Freestanding Office
For Sale
$495,000
701 Park Avenue, Lake Park, FL 33403
Medical-office configuration with flexible PADD(city)/urb zoning in the CRA development area.
Property Size2,070 SF
Lot Size0.29 Acres
Price / SF$239.13
Days on Market853
Property Features for 701 Park Avenue
General Information
Standard status
Active
Size
2,070 SF
Lot size
0.29 Acres
Property subtype
Commercial/Industry / Mixed Use
Zoning
PADD(city)/urb
Amenities
Barrel
Central Building
Vinyl Floor
No
Burglar Alarm
Building Details
Year Built
1977
Buildings
1
Building Size
2,070 SF
Listing Agency:
Coastal Realty Advisors LLC
(786) 505-2738
Listed By:
Fred A Barboni · License #3100540
(786) 505-2738
Source:
Compass
Added: May 2, 2024
Changed: Aug 31
Last Checked: Aug 31 at 1:15AM
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 Coastal Realty Advisors LLC
Investment Insights
Based on property information with market context.
This freestanding professional office building contains 2,070 square feet on a 0.29-acre parcel and is currently arranged for medical office use. Built in 1977, the property includes vinyl flooring, central building features, a burglar alarm, on-site parking, and landscaped grounds. Flexible PADD(city)/urb zoning applies within the CRA development area.
The building occupies a corner at 701 Park Avenue in Lake Park, placing it within walking distance of the public marina, Nautilus 220, restaurants, shops, and additional public parking. Kelsey Park, Barracuda Bay Aquatic Complex, Publix, Costco, Walmart, and Target are also minutes away, with access to major roads.
The building occupies a corner at 701 Park Avenue in Lake Park, placing it within walking distance of the public marina, Nautilus 220, restaurants, shops, and additional public parking. Kelsey Park, Barracuda Bay Aquatic Complex, Publix, Costco, Walmart, and Target are also minutes away, with access to major roads.
Key Highlights
- 2,070‑square‑foot freestanding office building on 0.29 acres
- Currently configured for medical office use
- Flexible PADD(city)/urb zoning within the CRA development area
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
$27,274
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
5.51%
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%
$545,480
$545.5K
Cap Rate 7%
$389,629
$389.6K
Cap Rate 9%
$303,044
$303.0K
Market Conditions
NOI Build-Up for 2,070 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
$49.7K $24.00/SF
− Vacancy
−$4.2K −$2.04/SF
EGI
$45.5K $21.96/SF
− OpEx
−$18.2K −$8.78/SF
NOI
$27.3K $13.18/SF
Area
Palm Beach County, FL
Vacancy
8.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$545,480
Cap Rate 7%
$389,629
Cap Rate 9%
$303,044
Alternative Uses
Best Use
Office B
$783.8K
$685.8K – $914.4K
NOI $54,865 @ 7.0% cap · market cap 11.08%
Second Best
Healthcare Medical
$389.6K
$340.9K – $454.6K
NOI $27,274 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,047 @ 7.0% cap · market cap 20.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Medical-office configuration with flexible PADD(city)/urb zoning in the CRA development area.
Where is this office building located?
The property is located at 701 Park Avenue Lake Park, FL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 2,070‑square‑foot freestanding office building on 0.29 acres; Currently configured for medical office use; Flexible PADD(city)/urb zoning within the CRA development area
