Two-Story Flex Warehouse
For Sale
$1,450,000
601 Congress Ave, Delray Beach, FL 33445
Light Industrial zoning and separate office, showroom, and warehouse areas define the commercial layout.
Property Size2,925 SF
Price / SF$495.73
Days on Market550
Property Features for 601 Congress Ave
General Information
Standard status
Active
Size
2,925 SF
Elevators
Yes
Property subtype
General Commercial
Zoning
Light Industrial
Warehouse & Industrial
Clear Height
21 ft
Warehouse Space
1,925 SF
Office Build-Out
1,000 SF
Drive-In Doors
1
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$13,198
Amenities
handicap bathrooms
impact glass
3
13 Parking Spaces.
Building Details
Year Built
2004
Stories
2
Construction
tilt-up concrete
Listing Agency:
Home & Business Partners, LLC
(561) 279-9251
Listed By:
Katherin Khidirian · License #BK3079662
(561) 279-9251
Source:
Xome
Added: Feb 28, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:22PM
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 Home & Business Partners, LLC
Investment Insights
Based on property information with market context.
This two-story commercial warehouse condo combines approximately 2,925 SF of office, showroom, and warehouse space. The second-floor office component measures approximately 1,000 SF and has its own exterior entrance plus elevator access. The approximately 1,925 SF warehouse and showroom area features 21-foot ceilings, three-phase electric service, and a 12' x 14' street-level roll-up door.
Built in 2004 using tilt-wall construction, the property includes two handicap-accessible bathrooms, impact glass, fire sprinklers, and 13 parking spaces. Light Industrial zoning supports the stated commercial configuration. The unit is located at 601 N Congress Ave Unit 110 in Delray Beach, Florida.
Built in 2004 using tilt-wall construction, the property includes two handicap-accessible bathrooms, impact glass, fire sprinklers, and 13 parking spaces. Light Industrial zoning supports the stated commercial configuration. The unit is located at 601 N Congress Ave Unit 110 in Delray Beach, Florida.
Key Highlights
- Approximately 2,925 SF two‑story flex office‑warehouse‑showroom condo
- Approximately 1,000 SF second‑floor office with separate exterior door and elevator access
- Approximately 1,925 SF warehouse/showroom with 21' ceilings
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
$77,527
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
5.35%
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%
$1,550,540
$1.6M
Cap Rate 7%
$1,107,529
$1.1M
Cap Rate 9%
$861,411
$861.4K
Market Conditions
NOI Build-Up for 2,925 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
$133.4K $45.60/SF
− Vacancy
−$30.0K −$10.26/SF
EGI
$103.4K $35.34/SF
− OpEx
−$25.8K −$8.84/SF
NOI
$77.5K $26.51/SF
Area
Palm Beach County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,550,540
Cap Rate 7%
$1,107,529
Cap Rate 9%
$861,411
Alternative Uses
Best Use
Office B
$1.11M
$969.1K – $1.29M
NOI $77,527 @ 7.0% cap · market cap 5.35%
Second Best
Flex RnD
$919.1K
$804.2K – $1.07M
NOI $64,338 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,196 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
1
Drive-in doors
1
Office units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,035
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33445, FL
32,265
Population
17,584
Households
1.8
Avg Household Size
51
Median Age
39%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
3,983
Density / Sq Mi
$70,748
Median Household Income
$41,169
Median Earnings
$1,991
Median Rent
$282,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Brunch n Roll — 600 N Congress Ave, Delray Beach, FL 33445
Frequently Asked Questions
What type of property is this?
Flex space - Light Industrial zoning and separate office, showroom, and warehouse areas define the commercial layout.
Where is this flex space located?
The property is located at 601 Congress Ave Delray Beach, FL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Approximately 2,925 SF two‑story flex office‑warehouse‑showroom condo; Approximately 1,000 SF second‑floor office with separate exterior door and elevator access; Approximately 1,925 SF warehouse/showroom with 21' ceilings
