1541 PROSPERITY FARMS RD, Lake Park, FL 33403

Building Details

Year Built 1990 More

Listing Agency: Cohen Commercial Realty

Listed By: Bryan Cohen · License FL BK667105 Show Phone

Source: Crexi

Added: Oct 6 Changed: Nov 8 Last Checked: Nov 10 at 5:40AM

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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 Cohen Commercial Realty

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Investment Insights

Based on property information with market context.

This 2,584-square-foot medical office includes multiple exam rooms equipped with sinks, separate offices, and an operational x-ray room. Built in 1990 for a chiropractic practice, the property is currently vacant. The roof was replaced within the last 6 months, and parking is available for 11 vehicles.

Key Highlights

• 2,584 SF medical office with multiple exam rooms and offices
• Operational x‑ray room
• Exam rooms include sinks

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$82,431

Cap Rate

5.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,648,620 $1.6M

Cap Rate 7%

$1,177,586 $1.2M

Cap Rate 9%

$915,900 $915.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,584 SF

Gross rent

$129.3K $50.04/SF

− Vacancy

−$19.4K −$7.51/SF

EGI

$109.9K $42.53/SF

− OpEx

−$27.5K −$10.63/SF

NOI

$82.4K $31.90/SF

Area

Palm Beach County, FL

Vacancy

15.00%

Lease Rate

$50.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,648,620

Cap Rate 7%

$1,177,586

Cap Rate 9%

$915,900

Alternative Uses

Best Use

Office B

$1.18M

$1.03M – $1.37M (±1% cap)

NOI $82,431 @ 7.0% cap · market cap 5.50%

Second Best

Healthcare Medical

$565.1K

$494.5K – $659.3K (±1% cap)

NOI $39,558 @ 7.0% cap · market cap 2.64%

Theoretical Best

Office A

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,386 @ 7.0% cap · market cap 8.49%

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

Medical Office Space

Suggested Use

Top Pick Law Firm Parking Lot & Garage Hotel & Motel Dental Office Real Estate Agency Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,729

Businesses Nearby

Well-served

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

Average Price Trend$/SF for Medical Office Space in Palm Beach County, FL

$398 Jul

$511 Aug

$438 Sep

$457 Oct

Properties on Market for Medical Office Space in Palm Beach County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Exam rooms with sinks and a functioning x-ray room support the property’s medical office layout.

Where is this medical office space located?

The property is located at 1541 PROSPERITY FARMS RD Lake Park, FL.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: 2,584 SF medical office with multiple exam rooms and offices; Operational x‑ray room; Exam rooms include sinks