior with polished concrete floors; Two private offices, loft area, and built‑in display shelves
