Corner Flex Space with
New
For Sale
$650,000
1334 S Killian Drive Unit 1, Lake Park, FL 33403
Air-conditioned corner unit with offices, a full marble-finished bathroom, and abundant natural light.
Property Size1,248 SF
Price / SF$520.83
Days on Market3
Property Features for 1334 S Killian Drive Unit 1
General Information
Standard status
Active
Size
1,248 SF
Property subtype
Mixed Use
Site & Location
Corner Location
Yes
Highway Access
Yes
Additional Details
Conditioned Warehouse
Yes
Amenities
Acres: 1.06, Square Feet: 46253, Features: 1 To Less Than 2 Acre Lot
Roof: Metal, Metal Roof
Sewer: Public Sewer, Public Sanitation, Sewer
Tax Year: 2025, Parcel Number: 36434220170000010, Tax Annual Amount: $5,427, Tax Legal Description: KILLIAN COMMERCIAL COND UNIT 1
Flooring: Concrete
Cooling: Central Air
Heating: None
Business Type: Office/Warehouse Combination, Office Space, Warehouse Space, Number Of Units Total: 1, Special Listing Conditions: Sale, Standard Status: Active
Parking Total: 5, Features: Assigned, Other
Construction Materials: Concrete Block Construction, Levels: 1, Stories: 1, Year Built: 1983, Year Built Details: Resale, Building Area Total: 1250, Building Features: Medium Traffic, Structure Type: Mobile/Rv Parks, Office/Retail, Office/Warehouse Combination, Office, Professional, Store/Warehouse Combination, Warehouse
County Or Parish: Palm Beach County, Unit Number: 1
Leasable Area Units: Square Feet, Property Condition: Substantially Remodeled, Updated/Remodeled, Completely Renovated
Units In Community: 1
Electric On Property YN: t, Electric: Other Electric, Utilities: Cable Connected, Cable Available, Electricity Available, Sewer Available, Water Available
Tenant Pays: Management, Exterior Maintenance, Sewer, Water
Inclusions: Building Only, Business And Building
Water Source: Public
Road Frontage Type: City/County Maintained, Road Responsibility: Public Maintained Road
Features: No Fire Protection, No Security
Fee: $866, Fee Frequency: Quarterly
Building Details
Year Built
1983
Listing Agency:
Illustrated Properties
(561) 746-0008
Listed By:
Chris Twardowski · License #B26074659
(561) 568-8089
Source:
Riserealty
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 12 at 5:28AM
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 1,250-square-foot flex condominium combines warehouse utility with showroom-quality finishes. The fully air-conditioned interior features polished concrete floors, built-in display shelving, two private offices, and a loft with the water heater serving the bathroom. The bathroom is finished with Calacatta marble slabs, while imported limestone wall treatments add a distinctive level of finish. Large windows bring natural light into the corner unit, and the layout also includes a 48' x 26' footprint.
Built in 1983, the property is located at 1334 S Killian Drive #1 in Lake Park, Florida. The site is approximately seven minutes from the Northlake Boulevard exit off I-95, providing access throughout Palm Beach County. The space is suited to a small business, private workspace, or vehicle storage use, as supported by its office, loft, showroom, and warehouse features.
Built in 1983, the property is located at 1334 S Killian Drive #1 in Lake Park, Florida. The site is approximately seven minutes from the Northlake Boulevard exit off I-95, providing access throughout Palm Beach County. The space is suited to a small business, private workspace, or vehicle storage use, as supported by its office, loft, showroom, and warehouse features.
Key Highlights
- 1,250‑square‑foot flex condominium at 1334 S Killian Drive #1
- 48' x 26' footprint with two private offices and a loft
- Fully air‑conditioned interior with polished concrete floors
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
$27,451
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
4.22%
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%
$549,020
$549.0K
Cap Rate 7%
$392,157
$392.2K
Cap Rate 9%
$305,011
$305.0K
Market Conditions
NOI Build-Up for 1,248 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
$44.9K $36.00/SF
− Vacancy
−$2.7K −$2.16/SF
EGI
$42.2K $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%
$549,020
Cap Rate 7%
$392,157
Cap Rate 9%
$305,011
Alternative Uses
Best Use
Flex RnD
$392.2K
$343.1K – $457.5K
NOI $27,451 @ 7.0% cap · market cap 4.22%
Second Best
Retail
$301.5K
$263.8K – $351.7K
NOI $21,103 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$878.9K
$769.1K – $1.03M
NOI $61,524 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned corner unit with offices, a full marble-finished bathroom, and abundant natural light.
Where is this flex space located?
The property is located at 1334 S Killian Drive Unit 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: 1,250‑square‑foot flex condominium at 1334 S Killian Drive #1; 48' x 26' footprint with two private offices and a loft; Fully air‑conditioned interior with polished concrete floors
